Oct. gas rate drops for Columbia Gas of Ohio customers

From a news release:

Company to Review Budget Amounts in Light of Decreasing Cost of Natural Gas

TOLEDO - Despite Hurricane Ike, the cost of natural gas will decrease in October for Columbia Gas of Ohio customers.

The company has announced that the October Gas Cost Recovery (GCR) is $1.03 per Ccf (hundred cubic feet). This is a six cent decrease from the September GCR of 1.09.

At this rate, Columbia Gas estimates that the average customer bill will be $40.78, compared to $28.02 in September. This increase is typical for this time of year and driven by weather-related increases in consumption

As a result of the continuing drop in natural gas prices, Columbia is reviewing its Budget Payment Plan to see if an adjustment in customers' current budget amounts is possible before the heating season begins. In August, the company announced that the average budget amount would be $133, or a 30 percent increase from last year.

Typically a review is done each March, however natural gas prices have fallen since July and the company believes a review of the budget amounts prior to the start of the heating season is appropriate.

Under Ohio law, Columbia Gas of Ohio is not permitted to profit from the sale of gas to retail customers. Gas costs are passed on to retail customers on a dollar-for-dollar basis.

Columbia's adjusted GCR is effective September 29, through October 27.