Keeping you Informed About Gas Costs

7/11/2022

Across the country, we’re seeing an increase in cost for all services, goods, and products – including the cost of natural gas and other energy sources. Despite the recent increase in cost, natural gas continues to be the most affordable way to heat your home, cook your food, dry your clothes, and keep shower temperatures warm and relaxing.

As a gas utility, we do not make a profit from the cost of the natural gas that’s delivered to you. This cost is a direct pass-through, you pay what we pay. In an effort to limit the impact of market fluctuations on our customers, we work hard to secure the lowest and most affordable gas prices we can.

What’s causing the rise in natural gas prices?

There are several elements that are affecting current US gas prices. The price of natural gas is determined by various market factors such as storage levels, natural gas production, imports, exports, weather, and supply and demand.

• Gas storage plays a key role in the price of natural gas. Currently, storage is lower than normal due to high demand and a lessened supply.
• In recent months, there’s been a hyper-focus on liquefied natural gas (LNG) exports and the global market amid the ongoing war in Ukraine. The demand for LNG from the US is rising across the world as European nations search for alternate energy suppliers.
• Warmer weather set in quickly for many US states, causing people to turn up their AC units in an effort to beat the heat. Most US power generators rely on gas to produce electricity, which is used by consumers and businesses to keep temperatures comfortable.

What does this mean for you as a customer?

In an effort to keep you informed and aware of the recent market activity, we’re sharing these key components to explain high costs and how, as your utility provider, we can provide support through payment programs or financial assistance offerings. As a result of higher commodity prices and increased demand, natural gas customers may see increases in their monthly utility bills. There are a number of different options available to help mitigate the impact of a higher bill. Summit Natural Gas Of Maine is here to help. To learn more about payment options that are available to you, visit https://summitnaturalgasmaine.com/paymentassistance.

Need help with your natural gas bill?

If you are struggling to pay your natural gas bill, we have a variety of programs and tools that may be able to help. Click here to learn more.

Reference for comparative numbers and metrics regarding current energy prices: https://afdc.energy.gov/fuels/prices.html