NSTAR Gas customers can soon expect to be paying the lowest natural gas price of any heating season since 2002. The company has submitted a new supply rate of 57.32 cents per therm, down 18 percent from last year’s price of about 70 cents. If approved by the Massachusetts Department of Public Utilities, the new price would go into effect Nov. 1 and would save the average heating customer over $15 a month compared to last year.
“As we head into another heating season with low prices, it’s no wonder we’re seeing record numbers of customers converting their heating systems to clean, efficient natural gas,” said Rod Powell, president of NSTAR Gas in a press release. “In today’s economy, with the price of other fuels hovering near all-time highs, our customers will once again be glad they chose natural gas to keep their families warm this winter.”
If the proposed price cut is approved, NSTAR Gas heating customers using an average of 131 therms of gas a month between November and May will pay $145.60 a month, down from $161.25 one year ago. For most customers who heat with natural gas, this amount also includes cooking and water-heating.
The supply rate, known as the Cost of Gas Adjustment, reflects the price NSTAR pays for natural gas, with no profit made by the company on this charge. The proposed decrease reflects a continued decline in natural gas prices due in part to abundant domestic supplies.
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.