PSEG: Power supply charge to drop for 3rd consecutive month after mild summer

Natural gas prices hit an eight-month low last

Natural gas prices hit an eight-month low last week.

WOODBURY - A PSEG Long Island spokesman says the power supply charge will drop for Long Island residents for the third straight month. In August, it will be the lowest it has been in a year.

The power company says the milder summer weather is causing the price decline. With lower electric demand, the price of natural gas, which fuels Long Island's power plants, has dropped.

PSEG Long Island says the savings are being passed to ratepayers.

Dr. Michael Driscoll, of Adelphi University, says U.S. natural gas supplies are plentiful and should stay that way. He says that could stabilize or even reduce fuel costs for the power company.

The delivery charge on PSEG electric bills is not changing. That rate was frozen until 2016 as part of the agreement when PSEG Long Island took over from National Grid.

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