DETROIT, March 29, 2016 /PRNewswire/ -- DTE Energy customers will once again benefit from lower natural gas prices for the second time in three months.
Starting Friday, DTE Energy will lower its natural gas prices for customers another 7 percent, for a total reduction of 16 percent in 2016. The new natural gas price – the market price DTE pays for the natural gas its customers use – will be 34.4 cents per hundred cubic feet, down from 37 cents. The average residential customer is expected to save $60 annually.
At the outset of the winter heating season in November, the price was 40.7 cents. DTE first reduced prices Jan. 1.
Customers can find the cost of gas on their bills under the Gas Cost Recovery (GCR) line item.
"This price reduction adds to the $200 the average residential customer saved during the winter heating season because of reduced prices and warmer-than-normal temperatures in November and December," said Mark Stiers, DTE Gas president and chief operating officer. "Our business customers also will experience savings when using their natural gas-fired equipment and processes."
The continued trend of lower natural gas prices has been driven by the market forces of supply and demand. Michigan's unique geology also allows DTE to buy large quantities of natural gas when prices are low and store it underground until it is needed during the cold winter months, giving DTE customers price stability.
DTE has been lowering prices steadily since 2008, when the market price was $1.13 per hundred cubic feet, more than three times the current price.
DTE natural gas customers' bills reflect three key variables – the cost of the natural gas used by customers, the amount of natural gas used and the severity of the weather, which has a significant impact on energy use.
Even though the winter heating season is nearing its end, residential and business customers will continue to save when they use their gas appliances and equipment until the next heating season starts in October.
"We're continually looking for ways to make our operations more efficient to keep energy affordable for our customers," Stiers said, "and natural gas continues to be the cleanest and most cost-effective option for meeting our customers' energy needs."
Business and residential customers can effectively manage their energy bills by employing low- and no-cost energy-efficiency tips. Energy-saving tips can be found by visiting DTE's website under 'save energy.'
Customers also can take advantage of DTE's eBill Paperless Billing, a free and secure way to view and pay bills online. eBill Paperless Billing allows customers to view their bills online in a printer-friendly format. Customers will receive a monthly e-mail reminder when their bill is ready and can click on a link within the paperless bill to pay online using their credit or debit cards, or checking or savings accounts.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
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SOURCE DTE Energy