Natural gas cost to drop this winter in NY

| 15 Feb 2012 | 09:49

    ALBANY, N.Y. — New York regulators say natural gas prices are expected to be 4 to 6 percent lower this winter and utilities have plenty of supply to get through the season. The Public Service Commission says Thursday its staff assessed the status of companies serving the state's 3.9 million gas heating customers and found they have adequate supply to meet demand during severe winter conditions. The price drop is based on a review of market conditions, the cost of gas already stored by utilities and contracts for future purchases. The PSC regulates what utilities charge to deliver gas, but not the price of the commodity itself. It says almost 90 percent of natural gas used in the state is imported, mostly from the Gulf of Mexico and Canada.