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NW Natural Customers to Receive One-time Credit
May 28, 2002 (2002 - 015)
Contacts: Roy Hemmingway, Chairman, 503 378-6611; Joan H. Smith, Commissioner, 503 378-6611; Lee Beyer, Commissioner, 503 378-6611; Bob Valdez, Public Information Officer, 503 378-8962
Salem, OR – The Oregon Public Utility Commission today cleared the way for customers of NW Natural to receive a one-time credit to reflect the reduced price of natural gas between October 2001 and March 2002.
An average residential customer using 86 therms per month will see a credit of approximately $36 on their June bill. A commercial customer using 477 therms per month for the same six months, will receive a credit of about $199 on their June bill. The amount of the credit will vary depending on how much gas a customer uses.
A variety of factors contributed to lower wholesale prices during this six month period:
- Record storage levels;
- A warm winter across the nation;
- Declining demand;
- Increased production;
- Less electric market volatility; and
- Favorable purchasing activities by NW Natural.
The purchasing decisions coupled with favorable natural gas market dynamics resulted in a $30.3 million or a .06942 per therm credit for NW Natural’s customers.
The Commission’s annual review of wholesale natural gas prices will occur this fall with new rates effective October 1.
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