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.

PSE&G Electric Bill (Getty Images Genista)

Public Service Electric & Gas says residential customers will pay $1 less a month than they do now 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.

 

Copyright 2013 The Associated Press.