MILWAUKEE - We Energies revealed on Monday, Oct. 11 that its customers' heating bills will likely rise as the temperatures fall because of a nationwide spike in natural gas prices.
A news release says the price of natural gas has more than doubled this year and currently sits at the highest level in a decade. This increase is mainly due to tight supplies as well as a worldwide increase in demand for natural gas.
An analysis done by We Energies predicts the typical residential customer will pay $25 more a month this winter compared to last year. The analysis assumes typical winter weather.
Natural gas is a pass-through expense; We Energies does not earn a profit on the gas it purchases for its customers.
In order to help customers in the greatest need, We Energies donated $4 million to the Keep Wisconsin Warm Fund this year. This program provides direct financial assistance to help qualifying customers pay their utility bill.
Significant federal assistance is also available. Congress recently authorized $3.7 billion of federal funding to help low-income customers this winter.
Customers can go to learn more information about energy assistance.