Just in time for the winter heating season, Philadelphia Gas Works announced Monday it will decrease natural gas rates for the next three months, saving the average residential heating customer about $14.69 per month.
The municipal gas utility will lower its residential gas-supply charge from $1.60 per hundred cubic feet to $1.50 on Wednesday. The charge for commercial and institutional customers will also be reduced.
The supply charge is adjusted quarterly to reflect changes in the wholesale market price of natural gas, which is depressed because of the recession and abundant supplies from new resources such as shale-gas.
Based upon current market projections, the company anticipates that its rates should remain stable through the spring. - Andrew Maykuth