NJ Natural Gas seeks rate reduction


New Jersey Natural Gas on Wednesday asked state regulators to approve a nearly 10 percent rate cut.

The utility says the typical residential customer would save $13.35 a month beginning Oct. 1 if the Board of Public Utilities approves the plan.

Company chairman and CEO Laurence Downes says the utility can lower its rates because of cost controls and natural gas purchasing strategies.

New Jersey Natural Gas also has asked to reduce what customers must pay to cover the company's cost to acquire natural gas. That accounts for approximately 60 percent of a customer's bill.

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