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Heating your home could cost a lot less this winter.
SaskEnergy announced Friday it has applied to the provincial rate review panel for two adjustments, resulting in a combined decrease of 8.8 per cent.
“If approved, our rate would be at a 20-year low when it’s fully implemented April 1, 2019,” said SaskEnergy CEO Ken From.
The company wants to lower its commodity rate from $3.65 per Gigajoule (GJ) to $2.65 GJ, and see a 3.7 per cent increase in the delivery service rate.
“If approved as submitted, our application would result in a typical residential residential customer saving about $81 dollars a year,” From said.
In the meantime, SaskEnergy has asked for an interim decrease to $2.95 GJ, which would save customers around $50 on heating bills between Nov. 1 and April.
“Given the dramatic decrease we’re seeing in the marketplace, we’re going to be asking the panel to support an interim rate,” From said.
As for long-term stability, the CEO noted SaskEnergy has looked extensively at the marketplace and whether it can maintain the rate decrease.
“The natural gas market is quite soft right now and we’ve been very active here looking at the forward prices, trying to buy our gas in a forward market,” From said.
“The rate we’re proposing, we’re very confident we’re not going to see spikes anytime soon.”
According to the company, the average household 20 years ago used 130 GJ of natural gas per year. Due to higher energy efficiency standards, homes now use about 100 GJ per year.