An average Oregon residential customer that uses 91 therms per month from November through March can expect to receive a one-time bill credit of approximately $37.
PORTLAND - Northwest Natural Gas Company, dba, NW Natural (NYSE:NWN), has announced that the Public Utility Commission of Oregon (OPUC) has approved a $35 million credit to its Oregon customers as a result of lower wholesale natural gas costs.
"The natural gas prices we've secured in the last several months are substantially lower than what is currently set in our rates," said Gregg Kantor, NW Natural president and CEO. "The continued decline in natural gas prices has been dramatic, and we're pleased to be able to get those savings back to customers earlier than our annual gas cost adjustment this fall,"
Ordinarily, gas cost savings are held in a deferral account and returned as a reduction to customer bills beginning with the annual rates set each November.
The refunds are based on gas cost savings accumulated from November 1, 2011 through March 31, 2012 and will show up as a credit to residential, commercial and industrial sales customers on their June bills. This bill credit will be based on each customer's actual gas usage during those five months.
For example, an average Oregon residential customer that uses 91 therms per month from November through March can expect to receive a one-time bill credit of approximately $37. An average Oregon commercial customer that uses 382 therms per month during that same time period can expect to receive a credit of approximately $153.
Additionally, the OPUC approved a request to provide NW Natural's Oregon customers with about a $9 million interstate storage credit from efficient pipeline capacity management and effective use of its underground storage facility in Mist, Oregon.
As a result, in June an average Oregon residential customer can expect to receive a bill credit of about $10, and an average commercial customer can expect to receive a bill credit of about $45. In the last 10 years, savings provided back to customers from NW Natural's Mist storage operations have totaled about $71 million.
About NW Natural
NW Natural (NYSE:NWN) is headquartered in Portland, Ore., and provides natural gas service to about 680,000 residential, commercial, and industrial customers in Oregon and Southwest Washington. It is the largest independent natural gas utility in the Pacific Northwest. Additional information is available at www.nwnatural.com.