The sting of high natural gas prices to heat your home over the past two winters is expected to ease for the upcoming heating season, which runs from November 2023 through March 2024.
Montana-Dakota Utilities anticipates prices to be about 30% less than last winter. The company projects that the average residential customer will pay about $450 for the five-month winter season, or $90 a month– down about $200 from last winter, or a decrease of $40 a month. The cost projection is for the commodity only and the outlook assumes average temperatures and no serious supply disruptions.
Scott Madison, executive vice president of gas supply for MDU, says they do not earn a profit on the cost of natural gas. He says the cost is a straight passthrough to customers. He says MDU goes through a robust process to secure an adequate supply for the winter heating season, using different sources and methods to mitigate big price swings.
Madison says market fundamentals are more favorable going into the 2023-24 winter. He says national storage is also improved with inventories about 7% higher than the five-year average, and 16% higher than this time last year.
Natural gas prices are subject to monthly changes based on fluctuations in the wholesale market and are approved by regulatory commissions. Customers are encouraged to use energy wisely and continue individual conservation efforts.
More information on energy-saving tips and the company’s balanced billing program can be found on Montana-Dakota’s website: www.montana-dakota.com. Customers anticipating payment difficulties, should call 800-638-3278 to make arrangements or to be directed to available energy assistance programs.
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