Your wallet will be a bit heavier soon thanks to a recent rate reduction for natural gas in the province.
The Public Utilities Board recently approved a Centra Gas application to lower the rate after it says market prices for natural gas decreased significantly.
For the average customer, the PUB says in its order, annual bills will drop by an average of 14.2 per cent. That means savings of around $121 a year for most. That comes after rates increased by 17 per cent on Nov. 1 in 2021.
Centra Gas does not make a profit on selling gas, charging consumers only what it pays. The PUB says that several factors affecting the markets resulted in the decrease, including a warmer than normal start to the 2021/22 winter season across much of North America. That lessened demand for natural gas causing the Primary Gas rate to decrease.
The change in price is effective Feb. 1. The PUB and Centra Gas review rates every quarter and the next adjustment is slated for May 1.