02:43 PM EDT, 10/09/2024 (MT Newswires) -- Public Service Enterprise Group ( PEG ) said Wednesday that the New Jersey Board of Public Utilities approved a settlement agreement on Public Service Electric and Gas's distribution base rate case.

The settlement will result in a 7% increase, or about $15 per month, for typical combined residential electric and gas bills, effective Oct. 15, the company said. After accounting for recent gas rate reductions, the net bill increase will be about 5%, or $11 per month, it added.

The settlement was reached between the utility, the state regulator's staff, the New Jersey Division of Rate Counsel and other parties.

Public Service Enterprise ( PEG ) shares fell 1.5% in recent trading.

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