Philadelphia Gas Works announces upward adjustment to natural gas costs for next quarter
Average PGW residential heating customers will still pay about $4.88 less per month than this time last year
The Philadelphia Gas Works (PGW) today announced that, for the first time in 20 months, its natural gas rate will increase for residential, commercial, industrial and municipal customers. The rate will be adjusted for the next three months from its current $1.36 per hundred cubic feet (Ccf) to $1.41 per Ccf for residential customers. The new rate reflects what PGW pays for the gas.
Even with this rate increase, the cost for an average PGW residential customer is 12 cents per Ccf less than this same period last year. On an annualized basis, the average residential customer, using 880 Ccf of natural gas a year, will now pay $104 less than they did 12 months ago.
"PGW has worked diligently to ensure that for six of the last eight quarters, our customers have benefitted from decreases to the natural gas rate," said Craig E. White, Chief Executive Officer for PGW. "By closely monitoring the gas costs of our supply sources and storing supplies in advance, we've been able to protect our customers from continually changing rates and spikes in gas cost. That's why, even now, when we experience an increase as a result of external market forces, the natural gas rate is still significantly lower than it was 12 months ago. In fact, we're always looking for ways to save our customers money and some of those efforts are outlined at www.PGWEnergySense.com."
PGW reviews its gas rate quarterly and determines, based on market conditions, whether it should change. The new rate, beginning September 1, 2012, will stay in effect through November 30, 2012.
PGW's residential natural gas rates are made up of two main components: a supply charge and delivery charge:
The supply charge is the part of the bill that reflects the amount of gas used by the customer. This charge is what PGW pays for the gas and is passed on to the customer without markup.
The delivery charge includes the cost of delivering natural gas to the customer's residence, distribution system maintenance and customer billing costs, as well as weather adjustments.
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