New Gas Cost Adjustment results in refund of $75 during the next six months
TORONTO, ONTARIO--(Marketwire - June 25, 2007) - Enbridge Gas Distribution (TSX:ENB) (NYSE:ENB), a regulated utility, announced today that it has received approval from the Ontario Energy Board for its July 1, 2007 rates. There is no change to the Gas Supply, Customer and Delivery Charges. The Gas Cost Adjustment refund, which is in place until December 31, 2007, has increased.
For customers who purchase natural gas from Enbridge Gas Distribution:
- The Gas Supply Charge will remain at 32.9 cents per cubic metre.
- The Customer and Delivery Charges remain the same.
- The Gas Cost Adjustment refund will increase from 3.8645 cents per cubic metre to 6.6333 cents per cubic metre from July 1, 2007 to Dec. 31, 2007. This results in a refund of $75 during the next six months for a typical residential customer(1). The Gas Cost Adjustment reflects the difference between the actual natural gas costs incurred by the utility and the amount collected from customers through the Gas Supply Charge.
Customers who purchase their natural gas from a gas marketer will pay a natural gas rate determined by their contract. Their Customer and Delivery charges will remain the same.
"The majority of customers in Ontario use natural gas for home and water heating because it's convenient, reliable and economical," says Glenn Beaumont, Vice President, Planning & Opportunity Development, Enbridge Gas Distribution. "Over the past five years, natural gas has been on average about 40 per cent less expensive than electricity and 28 per cent less expensive than oil."(2)
The total annual bill for a typical residential customer using 3,064 cubic meters of natural gas for home and water heating is about $1,564. The same customer using electricity for home and water heating would spend approximately $2,857.(2)
Enbridge Gas Distribution delivers natural gas to about 1.8 million customers in Ontario communities including Toronto, Ottawa, Barrie and Niagara Falls. Enbridge Gas Distribution is a leader in delivering energy efficiency programs. For more information visit www.enbridge.com/gas.
Please see the attached backgrounder for more information about Enbridge Gas Distribution prices: http://www.ccnmatthews.com/docs/625ENB.pdf
(1) A typical residential customer uses 3,064 cubic metres of natural gas a year for home and water heating.
(2) Natural gas and electricity prices are based on rates in effect as of July 1, 2007. Electricity rates are based on Toronto Hydro rates. Costs have been calculated for the equivalent energy consumed and include all service, delivery and energy charges. GST is not included.
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