New Jersey Natural Gas to Invest Millions in CNG Fueling Stations
BARNEGAT, N.J. -- New Jersey Natural Gas is awaiting approval from the state's Board of Public Utilities to invest $15 million into compressed natural gas (CNG) fueling stations in and around Monmouth County, N.J. , according to a company release cited by Barnegat.Patch.com.
The company wants to build between seven to 10 CNG stations in Monmouth, Ocean and Morris counties. New Jersey Natural Gas aims to develop the market for natural gas vehicles by increasing the availability of CNG stations. The state currently has three refueling stations, according to the report.
Natural gas vehicles produce up to 30 percent less greenhouse gas emissions than diesel, and CNG costs roughly the equivalent of $1.60 per gallon of regular gasoline, the report noted. New Jersey Natural Gas said the investment would add no more than a fraction of a percent to its customers’ bills during the 2011-2012 heating season.
"Increasing the use of natural gas vehicles to meet the state’s transportation needs provides a cost-effective and environmentally cleaner choice of fuel," the company said.
The stations would be built on either private or municipal properties, where the host companies or entities would both use the stations and open them to public use.
New Jersey Natural Gas has one fully CNG vehicle in its fleet, but hopes to have more than a dozen by the end of the year, company spokesman Tom Massaro noted.
"The supply picture for natural gas is much different now than it was just a few years back," he said. "The price level that we’ve seen today has been a big change for the natural gas industry, having an access to the supply at reasonable prices. That has really helped."