PSNC Energy in February will cut its natural gas rate to its lowest price in 13 years in response to low wholesale prices and strong national supplies.
The N.C. Utilities Commission approved the 6 percent rate cut Wednesday. It will translate to a savings of about $5 a month for a typical residential customer.
Effective Sunday, the Gastonia-based utility will charge 84 cents a therm, a unit of heat measure. That’s down from 89 cents a therm today, and down from $1.01 per therm a year ago.
PSNC has about 520,000 customers in the state, including the Triangle. A typical residential customer uses 94 therms a month during the winter heating season.
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The last time the company charged 84 cents a therm was April 2002.
Under state law, natural gas utilities are required to acquire fuel at the most economical cost and pass on that cost to the households and businesses that use the natural gas.