New Natural Gas Rates Start November 1, 2023
Posted on November 1, 2023 by Charlotte Shuff
Tags, Energy, General Interest
On November 1, 2023, new natural gas prices went into effect for Oregon households. In recent history, gas prices have overwhelmingly increased.
This year, many customers across the state will see a welcome decrease in gas bills. Despite falling market prices, gas bills are still significantly higher than in 2020.
New Natural Gas Rates Start November 1, 2023
Last week, regulators approved new rates for Oregon’s gas utilities, which go into effect on November 1.
Overall, methane gas prices have gone down globally since last year. These new rates reflect lower prices as the gas market has calmed down since the start of the war in Ukraine. Customers of NW Natural and Avista will see lower bills this winter.
Cascade customers will see a slight increase in rates this year. Because Cascade is Oregon’s smallest gas utility, it doesn’t have the same storage capacity as the other two utilities. This means that as gas prices increased significantly from December 2022 through June 2023, the utility was more subject to market influences. NW Natural and Avista avoided this price fluctuation by purchasing and storing gas in advance. While all three utilities expect lower prices this year, Cascade’s decrease is more than offset by the costs associated with last year’s usage and prices.
Home Gas Bills Up Over Last Five Years
Even though many customers will see a decrease in bills this winter, gas prices have skyrocketed over the past five years.
In 2020, an average NW Natural household paid $550.52 per year in gas bills. This year, that number jumped to $913.87. The rate decrease is expected to bring an average household down to $823.75 in 2024.
The price decline offers welcome relief for customers who have seen big increases in recent years. But even with gas prices falling, this is still a 50% increase over the past five years for NW Natural customers. Oregon’s other gas utilities have followed similar trends. Avista household bills are up 31% since 2020. Cascade homes’ bills are up 59% since 2020.
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11/02/23 | 0 Comments | New Natural Gas Rates Start November 1, 2023