TORONTO, ONTARIO--(Marketwire - Dec. 18, 2007) -
In the press release issued today at 17:39 ET there was an error. The gas cost adjustment refund for the period between Jan. 1, 2008 and Dec. 31, 2008 is 2.2612 cents per cubic metre (¢/m3) and not 2.6012 cents per cubic metre (¢/m3). The complete and corrected version follows:
Enbridge Gas Distribution (TSX:ENB) (NYSE:ENB), a regulated utility, announced today that it has received approval from the Ontario Energy Board for its January 1, 2008 rates.
For typical residential customers(1) who buy their gas supply from Enbridge Gas Distribution, the changes will result in a decrease of about $68 annually, excluding the Gas Cost Adjustment refund. This annual decrease is based on a decrease to the Gas Supply Charge and an increase to the Delivery Charge.
For the typical residential customer who buys their natural gas from a marketer, the change in the Delivery Charge will result in a $3 annual increase. The price they pay for the Gas Supply Charge is based on their contract with their marketer.
"High natural gas storage volumes and a relatively quiet hurricane season have helped reduce natural gas prices," said Glenn Beaumont, Vice President, Enbridge Gas Distribution. "Prices are down over this time last year."
Beaumont adds that if you use natural gas to heat your home and water, 60 per cent of your annual consumption falls between December and March. Energy-saving tips - such as installing a programmable thermostat or sealing drafty doors and windows - can make a real difference this winter. Additional energy conservation information is available at www.enbridge.com/winter.
The total annual bill for a typical residential customer using 3,064 cubic metres of natural gas for home and water heating is about $1,300. The same customer using electricity for home and water heating would spend approximately $2,800.(2)
Effective January 1, 2008 customers will see the following changes to their bill:
Monthly Charges
- The Gas Supply Charge for customers who buy gas from the utility will decrease by about $71 annually. The new rate is 26.7 cents per cubic metre ( cents/m3). The previous rate was 29.1 cents/m3.
- An increase in the Delivery Charge for all customers by about $3 annually due to higher costs to transport natural gas to Ontario.
Additional Items
- The Gas Cost Adjustment refund will decrease from 3.0868 cents/m3 to 2.2612 cents/m3 from January 1, 2008 to December 31, 2008. This results in a refund of $68 during the next 12 months for typical residential customers who buy their gas supply from Enbridge Gas Distribution.(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.
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/1218enb_br.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 based on Ontario Energy Board approved rates in effect as of January 1, 2008. Electricity rates are based on Toronto Hydro rates. Estimates do not include taxes or any rental or financing costs.
For more information please contact:
Enbridge Gas Distribution
David Rosenbloom
(416) 495-5272
Email: david.rosenbloom@enbridge.com
Website: www.enbridge.com/gas