PECO reducing natural gas rates
Friday, May 29th, 2009
By: Tom MacDonald
tmacdonald@whyy.org
PECO Energy is instituting a price cut for its natural gas customers. PECO is cutting its natural gas price by 11 percent because the utility is buying the fuel cheaper than before. PECO Spokesman Michael Wood says the price cut could continue through the winter heating season.
Wood: we anticipate that the market will remain flat for probably the rest of this year and we don't think rates are going to change much into next winter.
PECO isn't the only utility cutting rates because of declining costs. Rutgers University economics professor Jack Worrell says demand has gone down across the board.
"one of the reasons why there's been an increase in the supply of natural gas is because the industrial use and the use in the economy in general has decreased."