MINNEAPOLIS (WCCO) — CenterPoint Energy spokeswoman Rebecca Virden says January’s home heating prices will be the lowest they’ve seen in ten years.
“Supply is up and demand is down,” said Virden. “That’s keeping natural gas prices low for our customers.”
NewsRadio 830 WCCO’s Edgar Linares Reports
CenterPoint Energy’s Billing Rates
January 2012 residential rate $0.64490 (per therm)
January 2011 residential rate $0.75017
January 2010 residential rate $0.83695
January 2009 residential rate $0.89495
January 2008 residential rate $0.98442
January 2007 residential rate $1.06062
January 2006 residential rate $1.22309
January 2005 residential rate $0.91318
January 2004 residential rate $0.85524
January 2003 residential rate $0.67578
January 2002 residential rate $0.53837
Avg. Minnesota home uses 700 therms per year according to CenterPoint Energy.
Last year, CenterPoint Energy reported between November 10 to January 9 the heating degree days where 12 percent over normal. This year, they’re 14 percent below normal. That’s a 26 percent drop in usage.
Other contributing factors in the natural gas price drop include new technology in the way natural gas in extracted and an improving economy.
“We are seeing across the Midwest and the northern part of the country that temperatures are above average,” said Virden. “I even saw that we’ve been compared to Ciaro (EGYPT).”
Virden says it’s a late Christmas present for CenterPoint Energy customers. About 80 percent of their bills are made up of the commodity price of natural gas.