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PSE&G Says Bills Will Be Lower Even With $4 Billion In Potential Upgrades

PSE&G office. (credit: Philip J. Victor, CBSNewYork.com)

PSE&G office. (credit: Philip J. Victor, CBSNewYork.com)

NEWARK, N.J. (CBSNewYork/AP) — New Jersey’s largest utility company believes customers will pay less for electricity and natural gas even if the company gets permission to spend $4 billion to upgrade its system over the next decade.

Public Service Electric & Gas said residential customers will pay $1 less a month in 2018 than they do now if natural gas prices remain at current levels.

PSE&G announced last month its plan for a series of major upgrades to try to insulate its infrastructure from being kept offline by future storms.

The company gave more details Wednesday, saying bills would go up slightly over the next two years before dropping in 2016 and 2017.

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