By the Numbers: After price drop for natural gas, LIPA doles out credits to customers

$144 million

Amount the Long Island Power Authority (LIPA) plans to refund customers, citing lower-than-projected prices of natural gas, which the utility uses to generate electricity, according to Newsday. The refunds will come in the form of credit on October and November 2009 bills. LIPA's residential customers will receive an average of $70; customers who heat their home entirely with electricity could receive up to a $100 credit. If natural-gas prices hold steady or decline, refunds could continue into next year, according Kevin Law, LIPA's chief executive.

LIPA customers might not want to hold their breath for further credits. "Amid some indications of improvement in the economy," reports the federal government's Energy Information Administration, so far this month, natural-gas prices have shot up 44 percent after falling to their lowest levels since 2002 over the summer. Markets in the Rockies and California have seen the biggest price increases, but substantial jumps are being reported for the Northeast, too.—Daniel DiClerico | e-mail | Twitter | Forums | Facebook

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Comments

[eric]

Nice, when the economy is improving let's make sure ALL costs go up along with it. That way, everything will stay neutral and no one is any better off.

Great!