Rate Cut PSNC seeks 6.4% rate cut

PSNC Energy of Gastonia has asked state regulators for permission to cut rates for the fifth time in six months.
Angie Townsend, a spokeswoman for PSNC, says the cut would reduce a residential customer’s billing rate by 6.4 percent. For the average homeowner, that would equal about $7 per month.
PSNC says it expects a ruling on the request Feb. 23 from the N.C. Utilities Commission.

In North Carolina, natural gas providers can request monthly adjustments to their rates based on the price of natural gas. Utilities can recoup their costs for buying gas, but they are required to pass savings along to their customers as well.
Natural gas prices have taken a dip in recent months. According to the U.S. Energy Information Administration, demand for the fuel has fallen in the recession, particularly among businesses that use the fuel to operate.
PSNC and other utilities don’t profit from what is called the “purchased gas component” of rates. Profit comes from what’s known as the “base rate” that utilities can charge their customers.
PSNC is a subsidiary of Scana Corp. (NYSE:SCG) of Columbia, S.C. The utility serves a 28-county area in North Carolina, distributing natural gas to 460,000 customers in 96 communities.

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