Idahoans Outraged Over Natural Gas Prices Rising Over 25%
The cost of heating your homes in Idaho will increase this year thanks to a public-regulated utility raising your bill by over twenty-five percent. Intermountain Gas Company announced to customers this week that the cost of natural gas would be going up this year.
Last May, the company applied for a rate increase due to the rising natural gas costs. Since the Biden Administration took office, energy prices have risen at historic rates. CBS News reported that fossil fuel prices are at a fourteen-year high.
Intermountain's price hike had to be approved by the Idaho Public Utilities Commission. The company detailed the need for a rate increase in a release:
"The primary reason for the filing is a significant increase in the commodity price for natural gas. Over the last several months, natural gas prices have climbed not only across the country, but also across the globe. A rebound in demand, lower than average storage levels, high levels of liquified natural gas exports and other global events have combined to create strong upward pressure on prices."
Customers received emails explaining the rate increase that will begin this year. Here are the details from Intermountain Gas Company. The price increased 25.2%, or $67 million.
How Much More Will You Pay?
The average home owner will pay $10.55, or 24.1%, more per month while commercial customers will see an increase of $51.87, or 27%, per month. Those figures are an average based on information from the gas company.
Intermountain Gas Company services a large amount of Idahoans. The company says they serve 402,300 residential, commercial and industrial customers in 74 communities in southern Idaho.
Will we have colder than usual winter this year? Check out our report here.