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Tuesday, January 5, 2016

Increased Local Production Lowering Ohio Natural Gas Prices

From Dominion:
Dominion East Ohio expects increased energy production from the Marcellus and Utica shale formations in Ohio and nearby states to help provide ample supplies of natural gas at lower prices than a year ago. 
"These abundant shale energy resources have led to lower national and regional market prices and our customers are reaping the benefits," said Jeff Murphy, vice president and general manager. 
Murphy noted that natural gas prices for the remainder of the winter heating season likely would be lower than those of last winter. For example, Dominion East Ohio's current Standard Choice Offer (SCO) rate is $2.226 per thousand cubic feet (mcf), which is 53 percent lower than the December 2014 SCO rate of $4.712/mcf. 
Under the current rate, the average SCO residential customer's bill for the month of December 2015 would be $66.12, almost 40 percent less than $109.92 in December 2014 and dramatically less than the average SCO residential customer's December 2010 bill of $151. 
The SCO is available to eligible residential customers who have not already chosen a supplier or opted to join a governmental aggregation program under Dominion's Energy Choice program. Murphy advised customers to visit www.dominiongaschoice.com or the Public Utilities Commission of Ohio Apples-to-Apples Comparison at http://energychoice.ohio.gov/ to review available supplier offers that best meet their needs. 
Current weather forecasts project a milder winter than the previous two years, in which colder-than-normal temperatures prevailed, Murphy added, "Dominion East Ohio has taken steps to ensure reliable natural gas deliveries to our 1.2 million customers. As in previous years, customers can set their thermostats with confidence." 
"One of the major drivers of our supply security is increasing natural gas production right here inOhio," Murphy said. "Even though demand continues to grow, as more natural gas is used for electric generation and our economy continues to recover, increased regional production has resulted in lower market prices.
Click here to read this whole press release.

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