Peoples Gas says its proposed rate hike won't affect consumers, despite no guarantee that overall prices will fall. Nicor also asked to hike its rates
Peoples Gas says its proposed rate hike won't affect consumers, despite no guarantee that overall prices will fall. Nicor also asked to hike its ratesPeoples Gas is planning a potential $12 increase on monthly bills through a rate hike in early 2024, but claims consumers' overall bills should not go up because the overall price of natural gas is going on down.Lori Armatys' most recent gas bill was $255.
"Peoples Gas is proposing a $402 million increase that will blow the record and be the largest rate increase in Illinois history," said PIRG's Abe Scarr. "The second largest rate increase in history is the one that was just proposed by Nicor gas, at $321 million." Both companies said rate hikes are needed for maintenance costs and investments in continued reliable infrastructure."The reason for that is that a separate part of the bill, the part that accounts for the cost of the actual natural gas customers use, that cost is expected to go down," said Spokesperson David Schwartz. "That cost is expected based on the following global natural gas prices.
"The continuing decline of natural gas prices, as you said, are not guaranteed, that said, the gas cost forecast is based on the best available information from expert analysts, and these are the same forecasts and experts that pointed to sharply rising natural gas prices about 18 months ago," Schwartz said.
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