LOS ANGELES—Southern California Gas Company (SoCalGas) Feb. 28 announced that average residential bills will decrease by some 67 percent in March compared to January—the result of wholesale market prices for natural gas dropping for a second straight month.
“SoCalGas estimates that average residential bills will drop from $300 for January usage to an estimated $100 for March usage,” the utility said in a statement.
The company noted that an 83 percent drop in March’s “procurement rate,” compared to January’s high, drove the expected decrease in March customer bills.
“We’re pleased that we’re seeing what appears to be a trend to natural gas prices that are more in line with last year,” SoCalGas Senior Vice President and Chief Customer Officer Gillian Wright said in a statement….