PSE&G expects to raise prices about 20 percent this Fall

In Uncategorized on July 26, 2008 at 9:04 pm

July 25, 2008

To residents of Ridgewood:

As you may have heard, PSE&G expects to raise prices about 20 percent this Fall, and may in fact raise prices even beyond that – in two 5 percent increments – in later months.

This is being done in spite of the fact that there is no shortage of natural gas but that rates have been bid up by speculators. The rate increase doesn’t give us any credit for the possibility that prices of natural gas might indeed come down.

There is a public hearing to discuss this matter before the New Jersey Board of Public Utilities takes final action on whether or not to approve.

The public hearing is Aug. 18 at 7 pm. It will be held in Hackensack in the Bergen County Administration Building, Room 540, at 1 Bergen County Plaza.

It’s my hope that a group of Ridgewood citizens will be willing to attend this meeting to protest. Or at least contribute to a stack of Go Green emails that I may present to show them your views when I attend this meeting on your behalf.

I learned of this moments ago in reading papers in the weekly packet I get each Friday as a Council member. For the record please note that PSE&G took steps to minimalize the news by minimalizing the type – it’s about one quarter the size of lettering in other documents.

Anyway, I’m passing this on to you for your edification and, hopefully, your help.

Please join me in letting PSE&G know that how we in Ridgewood feel about this. Please pass this on to others whom you know will be concerned.

If it becomes necessary to pass along cost increases, PSE&G shouldn’t be given carte blanche to do that. Such actions should be scrutinized each time since such actions inflict real pain on everybody.



GigaGolf, Inc.

  1. "Privatize the gas & electric industry, you big dummies!"

  2. “natural gas but that rates have been bid up by speculators.” yes and now have run the price down (check the news)it is amazing how little our politicians know about economics or is it an attempt to cover up STUPID goverment policies ?

  3. Sorry, I’m busy that night .. The Department of The Pubic Advocate’s Office will be there to adequately represent me.

  4. FALSE HEADLINE TO THIS STORY (not a 20 percent) Careful does it

    This is a request for an increase in “transmission rates”… “If approved by the Federal Energy Regulatory Commission, the new rates would increase the bill of the average residential electric customer by less tha 0.5 percent, or about $5.50 a year, the company said.

  5. 527 if thats your best shot your screwed!!!!hehehehehehehehheheheheheh

  6. hey the state didnt let the excelon takeover go through so now PSE&G is tell us to bend over ! thank corzine

  7. 20% ? annie you need to drop the TERC math …LOL its and increase of a bit over 5 bucks lets see the school board match it lol!

  8. PSE&G files request for rate increaseJuly 7, 2008 3:15 PM ET advertisement

    Article tools E-mail this article Print-friendly version Discuss this articleStocks mentioned in this articlePublic Service Enterprise Group Inc (PEG) Stock Quote, Chart, News, Add to WatchlistRecent investing news2008 International ANSYS Conference to Inspire EngineeringKraft Foods profit risesProperty, Trading Firms Drive Tokyo HigherFormer Googleers unveil Cuil, a new search engineSohu.com quarterly profit jumps
    All Associated Press newsNEWARK, N.J. (AP) – Public Service Electric and Gas Co., New Jersey's largest gas and electric utility, on Monday said it filed for an increase in transmission rates it maintains is needed to offset investment costs.

    PSE&G said it has requested a transmission return on equity of 11.68 percent effective Oct. 1. The company's last rate increase was in 1997.

    If approved by the Federal Energy Regulatory Commission, the new rates would increase the bill of the average residential electric customer by less than 0.5 percent, or about $5.50 a year, the company said.

    PSE&G said the new rates are also needed because of increasing transmission operating and maintenance expenses.

    Shares of PSE&G parent, Public Service Enterprise Group Inc., fell $1.34, or 2.9 percent, to $44.84 in afternoon trading.

    © 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  9. "Privatize the gas & electric industry, you big dummies!"

    Sure, let’s make the world safe for the next Enron

  10. Privatize??? PSEG (Public Service Enterprise Group) is currently a Publicly held $28.6 Billion Company (in assets) with deep roots and interest in NJ, its people, and its economy. Any PRIVATE equity group or investment group large enough to take over even a piece of the $28.6 Billion cost in owned assets (Generation plants, Transmission capacity, Distribution network, etc)will most likely be an overseas investment group. Would you want DUBAI, CHINA, or INDIA owning our Power Company? Do you think even if an American based equity group would dare to take on a investment this large in this poor economy, that your rates won't increase? Get real.. This increase is only
    .05% per user and is related to a multi-Billion dollar investment PSE&G has made with the state to improve its transmission capacity. The improvements are to provide a more stable power supply, and to help transmit to populated areas of NJ more power from less costly plants (Nuclear, Green, Coal, etc). Trust me I am extremely upset by high energy prices and the impact its having on each of us even with the price of Milk, but this .05% increase for better reliability and the ability to get me cheaper electricity to my house is worth it.

    It is upsetting that a member of my "NEW" Ridgewood Council can't read the information she is handed.

  11. To add to my last comment – It would save each Ridgewood Tax payer more to replace the Durango’s and other large gas guzzling vehicles of Ridgewood Execs with Prius’s – And it would go along with her “Go Green” initiative. Or Even better, take away the uneccessary vehicle priviledges that some of the Ridgewood personnel have. Why am I paying for the Director of Sanitation to take his SUV to the beach for vacation?

  12. From the NJ BPU Agenda: http://www.state.nj.us/bpu/agenda/hearings/docksched/20080728.pdf

    DATE: Mon 08/18/2008

  13. folks it is a private company the utility business is heavily regulated the symbol is (PEG ) on the NYSE it closed at 41 on 7/29/2008

  14. If it’s on the NYSE don’t you mean it is PUBLIC?

  15. The management at PSE&G has finally gotten their collective heads screwed on straight.From the early nineties until about three years ago, their managment team had to have been smoking somthing wacky. They thought they they were to become a global company and went on a buying spree in South America and other places throughout the globe. Finally they have realized that they are a New Jersey corporation. And a very fine one at that. There are more penny pinchers at PSE&G than in very few organizations. They are watching your dollars and will go to hell and back to keep you in service. And No, I don't work there or benefit financially in any form from the words I have written.

  16. PSEG is a monopoly. You get screwed from both sides if you privatize a monopoly.

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