Summit passes on savings to its customers
YARMOUTH, Maine (March 1, 2023) –Summit Natural Gas of Maine (Summit) received approval from the Maine Public Utilities Commission (PUC) to reduce the cost of gas rate effective March 1, 2023.
Summit’s cost of gas rate will be reduced to $0.678 per therm, down from $2.291 per therm.
The energy market drives changes to the cost of natural gas and it’s important to note that Summit does not make a profit on the cost of natural gas delivered to its customers’ homes or businesses; the price of natural gas is passed through to customers at cost and appears on their bill as the “Cost of Gas Adjustment.” Essentially, customers pay what Summit pays.
Traditionally, the cost of gas is set by the utility once a year in November. However, because market conditions changed considerably, Summit requested an interim mid-season adjustment in February to pass savings onto customers sooner.
“It has been a challenging winter for many, and we are thrilled to be able to offer some financial relief to our customers,” said Matt Jacobson, Director of Sales and Marketing at Summit. “Although the energy market has been extremely volatile, our gas purchasing team was able to secure natural gas supply at a price that was lower than we experienced earlier in the winter.”
Across the country, natural gas prices have dropped due to factors including an unexpectedly warm winter and a reduced demand for natural gas.
“We’ve all seen how quickly the energy market fluctuates,” added Jacobson, “quickly passing on these savings to customers was a top priority for us.”
Summit urges customers struggling to pay their bills to call their customer service department as soon as possible to learn more about payment assistance options, including payment plans, budget billing, energy efficiency rebates, and information about heating assistance programs offered by Summit and the State of Maine. Customers should call 1.800.909.7642 or visit https://summitnaturalgasmaine.com/paymentassistance for more information.