Public Service Electric and Gas Co. on Friday asked the New Jersey Board of Public Utilities to approve a 1 percent increase in rates, a request it says reflects the benefit of the recent federal corporate tax cut.

The base-rate increase, the utility's first in eight years, would boost the annual costs for a combined gas and electric residential customer by about $19.70, and will generate $95 million in added revenue a year. PSE&G was required to file the rate request this month as a condition of the 2014 approval of the company's Energy Strong program.

The utility would have requested a higher rate increase, it says, but it is required to pass along the benefits of the new federal corporate tax reduction, which cut PSEG's tax bill by $280 million a year, said Karen Johnson, a company spokesperson.