ERIE (Erie News Now) – Prepare to pay more money to heat your home or business as temperatures drop as National Fuel Gas increases its gas supply charges Nov. 1.
The monthly bill of a typical residential customer with annual usage of 101,100 cubic feet of gas will increase by $6.44 from $78.72 to $85.16.
The rate adjustment is primarily due to higher market prices for natural gas, which have increased the cost of natural gas supplies that National Fuel purchases for customers, according to the company.
While gas prices are higher than the past two years, National Fuel said its purchasing strategy and use of storage gas will limit any further volatility or price spikes from a colder than normal winter or cold spike.
The Pennsylvania Utility Commission also approved a one-time, $100 bill credit and rate reduction to help offset the increase in costs. The credit and rate reduction amounts vary for commercial and industrial customers.
Gas supply costs must be passed on to customers dollar for dollar with no mark-up or profit.
The next time National Fuel Gas can adjust gas supply charges will be Feb. 1.