Declining Cost of Natural Gas Passed On to Customers
TORONTO, Sept. 18 /CNW/ - Union Gas announced today that the Ontario
Energy Board has approved a decrease in the rates Union Gas charges its
customers for natural gas, which will go into effect on October 1, 2008.
Residential customers who buy gas from the utility can expect a two percent
decrease in their annual natural gas bill -- a $25 to $33 average annual
savings, depending on location.
This rate change reflects a reduction in the company's forecast cost of
purchasing natural gas supplies looking forward over the next 12 months.
"The market price of natural gas varies in response to broad continental
factors such as weather, inventory levels, supply availability and the price
of oil," said Steve Baker, vice president, Union Gas. "Domestic supply growth
in North America combined with a mild summer have resulted in solid natural
gas inventory levels as we head into the winter. This has resulted in downward
pressure on natural gas prices."
In order to help customers save money on energy, Union Gas is offering a
number of conservation programs this fall. More information as well as
conservation tips and tools are available on the company's Web site at
About Union Gas
Union Gas is an integrated natural gas storage, transmission and
distribution company serving about 1.3 million residential, commercial and
industrial customers in more than 400 communities in northern, southwestern
and eastern Ontario. The company also provides storage and transportation
services to other utilities and energy market participants in Ontario, Quebec
and the United States. Union Gas is a Spectra Energy company.
(*)A typical residential customer in Union Gas' service territory uses
2,600 cubic metres of natural gas a year for home and water heating. Savings
are based on the annual bill for typical residential customers who buy their
natural gas from the utility. The savings for customers who buy their gas
supply from a marketer would depend on the contract rate.
For further information:
For further information: Andrea Stass, Phone: (519) 436-5490