OEB approves rate changes for Union Gas Limited

TORONTO, Sept. 19, 2011 /CNW/ - Today the Ontario Energy Board approved changes to the natural gas rates Union Gas Limited (Union) will charge its customers effective October 1, 2011.

Residential consumers who buy natural gas directly from Union and use 2,600 cubic meters (m3) a year will pay approximately $8 to $46 less per year depending on which of Union's five rate zones they live in.

The natural gas commodity prices consumers will pay for the period of October 1 to December 31, 2011 are as follows:

Rate Zone  Natural Gas Price ¢/m3   Gas Price Adjustment ¢/m3   Effective Price ¢/m3 
Fort Frances 13.5277 -1.5404 11.9873
Northwestern   13.5994 -1.5404 12.0590
Northern 13.6923 -1.5404 12.1519
Eastern 13.7730 -1.5404 12.2326
Southern 13.7730 -1.0377 12.7353

The rate changes reflect lower natural gas prices in North America.

The natural gas price is based on a forecast of market prices over the next 12 months. That forecast price is reviewed every three months and adjusted accordingly. If the previous forecast price was too high, the difference is refunded to customers. If the previous forecast was too low, the difference is collected from customers. This ensures customers pay for the actual cost of gas while smoothing out the volatility of daily market price changes. This adjustment is referred to as the gas supply price adjustment. The effective price is a combination of the forecast natural gas price and a gas price adjustment.

For more detailed information about this announcement visit our website at http://www.ontarioenergyboard.ca/OEB/Consumers/Natural+Gas/Natural+Gas+Rates.

Historical natural gas price information can be found at http://www.ontarioenergyboard.ca/OEB/Consumers/Natural+Gas/Natural+Gas+Rates/Natural+Gas+Rates+-+Historical

The Ontario Energy Board regulates the province's electricity and natural gas sectors in the public interest. It envisions a viable and efficient energy sector with informed consumers and works toward this vision through regulation that is effective, fair and transparent. For more information on the Board, please visit our website at www.ontarioenergyboard.ca.

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SOURCE Ontario Energy Board

For further information:

Media Inquiries
Vanda Wall
Ontario Energy Board
416-544-5171
                    Public Inquiries
Consumer Relations Centre
416-314-2455
Or 1-877-632-2727

 


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