DTE Energy keeps natural gas costs low for customers again this winter

Nov 07, 2013, 15:31 ET from DTE Energy

DETROIT, Nov. 7, 2013 /PRNewswire/ -- Gas costs are projected to be lower this winter for DTE Energy's 1.2 million natural gas customers. DTE's sustained natural gas price reduction began four years ago. This winter, costs will complete a decrease of more than 25 percent since the winter of 2010-11.

"We deploy purchasing strategies to make sure our customers are paying lower prices during the winter and throughout the year for that matter," said Mark Stiers, DTE Energy vice president, Gas Sales and Supply.

DTE has deployed a successful strategy that calls for buying large quantities of gas during the summer months when demand and prices are relatively low. Also, DTE locks in low natural gas prices each month for a period of two years before the actual delivery to customers. Prior to the month the natural gas is delivered, 75 percent of DTE's supply has been purchased over the previous two years with the remainder purchased in that month.

On every gas customer's bill, there is a Gas Cost Recovery (GCR) charge, which accounts for approximately half of the heating bill. The GCR is the actual cost of the natural gas used by the customer. There is not a mark-up. Customers pay only what utilities pay for natural gas. Throughout this coming winter, DTE's GCR is projected to average $4.64 per thousand cubic feet, the lowest it has been in ten years.

"At DTE, we don't want energy bills to be a burden for our customers," said Stiers. "We try to keep costs low and also provide payment options for customers who are struggling financially."

For more information about DTE's payment assistance programs and budget plans, customers can visit dteenergy.com/help. Details about DTE's gas rates are available at dteenergy.com/ResidentialCustomers under "My Rate Options."

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 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan.  The DTE Energy portfolio also includes non-utility energy businesses focused on power and industrial projects and energy trading.  Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.