(LOOTPRESS) – Starting this November, West Virginia’s Hope Gas (Hope) will implement an average 10.7% reduction in total bills for residential customers, marking the second consecutive year of double-digit rate cuts.
This decrease, filed in Hope’s annual Purchased Gas Adjustment (PGA) with the Public Service Commission of West Virginia (PSC), stems from a strategic approach to natural gas pricing, including price hedging and gas storage.
Last year, Hope Gas reduced residential rates by 12.3%, and the company remains committed to affordability in challenging economic times. “Affordability of our essential service to West Virginia families is at the core of our mission,” said Hope Gas CEO Morgan O’Brien. “We focus year-round on ensuring families can heat their homes affordably in winter. By partnering with local producers in this gas-rich state, we’re able to pass on meaningful savings.”
Investment in Safe and Reliable Service
In addition to lowering rates, Hope Gas has invested heavily in its infrastructure to ensure service reliability. O’Brien noted that Hope’s extensive network of pipelines could span from Morgantown, WV, to Los Angeles, CA, and back if laid end to end. The company’s ongoing Pipeline Replacement and Expansion Program (PREP), filed with the PSC in May, reflects this commitment to safe and reliable service, especially during peak winter demand. Despite annual infrastructure investments of tens of millions, customers will see significant net decreases on their bills this season.
As part of the PREP and Legacy Surcharge adjustments, Hope’s application includes a $6 monthly increase on these line items. When combined with the decreased PGA rates, however, the total net impact is a 10.7% average decrease in residential bills.
Expanding Service and Savings
With recent acquisitions, Hope Gas has added nearly 30,000 customers in the past year, who will also benefit from these rate decreases. Notably, former Peoples Gas WV customers can expect an 18.88% average monthly bill reduction.
Hope attributes much of these savings to its robust gas supply strategy. “Our team purchases gas at lower summer rates, stores it, and releases it during the winter, which keeps costs down for customers,” explained O’Brien. “In addition, we’ve developed a hedging strategy with local producers, securing a portion of our supply at a locked-in price to offer stability against market fluctuations.”
This year’s reductions reaffirm Hope Gas’s commitment to balancing affordability with a safe and reliable infrastructure, bringing valuable savings to West Virginia families as they enter the coldest months.
