Filings propose $39 million in savings go back to customers in June
PORTLAND, Ore.--(BUSINESS WIRE)--
Northwest Natural Gas Company, dba, NW Natural (NYSE:NWN), today
announced it has filed tariffs with the Public Utility Commission of
Oregon (OPUC) and the Washington Utility and Transportation Commission
(WUTC) requesting to provide about a $35 million credit to its Oregon
customers and about a $4 million credit to its Washington 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. 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,” said Gregg Kantor, NW Natural
president and CEO.
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.
If approved by the OPUC and WUTC, 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.
In Washington, an average residential customer that uses 97 therms per
month from November through March can expect a credit of about $44, and
an average commercial customer using 394 therms during that same time
period can expect a credit of about $179.
NW Natural also files for Oregon Interstate
Storage Credit
Additionally, NW Natural has filed a request with the OPUC to provide
its 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 Western Oregon and Southwestern Washington.
It is the largest independent natural gas utility in the Pacific
Northwest. Additional information is available at www.nwnatural.com.
NW Natural
Investor Contact:
Bob Hess, 503-226-4211
ext. 2833
bob.hess@nwnatural.com
or
Media
Contact:
Melissa Moore, 503-220-2436 or 503-818-9845 (pager)
melissa.moore@nwnatural.com
Source: NW Natural