Vectren Gas Customers To See Bill Savings

By Dayton Business Journal

Vectren Corp. residential natural gas customers will see a rate decrease this year.

Vectren (NYSE: VVC) consumers under the Standard Choice Offer will save about $18 per year based on an average annual usage of 89 hundred cubic feet of natural gas. The Standard Choice Offer is the rate paid by customers who have not switched to a retail supplier.

The new rate, effective April 1, was the result of a Vectren Energy Delivery of Ohio auction held this week. The Public Utilities Commission of Ohio approved the auction results.

The auction resulted in an adjustment to the wholesale price calculated each month on the New York Mercantile Exchange. The lowest bid submitted was $1.35 per thousand cubic feet, 20 cents lower than the current price from a similar auction held in January 2010. Vectren customers will see the retail price adjustment reflected on their monthly bills as: 13.5 cents per Ccf.

⿿The wholesale rate for standard choice offer customers is the lowest rate currently available in Vectren⿿s service territory that we are aware of,⿝ Ohio Consumers⿿ Counsel Janine Migden-Ostrander said in a news release.

The final bids at the auction were awarded to three retail suppliers who competed and won the right to have their names listed on customersâ¿¿ bills beginning April 1. However, the rate provided by all three retail suppliers will be the same.

Vectren will continue to transport natural gas through its pipelines and be responsible for pipeline repair, meter-reading, billing and other customer service issues.

Ohio Consumersâ¿¿ Counsel is a residential utility consumer advocate.

Vectren, an energy holding company headquartered in Evansville, Ind., has more than one million customers in Indiana and west central Ohio.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/dayton/news/2011/01/20/vectren-gas-customers-to-see-bill.html?ana=thestreet

Copyright bizjournals.com 2010

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