City: Natural gas customers will see bills drop 8 percent

Posted at 1:39 PM, Mar 23, 2012
and last updated 2012-03-23 13:39:34-04

RICHMOND, Va. (WTVR) – Officials announced Friday that natural gas customers in Richmond will see a more than 8 percent decrease in their bills beginning in April.

Richmond Mayor Dwight C. Jones said in a news release that the drop is related to purchased gas costs.

As a result, natural gas customers in the city will see rates drop from $.60 to $.50 per 100 cubic feet of natural gas.

“Historic lows in the price of the natural gas commodity as a result of the abundance of shale gas combined with high storage volumes and efficiencies in natural gas infrastructure maintenance have created the opportunity for cost savings…,” said Mayor Jones. “

In fact, officials said the average customer who uses 70 ccf per month will pay approximately $77.64 compared to a current price of $84.64.

Additionally, city analysts review and adjust rates up or down based on market and weather conditions.