Natural Gas Rates to Drop, Sept. 20

NW Natural (NYSE:NWN), has filed for a rate reduction with the Public Utility Commission of Oregon (PUC). If approved the new lower rates will take effect for residential and commercial customers on Nov. 1. NW Natural has requested a 2.6% rate reduction for residential customers and 1.6% drop for commercial. The typical residential customer using an average of 50 therms a month would pay about $1.40 less each month. The typical commercial customer using 233 therms per month would pay $3.60 less monthly. The Sept. 15 filing reflects relatively stable natural gas commodity prices for the coming year, as well as other year-to-year adjustments and costs approved by regulators. “Our customers are paying less for their natural gas today than they did 15 years ago,” said David H. Anderson, NW Natural President and CEO. “It’s gratifying to be able to provide the efficiency and performance benefits of our product at such a great value.” More Savings for Customers – This rate reduction is in addition to a bill credit customers received earlier this year. NW Natural returned $16.8 million to Oregon customers in June because gas prices were lower than expected since rates took effect back in Nov. 1, 2015. The average residential customer received a bill credit of about $16, and the average small commercial customer’s credit was $75. Additionally, NW Natural passed back about $9.4 million to customers in June resulting from efficient use of natural gas Storage and pipeline facilities. This was the 14th consecutive year customers received a June bill credit for this purpose.