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Posted onFirst Proposed Rate Hike In 16 Years
A proposed Dominion Energy rate hike could see their natural gas base service charge increase by about $13 per month. Some news reporting make the increase sound like the cost of natural gas per cubic foot is increasing by $13. But, that’s not what is happening. We’re going to go over what this proposed rate increase will actually mean for Ohio natural gas prices and your future bills.
Why Is Dominion Energy Seeking A Rate Hike?
According to Dominion Energy, they are filing the rate hike to recoup its investment on repairs and improvements since 2007. They’ve put about $4 billion worth of work into maintenance, replacing pipelines and meters, and general operating costs without a rate increase since 2007. In 2020, PUCO approved the filing request. However, several groups against the hike took the matter to court. This past September, the Ohio Supreme Court agreed with Dominion's plan saying it was neither unlawful nor unreasonable.
OCC Stands Against The Rate Increase
However, the actual increase has not yet taken effect. In fact, it still must go through the PUCO approval process which includes local hearings. So, it is unlikely to come into effect until 2025. The Ohio Consumer Council has filed motions against the hike, especially since this increase will cost customers well over $100 every year. Ohio customers are struggling with increased energy prices. This summer was particularly brutal on electricity rates. But while natural gas rates are falling and pushing energy supply prices lower, the OCC wants to ensure that distribution rates are valid and appropriate. Additionally, with any rate increase, it is OCC's job to see that consumers are not taken advantage of.
How You Can Save On Your Ohio Natural Gas
If you’re looking into other ways to save on your natural gas costs, the mild winter weather makes it a great time to start finding problem areas in your home. Natural gas heats over half of Ohio homes. This means that poor insulation, leaky windows, and gunked up central heating systems could be costing you more in the long run. The more you prevent heat from escaping your home, the less you’ll be paying for your natural gas bills.
As mentioned, natural gas rates falling and milder temperatures are expected this winter. That means there's still time to lock in a low rate and avoid possible supply rate increases next year. Many current gas rates are well under the standard service offer. Now is a great time to start looking for the cheapest natural gas in your area.
The best place to check out the lowest plans is at www.ohenergyratings.com. There you can compare and contrast different plans, and find the best option that suits your needs.