December 1, 2023

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SoCalGas expects to announce a significant drop in natural gas prices this week

SoCalGas expects to announce a significant drop in natural gas prices this week

Downey, California (CAPC) – SoCalGas customers may get some relief from paying their natural gas bills as early as next month.

Rising natural gas prices have many customers wondering when they will be out of business.

Throughout January, Eyewitness News brought you the voices of people who were surprised to see their gas bills jump, at times no matter how little they used resources. On Monday, SoCalGas President Miriam Brown said this was all due to an unusual supply-and-demand event.

Also read | Residents fear SoCalGas customers are ‘freezing to death’ trying to save money to pay exorbitant bills

“We were very concerned about our customers,” Brown said.

The price the company paid for natural gas rose this month to $3.45 per heat — four times higher than at the same time last year and 11 times higher than in 2018.

Meanwhile, national prices, such as those in the Henry Hub pipeline, have been falling to levels not seen since June 2021.

“The issue is that the infrastructure in the West is constrained, and we have constraints,” Brown explained. “There were restrictions on the ability to get natural gas into the West because the pipelines were already full and there was less storage in the northern parts of the state and that affected prices here, but we think it’s been sharp, and it’s a period of time, and we’re seeing those costs come down.”

In addition to grants from the Gas Assistance Fund for qualified applicants, Brown said clients can expect to see annual Cap-and-Trade program credit in the spring earlier this year.

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SoCalGas Unveils First Renewable Hydrogen Microgrid and Home On Monday California Lieutenant Governor Eleni Konalakis said we are at the mercy of the fossil fuel industry until we become dependent on other resources.

“Take control of our energy future by investing in renewable energy is the best thing we can do for every working family in California,” she said.

A SoCalGas spokesperson told Eyewitness News that the company expects to announce a significant drop in natural gas prices this week.

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