DETROIT, Jan. 21, 2016 /PRNewswire/ -- Lower prices for natural gas and unseasonably warm temperatures in November and December are expected to save the average DTE Energy natural gas customer nearly $200 this winter heating season.
DTE Energy this month lowered by 8 percent the gas rate – the market price DTE pays for the natural gas its customers use – to $3.70 per thousand cubic feet from $4.07, saving its residential and business customers money every month. Coupled with warmer-than-normal temperatures in November and December, this makes the start of the winter heating season more affordable for DTE natural gas customers.
"The cost of natural gas can change monthly because of the laws of supply and demand," said Mark Stiers, DTE Gas president and chief operating officer. "We charge customers only the price we pay for gas, and when those costs are lowered, we pass those savings on to our customers. The result – customers have more disposable income, helping our local economies."
Michigan's unique geology allows DTE to buy large quantities of natural gas when prices are low, allowing the company to store it underground until it is needed during the cold winter months, giving DTE customers price stability.
With warmer temperatures in November and December in 2015, DTE forecasts the average total bill this winter will be 27 percent, or $182, less than last winter's heating season bill.
DTE natural gas customers' bills are reflective of 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 impacts energy use.
"We continuously work to make our operations more efficient in an effort to keep energy affordable for our customers," Stiers said. "Our customers can also better manage their energy bills by saving energy through a number of our low- and no-cost energy-efficiency tips."
Energy-saving tips can be found by visiting DTE's website under 'save energy.'
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 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