FortisBC announced that some major price hikes are coming starting October 1.
Customers will now pay $2.05 per gigajoule, up from $1.14, which means you could see additional costs of $82 per year, a number Fortis bases on an average residential usage of 90 gigajoules.
Fortis says the reason behind the price hike was a hotter than average summer, creating larger demand for electricity in both Canada and the US.
“This, combined with a slowdown in natural gas production, has led to an increase in prices during the past few months,” says Dennis Swanson, vice president of energy supply at FortisBC in a statement.
In spite of the major price hike, Swanson claims gas prices are at the lowest levels they’ve seen in 10 years, and he encourages people to “use energy wisely” as the winter heating season approaches.
Natural gas prices are reviewed by Fortis once every three months. Weather as well as supply and demand are factors taken into consideration when determining price hikes.