UGI Cutting Its Natural Gas Rates By 13 Percent
UGI customers’ natural gas rates will decrease by about 13 percent, beginning next month. Announcing the decrease today, the utility’s vice president credited Marcellus Shale drilling for the price cut.
Reading, PA, November 30, 2011 – UGI Utilities, Inc. – Gas Division (UGI) announced today that its purchased gas cost rates will decrease on December 1, 2011 due to lower wholesale natural gas costs. As a result, the average residential heating customer’s bill will decrease approximately 13.5% percent, from $108.39 to $93.75 per month.
With this rate decrease, natural gas costs for UGI customers will be about 27% less than they were three years ago. According to Vicki O. Ebner, Senior Vice President, Customer & Government Relations, “The increase of supplies of natural gas from Marcellus Shale has helped create continued downward price pressure on natural gas. We are pleased to pass this cost savings on to our customers as we approach the winter heating season, especially in the midst of extreme price volatility for other energy sources. Now more than ever, natural gas is an affordable, efficient and reliable American fuel, and the energy source of choice for homes and businesses. A record number of customers converted to natural gas in the UGI service territories this year, primarily from oil.”