WALL - New Jersey Natural Gas customers may experience sticker shock when they open up their heating bills this winter.

The utility said typical monthly residential natural gas bills will rise by 15.9%, or $21.63, as of Oct. 1 if state regulators approve its plan to raise its wholesale natural gas supply rate and other charges.

The majority of the increase, 13.6%, is driven by skyrocketing wholesale natural gas costs, the utility said in announcing its Wednesday filing with the New Jersey Board of Public Utilities. The utility passes along those costs to consumers.

Wholesale natural gas prices have risen by more than 115% since May 2021, the company said. It pointed to potential factors that may influence prices including global geopolitical issues, increased demand for liquified natural gas exports, and the impact of supply chain issues.

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If approved by regulators, typical residential heating customers using 100 therms a month will see their bill rise from $136.21 to $157.84, up $21.63, or 15.9%, New Jersey Natural Gas said. Commodity costs would be the highest they have been in 10 years, a spokesman said.

"Across the U.S., we see the effects of inflation," said Steve Westhoven, president and chief executive officer of New Jersey Natural Gas, in a statement. "No one wants prices to go up, which is why New Jersey Natural Gas works year-round to manage our natural gas supply portfolio to help mitigate the impact of these increases on our customers."

New Jersey Natural Gas, which serves 568,000 customers in Monmouth, Ocean, Morris and parts of Burlington and Middlesex counties, said it has already hedged more than 80% of the utility's projected supply for the upcoming winter heating season, which lessens the impact of the market price increase on customers.

“We continue to monitor market conditions and will look for opportunities to lower costs and pass the benefits on to our customers.” Westhoven said.

David P. Willis: dwillis@gannettnj.com

This article originally appeared on Asbury Park Press: New Jersey Natural Gas bills could be rising fast this winter