NSTAR Gas Seeks Additional Price Cut for Customers
Company secures gas rates 80% lower than last summer
| June 24, 2009 |
| NSTAR is delivering good news to its natural
gas customers once again this summer. The
company has submitted a new gas rate of 24 cents
per therm, down 37 percent from the current
summer price of 38 cents. This proposed rate is
also a roughly 80 percent reduction from last
summer’s rate of $1.30 per therm. If approved by
the Massachusetts Department of Public
Utilities, the price cut will save the average
NSTAR Gas customer an additional $5.45 a month
beginning on July 1.
“Natural gas prices continue their downward spiral on the futures market and we’re so pleased to be able to pass these savings on to our customers,” said Tom May, NSTAR Chairman, President and CEO. “Everyone can use a little extra money in their pocket these days and this mid-season rate drop will help do just that.” Customers use natural gas for a variety of reasons even in the summer months, including cooking and hot water. If the proposed price cut is approved, the average NSTAR Gas heating/cooking customer using 38 therms of gas a month between July and October will pay approximately $31.00 a month, down from $36.75 earlier this season. The average NSTAR Gas non-heating customer using 12 therms of gas a month will pay about $16.60 a month, down from $18.32. The Cost of Gas Adjustment reflects a six-month forecast for the price of natural gas, with no profit made by NSTAR on this charge. The proposed rate reflects normal seasonal price differences and the continued volatility of fuel prices on the New York Mercantile Exchange (NYMEX). NSTAR is the largest Massachusetts-based, investor-owned electric and gas utility. The company transmits and delivers electricity and natural gas to 1.4 million customers in Eastern and Central Massachusetts, including more than one million electric customers in 81 communities and 300,000 gas customers in 51 communities. |
