EUGENE, Ore. (KMTR) -- NW Natural customers will receive a refund on their next statement. NW Natural announced in a press release Thursday, May 23rd, it will issue $35 million dollars in rebates to their customers since the wholesale price of gas has decreased.
"There is an abundance of natural gas right now," explained Kip Much, Community Affairs Manager for central and southern Willamette Valley for NW Natural. "Its a win-win situation."
Over the last ten years, NW Natural has given out about $71 million dollars in such rebates. This time the average Oregon residential customer can expect to receive a credit of about $37 on their bills. A commercial customer will receive an average return of about $153. The refunds are based on gas cost savings between November 1, 2011 and March 31, 2012.
"If, for some reason, the cost of gas goes way up, well, we [NW Natural] shouldn't be the ones left eating the bill for that," said Much. "But if it goes down like it did in this case, the customer gets a break - so it works out pretty good."
In June, customers will receive another credit thanks to OPUC's approval of an interstate storage credit.
The release stated NW Natural's Oregon customers will receive a total amount of $9 million dollars from efficient pipeline capacity management and effective use of the underground storage facility in Mist, Oregon.
Residential customers will get a credit of about $10 and a commercial customer could receive about $45.