FERGUS FALLS, MINN. – Oct. 4, 2023 – The sting of high natural gas prices to heat your home over the past two winters is expected to ease for the upcoming heating season, which runs November through March. Great Plains Natural Gas anticipates natural gas prices to be about 30% less than last winter.
The company projects that the average Minnesota residential customer will pay about $590 for the five-month winter season, or $118 a month; that is down about $250 from last winter, or a decrease of $50 a month. Great Plains customers in Wahpeton, North Dakota, are served by different suppliers and are expected to pay about $360 for the winter season, or roughly $72 a month; that is down about $190 from last winter, or a decrease of $38 a month.
The cost projection is for the commodity only and the outlook assumes average temperatures and no serious supply disruptions.
The cost of natural gas is a straight passthrough to customers; Great Plains does not earn a profit on the cost of natural gas. The company goes through a robust process to secure an adequate supply for the winter heating season, using different sources and methods to mitigate big swings in prices.
“Market fundamentals are much more favorable going into the 2023-24 winter,” said Scott Madison, executive vice president of gas supply for Great Plains. “National storage is also much improved with inventories about 7% higher than the five-year average, and 16% higher than this time last year. The company works hard, using a variety of natural gas supply resources to secure the best-priced natural gas for our customers.”
Natural gas prices are subject to monthly changes based on fluctuations in the wholesale market and are approved by regulatory commissions. Customers are encouraged to use energy wisely and continue individual conservation efforts. More information on energy-saving tips and the company’s balanced billing program can be found on Great Plains’ website: www.gpng.com.
For customers anticipating payment difficulties, call 877-267-4764 to make payment arrangements or to be directed to available energy assistance programs.
