|By Marketwired .||
|September 22, 2016 04:15 PM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 09/22/16 -- Enbridge Gas Distribution Inc. (Enbridge) has received approval from the Ontario Energy Board (OEB) for new rates, effective October 1, 2016. Typical residential customers(i) who buy their gas supply from Enbridge will see a total bill increase of about three per cent, or $25 a year. As a result, their total bill will be about $823 a year.
The increase is a result of higher forecasted natural gas commodity prices in North America. However, this increase is partially offset by a "Cost Adjustment" refund, which reflects the difference between forecast costs and actual costs from the past twelve months.
The OEB also previously approved a "Rate Adjustment" charge for the difference between the amount customers paid for volumes consumed from January 1, 2015 to December 31, 2015 and the actual costs incurred. For typical residential customers(i), this will result in a total charge of about $21, which will be billed in two installments of about $10.50 on their October and November bills.
"Natural gas continues to provide great value to our customers, with the typical customer's total annual bill now $390 less than it was 10 years ago," says Jamie LeBlanc, Director of Energy Supply and Policy at Enbridge.
"Natural gas remains the most economical choice for home and water heating in Ontario," added LeBlanc. "Over the past five years, natural gas has been on average over 65 per cent less expensive than electricity and oil(ii)."
Enbridge submits rate adjustment applications every three months to reflect changes in the market price of natural gas and transportation services. The applications are reviewed and approved by the OEB.
Enbridge does not earn a profit on the price of natural gas. Gas supply costs are passed through to customers without any mark-up. Any difference between forecast costs and actual prices is either collected from or returned to customers through a Cost Adjustment.
For more information on how natural gas rates are set, watch our video.
Enbridge reminds customers that there are options to help manage energy bills:
- Customers can find energy efficiency tips at enbridgegas.com/energyefficiency.
- Customers who have signed up for myEnbridge can now access their personalized My Home Health Record, which provides natural gas consumption comparisons to similar homes, along with energy saving tips and advice.
- Customers can register for myEnbridge at enbridgegas.com/myenbridge.
-- For qualifying customers: -- The OEB's Low-Income Energy Assistance Program (LEAP) provides emergency financial assistance towards past due energy bills. Learn more about LEAP at enbridgegas.com/LEAP. -- The Home Winterproofing Program helps residential customers in financial need with free home energy efficiency improvements. Qualifying customers may have free energy efficiency improvements, such as insulation, installed to reduce their energy costs. Learn more at enbridgegas.com/winterproofing. -- Customers who are having trouble paying their bills should call Enbridge as soon as possible to set up payment arrangements.
About Enbridge Gas Distribution
Enbridge Gas Distribution Inc. has a more than 165-year history and is Canada's largest natural gas distribution company. It is owned by Enbridge Inc., a Canadian-based leader in energy transportation and distribution. Enbridge has ranked as one of the Global 100 Most Sustainable Corporations for the past seven years and was also named as one of Canada's Top 100 Employers in 2015. Enbridge Gas Distribution and its affiliates distribute natural gas to over two million customers in Ontario, Quebec, New York State and New Brunswick. For more information, visit www.enbridgegas.com or follow us on Twitter @EnbridgeGasNews.
(i)Calculations are based on the assumption that typical residential customers, who buy their gas supply and transportation from Enbridge, use about 2,400 cubic metres of natural gas a year for home and water heating.
(ii)Natural gas rates are based on Enbridge Gas Distribution Inc.'s residential rates effective October 1, 2016. Electricity rates are based on Toronto Hydro's Ontario Energy Board approved rates up to and including those effective May 1, 2016. Oil prices are based on publicly posted Statistics Canada historical prices up to and including rates available as of July 2016. Costs have been calculated for the equivalent energy consumed by a typical residential customer and include all service, delivery and energy charges. HST is not included.
Enbridge Gas Distribution Inc.
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