PSE&G Listens to Lonegan, Lowers Utility Rates Because of Tax Relief

Working NJ Families Reap More Rewards from Congress’ Tax Relief Package

Hackensack, NJ — In response to a letter from Steve Lonegan requesting New Jersey ratepayers receive a rate cut due to the enactment of corporate and personal tax cuts by Congress, the Public Service Electric & Gas Co. (PSE&G) has announced its intent to lower customer utility bills by 2 percent, rather than impose its first rate hike in 8 years.

“I am extremely pleased that PSE&G took my advice and passed their cost savings on to the hardworking people of New Jersey. This reduction in utility rates marks yet another win for the Garden State’s working families, which now have lower taxes, bigger paychecks, and more jobs because of Congress’ tax relief measure.”

PSE&G’s announcement came less than three weeks after Steve Lonegan issued a Feb. 12 letter urging President & CEO Ralph Izzo to pass the company’s cost savings on to consumers.

“I hope you will consider following the recent nationwide trends and give the hardworking people of this state the relief they deserve on an expedited basis,” Lonegan wrote in the letter. “With your help, we can make 2018 one of the most pro-consumer, pro-growth years the Garden State has seen to date.”

In the preceding weeks, Lonegan imposed more pressure on PSE&G to cut rates for New Jersey utility payers by publishing an opinion article in The Record.

“Although PSE&G requested a rate hike in January, New Jersey rate payers deserve a break and the state’s utility payers can now afford to provide one,” Lonegan wrote in The Record. “No time is better than now to make it happen, and it would mark a historic opportunity to help nearly all state residents save money.”

In response, PSE&G thanked Lonegan for his letter and announced its intent to lower New Jersey residents’ rates by April 1 in a March press release:

“In its filing with the NJ Board of Public Utilities, PSE&G will reduce rates by approximately $114 million on an annual basis to reflect lower federal taxes the utility will pay.”