Winter heating costs to rise
October 8, 2008
Comments on this story
(1)
THE CANADIAN PRESS
CALGARY – It will cost more to heat your home this winter than it did last year, says the head of the Canadian Gas Association.
Michael Cleland, whose group represents the country's natural gas delivery industry, says there will be about a 10 per cent difference.
The commodity price of natural gas, which makes up the biggest part of the cost, is very low right now – trading at about US$6.80 per thousand cubic feet on the New York Mercantile Exchange on Wednesday.
But Cleland says the natural gas that will be used this winter was bought by distributors several months ago, when commodity prices were much higher.
The good news is that there is a huge amount of natural gas in storage, which means there will be an ample supply for many months – especially if there is a relatively mild winter.
Cleland says there are many things consumers can do to pare down their heating costs, like making sure their homes are well insulated and investing in a high-efficiency furnace.
thestar.com