YOUNGSTOWN, Ohio (WKBN) – Your natural gas heating bill could be lower this winter compared to last year.
The U.S. Energy Information Administration reported that the Henry Hub price (which refers to the natural gas pipeline and distribution hub in Erath, Lousiana) has been much lower in 2023, averaging under $3.00/Mcf in every month except January. The lower wholesale natural gas prices this year have led the agency to expect a 21% ($3.16/Mcf) decline in the U.S. average residential retail price for the 2023–24 winter, the agency wrote in its October update.
Columbia Gas in Ohio informed customers that they could see a decline this winter, saying prices could be reduced as much as 25%-30%, compared to 2022.
“With the costs of many everyday items continuing to rise, we know that every bit of savings can make a difference,” said Vince Parisi, president and chief operating officer of Columbia Gas of Ohio. “The decrease in the cost of natural gas comes as good news, as we head into the winter months, when customers typically use more to heat their homes.”
Parisi explained that natural gas bills are broken down into two components — the cost of natural gas and the cost of delivering it to customers — with much of the bill price tied to market price.