By Renée Francoeur
The rate change, if approved, would go into effect on April 1, 2015. Residential customers who buy gas from the utility can expect an 11-20% decrease in their annual natural gas bill—a $120-168 average annual savings, depending on location, said Union Gas.
“These rate changes reflect a decrease in the market prices we expect to pay for natural gas over the next year,” said Steve Baker, president of Union Gas. “Natural gas continues to be the most affordable energy source for space and water heating and costs significantly less than electricity, fuel oil or propane.”
Natural gas prices have “declined dramatically in the past five years due to the discovery of plentiful new supplies, and are lower today than they were 10 years ago,” said Union Gas. It added that although weather-related fluctuations—such as those experienced last winter—can occur, long-term forecasts suggest that natural gas will continue to be “the most economical source of energy for homes and business.”