|WCSI Local News|
Natural gas prices that have increased slightly from decade-low levels seen in 2012 will lead to winter bill amounts that are about 3 percent higher than last winter, or about $3 more per month, for Vectren Energy Delivery of Indiana - North (Vectren) customers.
The utility announced Tuesday that assuming normal winter weather year-over-year, customers could see bills that will be slightly higher than last winter but still remain about 35 percent lower than the winter of 2008-2009 resulting in gas bills that remain manageable.
"For the past four winters, customers have seen year-over-year winter bill reductions due to falling gas costs that have now seemed to level off. Even though gas prices have moved upward modestly in the past 12 months, current prices are very favorable and will help keep winter heating costs affordable for Hoosiers," said Mike Roeder, president of Vectren Energy Delivery of Indiana - North. "Furthermore, natural gas continues to be the most cost-effective fuel source for home heating, especially when customers choose high-efficiency furnaces."
Natural gas continues to be recognized as the most affordable heating source by the Energy Information Administration. In fact, Vectren gas customers who heated their homes with natural gas last year saved up to $860 compared to those who heat with an electric furnace and $210 to $480 compared to those who heat with an electric heat pump or propane, respectively.
This year, based upon expected natural gas commodity costs and normal winter weather, customers can expect to pay around $530 over the five-month heating season of November through March based on the average household consumption of approximately 645 therms. By comparison, during the winter of 2008-2009, bill amounts for the 5-month period were between $750 to $800 for the average customer. Bills will vary by customer depending on the size and age of the home, number of gas appliances, number in the household, thermostat settings and levels of insulation.
"Although the market points to continued low, stable pricing for years to come, this year we signed two long-term contracts to lock in a portion of our gas supply under 5- and 10-year deals to take advantage of these attractive market prices," added Roeder. "At the same time, customers should still implement energy efficiency measures and find ways to use less natural gas to lower bills even further."
Vectren has in place a number of tools to help customers manage their energy bills. You can find out more at www.vectren.com.
Last Updated: Tuesday, October 08, 2013 10:54:51 AM
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