MichCon Lowers Price of Natural Gas
December 27 2007 - 9:00AM
PR Newswire (US)
DETROIT, Dec. 27 /PRNewswire/ -- MichCon, DTE Energy's natural gas
utility, will ring in the New Year with a rate reduction for its
1.2 million customers across the state. The company announced today
that it will drop the price of natural gas from $7.50 per thousand
cubic feet (Mcf) to $7.00 per Mcf, effective Jan. 1. For a typical
residential customer, the price decrease will result in a savings
of about $35 over the remainder of the heating season. "With
winter's coldest months still ahead of us, we're extremely happy to
be able to reduce our natural gas price and pass the savings on to
our customers," said Jerry Norcia, president and chief operating
officer of MichCon. MichCon was able to reduce its natural gas rate
-- called the Gas Cost Recovery factor -- because wholesale gas
prices have fallen recently, and because the company entered the
heating season with a significant supply of natural gas already in
storage. "Because we're able to store large quantities of natural
gas, we can take advantage of seasonal pricing, and acquire gas
when demand is down and prices are lower," Norcia said. Even with
the price reduction, MichCon recognizes that heating bills still
may be a challenge for some customers -- particularly senior
citizens and households with limited incomes. The company offers a
number of programs to help customers manage their energy bills, and
also can assist customers who may need financial assistance. "With
Michigan's tough economy, we are committed to working with our
customers to help them keep the heat on this winter," Norcia said.
"Customers who think they may have difficulty paying their energy
bill should call DTE Energy at (800) 477-4747." DATASOURCE: MichCon
CONTACT: Len Singer, +1-313-235-8809, or Scott Simons,
+1-313-235-8808, both for MichCon Web site:
http://www.dteenergy.com/
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