October is National Energy Awareness Month, a time to be mindful of how energy is used, and Black Hills Energy has announced customers can anticipate lower natural gas costs ahead of this year’s heating season, compared to last year.
According to NYMEX prices, U.S. natural gas costs were four times lower in September compared to the same time last year. Natural gas prices were above $9 in September 2022, and they were $2.55 at the same time in 2023.
“Historic production and above-average storage have provided a stable market to power this winter’s heating and electric generation needs,” said Black Hills Energy Iowa General Manager Pete Hamell. “As we celebrate National Energy Awareness Month this October, Black Hills Energy is educating its customers on how energy impacts their lives today while also looking ahead to colder weather.”
The lower natural gas prices customers benefit from are a result of record-high natural gas production which was 2.5 percent more than last year. National storage for natural gas was also 16 percent higher than the same time last year and seven percent above the five-year average. Looking ahead, regional gas prices for this winter are tracking closely with NYMEX futures and are currently projected to be in the $3-6 range.
“As we do throughout the year, we’re encouraging customers to use less energy through energy conservation and energy efficiency projects,” Hamell said. “Tips range from easy and inexpensive – like lowering the thermostat by a couple of degrees and closing curtains to keep warm air inside – to more involved projects like insulating the attic or installing weather-stripping around doors and windows to keep out drafts.”
For more information, customers can visit blackhillsenergy.com/teamready where they’ll see more of the company’s Team Ready consumer education campaign, which features a duo, Mike and Maria, sharing helpful energy efficiency tips. The goal of this stepped-up activity is to help customers be ready to manage their energy use before colder winter temperatures arrive.
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