If you’re an Enbridge Gas customer, you might be pleased to hear that on April 1, 2023, natural gas prices will decrease due to approval from the Ontario Energy Board. This news comes after a warmer than normal winter season and healthy inventory levels contributed to a market price decrease.
Depending on your location, you can expect to see a reduction of $162 to $192 per year (12 percent) on your annual household bill, following a previous reduction of $63 to $142 per year (9 percent) in January. If you’re enrolled in the Equal Monthly Payment Plan, Enbridge Gas reviews customer plans on an ongoing basis and adjusts monthly payments as needed to avoid large end-of-plan true-ups.
It’s worth noting that natural gas is a commodity traded on North American stock exchanges, and Enbridge Gas buys the amount needed and passes those costs through to customers without markup. The prices are reviewed and adjusted every three months to reflect market changes. This means that the prices customers pay in Canada are broadly influenced by the natural gas market, which is fully integrated across North America.
Last year, market prices increased significantly due to the conflict in Ukraine, which saw an increased demand for North American natural gas moving offshore to Europe, combined with a colder than average winter. However, Enbridge Gas is committed to providing customers with information on gas prices, conservation tips, and rebates that can lower your energy use. They also offer payment plans that make budgeting easier.
If you’re interested in learning more, visit enbridgegas.com/gas-rates-notice for additional information.