Market Overview

Merry Christmas from the Shale Gas Revolution

Here's a Christmas Christmakwanzakuh present for consumers around the country: Natural gas prices for residential customers are falling this winter, thanks to the fracking revolution and America's new abundant supply of shale gas:
1. "Idaho's Intermountain Gas Company filed a request Thursday with the Idaho Public Utilities Commission to lower natural gas rates for its customers. The company says it is filing the interim purchased gas adjustment because the price of natural gas continues to decrease."
2.  "After years of increases, some of them in double digits, Pacific Northern Gas (PNG) is reducing its rates. In filings made to the BC Utilities Commission,  PNG wants to drop its overall residential rate by 1.1 per cent next year."
3. "Residential customers of Tennessee's Piedmont Natural Gas should get a break in their bills starting Feb. 1 as natural gas costs continue to fall. That is expected to be followed the next month by an increase in service charges, if it's approved by the Tennessee Regulatory Authority. Still, payments over a year should be about 7 percent less after both changes. The typical residential customer who spent $739 for natural gas this year would pay $685 after the adjustments, according to Piedmont."

4.  "If you're a Connecticut Light & Power customer you got a little something extra in your stocking this holiday season, as the state's largest electrical company announced Thursday that most residential customers will see a 7.5 percent rate decease on their bills starting in January."

"The lower rates are primarily due to falling natural gas prices, which affects how much we pay for power," said Jim Muntz, CL&P's acting president. "This is very positive news not only for our residential customers, but for all of our Standard Service customers, who will see reductions in their rates."

5. "New Jersey's PSE&G has announced that it is lowering residential gas bills by an additional 4.6 percent, or nearly $8.53 per winter month for the typical residential customer.
The utility said the action represents the eighth decrease in a row for residential customers, for a total of more than $614, or 35 percent, in savings since January 2009. The price reduction takes effect Dec. 1.

PSE&G attributed the cost savings and rate reductions to lower market prices for natural gas, which are partially due to the availability of abundant and lower cost shale gas."

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Economics

 

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