Rates down 23 percent year over year
COLUMBIA, SC – January 30, 2009 – SCE&G is adjusting the purchased gas portion of its natural gas rates for February, resulting in a decrease of $12.22, or 9.02 percent, from January 2009 in overall costs to residential customers based on average usage for the month. Compared to year-ago levels, the average February bill will be $37.30 less, or 23 percent. Since July, when rates peaked, natural gas prices have declined 31 percent.
“With our colder than normal temperatures over the past few weeks, we’re pleased to be able to pass along this rate decrease to our customers,” said Kevin Marsh, President and COO of SCE&G. “It’s important for customers to know that the cost of the gas we purchase is passed on to customers with no markup. So, when our costs of purchased gas decrease, we pass that along. The other good news for our gas customers is that December, January and February are traditionally the highest use months and each of those months has seen gas rates decrease from the previous year.”
Marsh noted that SCE&G makes monthly adjustments to natural gas rates based on a rolling 12-month forecast of purchased gas costs. The adjustments help level out the impact on customers of price changes in the wholesale natural gas market. These adjustments are reviewed and approved by the South Carolina Office of Regulatory Staff and the Public Service Commission of South Carolina.
SCE&G is a regulated public utility that provides natural gas service to approximately 303,000 customers in South Carolina. SCE&G also is engaged in the generation, transmission, distribution and sale of electricity to approximately 649,000 customers throughout the state. Information about SCE&G is available on the company’s web site at www.sceg.com.