Detroit-based energy provider DTE Energy today announced customers will see an 8.8 percent drop in their natural gas bills due to the downward trend of natural gas prices.
Effective April 1, the reduction brings costs to $3.23 per thousand cubic feet from $3.54, generating savings for both business and residential customers.
“We take pride in purchase strategies that effectively manage the price our customers pay,” says Mark Stiers, DTE Gas president and COO. “We charge customers only the price we pay for gas, and when those costs are lowered, we pass those savings on to our customers.”
Natural gas prices have fallen steadily since 2008, as domestic production increased from newfound sources. DTE’s efforts to store natural gas when prices are at their lowest has allowed the company to reduce prices.
Over the past 10 years, residential customers’ overall natural gas bills have decreased 27 percent, and DTE Gas customers have seen declines annually, except for an uptick in 2014 caused by the polar vortex.
Customers can find the cost of gas on their bills under the Gas Cost Recovery line item. DTE natural gas customers’ bills are reflective of different 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.