PORTLAND, Ore. – Northwest Natural Gas Company, dba NW Natural (NYSE:NWN) today filed a request with the Washington Utilities and Transportation Commission (WUTC) for a rate decrease.
The company is requesting a 21.5 percent rate decrease in Washington for residential customers and a 22.3 percent decrease for commercial customers. Because natural gas prices have fallen significantly, NW Natural has been able to purchase gas at much lower prices than last year when prices reached record levels.
"The economic slowdown combined with greater gas production and generally mild weather across the country equaled a dramatic decline in prices," said Randy Friedman, Director of Gas Supply. "That allowed us to buy low and share those savings with our customers."
A Washington residential customer using 60 therms per month would see an average monthly bill decrease of about $19.50. The average commercial customer would see a reduction of about $86 a month.
"We are pleased to be able to offer some relief to our customers during these challenging economic times," said Gregg Kantor, President and Chief Executive Officer. "As always, we will continue to do everything we can to hold costs down for our customers."
This decrease is in addition to the $4.3 million in gas cost savings that was provided as a bill credit to customers in June.
The company files a final request for the rate reduction in early October, reflecting the most recent gas purchases. Once approved, the rate decrease will take effect Nov. 1, 2009.
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