THUNDER BAY — For the second time this year, natural gas customers will see their bills go down as of April 1.
Enbridge Gas said the market price has fallen due to a warmer-than-normal winter season combined with healthy inventory levels.
For the average residential customer in Northwestern Ontario, the latest reduction amounts to approximately 12 per cent, or $166 on an annualized basis.
Business customers can expect their bills to be about 16 per cent smaller.
Enbridge will adjust monthly payments as required for customers enrolled in its equal monthly payment plan.
"The reason for the reduction, really, is to reflect what we're seeing in the market. We're seeing a decrease in the market price for gas, and we're passing that reduction on through to our customers," Enbridge spokesperson Andrea Stass said in an interview. "That is some good news going into the spring."
Combined with a reduction that took effect at the beginning of January, Stass said that as of next month customers will be paying about the same amount for natural gas that they did last year.
"With the cost of everything from energy to food, it has been a challenging time for families, and this reduction, I think, is welcome news."
In 2022, market prices rose significantly, due to a colder-than-average winter and Russia's invasion of Ukraine, which resulted in more North American natural gas moving offshore to Europe.
The natural gas market in Canada and the U.S. is fully integrated, and the fuel is a commodity traded on North American stock exchanges.
Prices are reviewed and adjusted every three months by the Ontario Energy Board to reflect market changes.
