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Summit locks in gas rate

Residents in buying group will save, but not as much as other communities that acted earlier

By Betty Lin-Fisher
Beacon Journal business writer

Published on Sunday, Dec 09, 2007

Officials with Summit County and Direct Energy, the natural gas provider supplying participating residents in the aggregation group, announced their fixed winter rate this week.

The county took a gamble in September when it decided to ride the market with a monthly variable rate until it decided to lock in a fixed rate, hoping the market prices would dip. At the time, other community aggregation, or buying groups, were locking in fixed rates. I said that I preferred stability in one-year rates, which at the time were $9.49/mcf (no longer available) and $9.99/mcf and that if folks wanted to ride the market, they could probably just choose their own monthly rates.

Their fixed rate, which will start with the February billing cycle (for January gas usage) is $9.83 per thousand cubic feet (mcf) through November with a 10 cent/mcf discount for senior citizens. Until February, residents in the program will continue to pay a monthly rate; December will be $8.94/mcf, and January will be $9.86/mcf.

Enrolled residents will automatically be enrolled in the new plan unless you call 800-581-5066 to opt out without a cancellation fee. Other residents can also opt in by calling the same number.

Frankly, I'm not too impressed. The cheapest rates available to the general public I could find this week on the Public Utilities Commission of Ohio Web site were $9.99/mcf, so the county's $9.83/mcf does beat that.

In September, other communities locked in rates as high as $9.85/mcf and as low as $9.63/mcf with 10 cent/mcf discounts for seniors.

One community negotiated two prices, including a lower rate of $9.57/mcf for winter bills.

The point is, the Summit County buying-group members might have gotten a few months of cheaper monthly variable rates, but their winter rate isn't that great.

It also doesn't start until the February billing cycle, which is January usage. But that still leaves out December, which is a cold-weather month.
— Betty Lin-Fisher

Officials with Summit County and Direct Energy, the natural gas provider supplying participating residents in the aggregation group, announced their fixed winter rate this week.

Get the full article here.



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