The Cost of Natural Gas Drops Again

Media Contact: Melissa Moore, NW Natural melissa.moore@nwnatural.com, 503-818-9845 (pager)

FOR IMMEDIATE RELEASE

September 15, 2016

 

The Cost of Natural Gas Drops Again

NW Natural files for rate reduction in Oregon

PORTLAND, Ore. — NW Natural (NYSE:NWN), has filed for a rate reduction with the Public Utility Commission of Oregon (PUC). If approved the new lower rates will take effect Nov. 1.

NW Natural has requested a residential rate reduction of 2.6% and commercial rates by 1.6%. The typical residential customer using an average of 50 therms a month would pay about $1.40 less each month. The typical commercial customer using 233 therms a month would pay $3.60 less every month.

The Sept. 15 filing reflects relatively stable natural gas commodity prices for the coming year, as well as other year-to-year adjustments and costs approved by regulators.

“Our customers are paying less for their natural gas today than they did 15 years ago,” said David H. Anderson, NW Natural President and CEO. “It’s gratifying to be able to provide the efficiency and performance benefits of our product at such a great value.”

More Savings for Customers

This rate reduction is in addition to a bill credit customers received earlier this year. NW Natural returned $16.8 million to Oregon customers in June because gas prices were lower than expected since rates took effect back in Nov. 1, 2015. The average residential customer received a bill credit of about $16, and the average small commercial customer’s credit was $75.

Additionally, NW Natural passed back about $9.4 million to customers in June resulting from efficient use of natural gas storage and pipeline facilities. This was the 14th consecutive year customers received a June bill credit for this purpose.

More About Rates

Each year, local gas distribution companies file for rate adjustments with the PUC based on expected gas commodity costs for the next 12 months; a true-up of any differences between the previous year’s gas costs and the amount collected from customers; and other adjustments based on previous agreements with the PUC.

Regulators will issue a final decision on this year’s filing by the end of October, with new rates effective Nov. 1.

Find more information in the Rates & Regulations section of nwnatural.com or call 503-226-4211 and ask for the Rates & Regulatory Department.

About NW Natural

NW Natural (NYSE:NWN) is headquartered in Portland, Ore., and provides natural gas service to about 707,000 residential, commercial and industrial customers in Oregon and Southwest Washington. It is the largest independent natural gas utility in the Pacific Northwest. Additional information is available at www.nwnatural.com.

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