US-based power and gas utility NStar has announced that it will decrease its natural gas prices by 70% starting in May 2009. If approved by the Massachusetts Department of Public Utilities, the price cut will save the average NStar Gas heating customer about $35 per month.
If the proposed cost of gas is approved, the average NStar Gas heating customer using 38 therms of gas a month between May 2009 and October 2009 will pay approximately $15 per month, down from $50 in summer 2008.
The average NStar Gas non-heating customer using 12 therms of gas a month will pay about $5 per month, down from $16. The proposed summer rate is also a 69% decrease from the current winter rate of $1.24 per therm.
Tom May, chairman, president and CEO of NStar, said: The continued decline of natural gas prices on the futures market will translate into big monthly savings for our customers in summer 2009. In this economy, every opportunity to save money helps and we are pleased to pass on these lower costs at a time when everyone can use a little extra.
