Utility company PSE&G said Wednesday that it’s cutting natural gas rates by 23% starting Feb. 1, providing a measure of relief for New Jersey customers hit with double-digit increases last fall.

The move will lower the average monthly gas bill this winter by $15, to $116, for customers who use 100 therms a month, the company said in a statement. The average customer uses 172 therms a month, PSE&G said.

In September, with natural gas costs near a 14-year high, state regulators approved rate hikes for millions of customers in New Jersey. But falling wholesale prices and a mild winter have allowed PSE&G to reverse course, said spokesperson Lauren Ugorji.

The company, which serves 1.9 million people across the state, was granted a nearly 25% increase, which at the time amounted to a $256.38 a year hike for the "typical" residential bill, according to the state Board of Public Utilities. The BPU's commissioners also approved a 15.8%, $258.72 annual increase for New Jersey Natural Gas and its 568,000 ratepayers.

But on Wednesday, PSE&G said it would be able to cut the Basic Gas Supply Service rate by 15 cents per therm to 50 cents. The rate "reflects the actual cost utilities pay for natural gas," the company said. "Utilities do not make any money on the supply charge. PSE&G's gas bills will remain the lowest in the state."

The utility's service area stretches across 15 counties, from Bergen and Passaic in the north to Burlington and Gloucester in South Jersey.

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“This is good news, with many of our customers still struggling to deal with a variety of economic pressures,” said Dave Johnson, the company's chief customer officer and vice president of customer care.

“We’re pleased to be able to provide this relief and we will continue to help our customers manage energy use and costs.”

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Representatives for South Jersey Gas and Elizabethtown Gas were not immediately available by email.

"New Jersey Natural Gas is committed to providing customers with safe and reliable service at a reasonable cost," said Michael Kinney, a spokesperson for New Jersey Natural Gas. "We continue to monitor market conditions and look for opportunities that benefit our customers."

The BPU approved these increases last year and laid out the impact for a “typical” customer of each utility:

• New Jersey Natural Gas: $21.56 a month, or $258.72 a year, or 15.8%

• PSEG: Yearly increase of $256.38, or 24.48%

• Elizabethtown Gas: $25.33 a month, or $303.96 a year, or 22.9%

• South Jersey Gas Company: $31.49 a month or 18.6%, or $377.88 a year

This article originally appeared on NorthJersey.com: PSE&G cuts natural gas rate for NJ customers heating bills