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State to Cease Utility's Fixed Price Natural Gas Option for Commercial Customers, Citing Retail Choice
The New Hampshire PUC, on a nisi basis subject to any requests for hearing, ordered the termination of the fixed price natural gas option at Liberty Utilities (EnergyNorth Natural Gas), as requested by the utility.
EnergyNorth's fixed price option (FPO) program allows customers to fix their cost of gas for the winter season through contracts signed at the beginning of the season. Liberty sets the FPO price by adding a small premium to the cost-of-gas rate. EnergyNorth hedges most of the gas required to serve FPO customers, but EnergyNorth remains exposed to some risk for the un-hedged quantity of the FPO program.
EnergyNorth had proposed to reduce such risk by eliminating commercial and industrial (C&I) customers from the FPO program. EnergyNorth stated that C&I customers can buy natural gas from competitive suppliers and can obtain a fixed price in that market.
"The Commission also finds that eliminating C&I customers from Liberty's FPO program is reasonable since C&I customers have other options to reduce their exposure to price volatility. Liberty should not bear the modest risk posed by the un-hedged portion of its gas supplies for C&I customers who participate in the FPO program," the PUC said.
Residential gas customers in New Hampshire are not eligible for gas choice.
The PUC also approved EnergyNorth's proposal to discontinue its hedging of NYMEX prices and to begin hedging the basis differential.
The PUC issued the order on a nisi basis to ensure that all interested parties receive notice of its determination and have the opportunity to request a hearing.
Docket DG 14-133
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July 11, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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