Enbridge Ohio Natural Gas Rates Leap 53%

Enbridge Ohio Natural Gas Rates Leap 53%

Frigid January Blast Drove Up February Gas Prices

Akron, Ohio - Residential customers on default service with Enbridge Gas Ohio (formerly Dominion Energy Ohio) are facing sharply higher natural gas bills this month. Effective February 10, a 53% increase in the utility's Price to Compare (PTC) supply rate was implemented following an intense surge in wholesale natural gas prices.

This means an Enbridge PTC customer using 100 ccf per month will pay $79.60 just for gas supply. Factoring in delivery charges and taxes, and an average household could face a total bill of over $200. Some households facing these high Akron natural gas rates could likely see even higher bill amounts.

Why Enbridge Ohio Natural Gas Prices Spiked

Triggering this spike was Winter Storm Fern, which pushed Arctic air across Ohio in late January. Rising immediate demand for residential heating, compounded by higher NG exports and data center power needs, natural gas commodity prices raced to unusually high levels.

• The average natural gas spot market price climbed to $9.03 per mmBTU by January 28.
• Key gas markets in New York and New England posted prices over $40.
• The February NYMEX natural gas contract settled at $7.460 per mmBTU, nearly double January's level.

In Ohio, a utility's Price to Compare is a pass through price for the natural gas it buys from big suppliers. So, all four of Ohio's major gas utilities will be passing higher gas costs to their PTC customers. At present, Enbridge Gas Ohio's PTC supply rate is $7.96 per MCF. That's $2.773 higher than its January price of $5.187 per MCF.

What Ohio Gas Utility Customers Can Do

For this reason, OHEnergyRatings.com urges all Enbridge residential natural gas customers to RUN, DO NOT WALK, from the Price to Compare and lock in a fixed rate plan with a certified natural gas provider. Right now, customers who compare natural gas provider plans apples to apples may find substantially cheaper rates than the expensive PTC rate.

Currently, consumers can lock in the best natural gas prices for 6 months or even longer. Right now, consumers seeking greater price stability can shop fixed rates 40% less than the soaring $7.96 per MCF Enbridge Gas Ohio PTC rate!

Not only does this help them avoid the price spike from other storms this winter but also gas price shocks that may happen later this year from LNG exports and data centers.

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