STAMFORD, Conn., Jan. 27, 2011 (GLOBE NEWSWIRE) -- A wicked winter and a decrease in natural gas storage levels are driving up prices of natural gas, a trend that will hit homeowners' bank accounts not once but twice.
"As the storage surplus is withdrawn at a faster rate than expected, the cost of natural gas is going to rise which in turn may also lead to higher prices on electricity," says Blas Pina, Director of Natural Gas Supply for MXenergy, one of the nation's largest independent energy providers. "Since natural gas is an important fuel for electricity production the cost of the two are intrinsically intertwined."
The US Department of Energy reported last week a significant drop in natural gas storage surplus levels resulting from unusually cold temperatures and heavy snowfalls in the Northeast United States.
Pina continues, "Should the cold weather continue, it is reasonable to expect costs may rise even higher. Consumers need to do what they can now to protect themselves from higher prices in the months to come."
For consumers in deregulated states, Pina recommends carefully selecting their energy provider to ensure the best possible rates and that all homeowners seek to maximize their home's energy efficiency.
MXenergy is one of the fastest growing retail natural gas and electricity suppliers in North America, serving approximately 500,000 customers in 41 utility territories in the United States and Canada. For over 11 years, the company has provided millions of customers with a choice in how they purchase energy to run their homes and businesses. Founded in 1999 to provide natural gas and electricity to consumers in deregulated energy markets, MXenergy helps residential customers and small business owners control their energy bills by providing both fixed and variable rate plans. MXenergy is committed to best practices in environmental conservation, supporting local communities through various outreach programs and is a member of the Chicago Climate Exchange.
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