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Laclede Gas Files to Reduce Cost of Gas for the Winter Season

^{Published on 2012-11-01 06:17:29 - Market Wire}
 

Laclede Gas Files to Reduce Cost of Gas for the Winter Season -- ST. LOUIS, Nov. 1, 2012 /PRNewswire/ --

ST. LOUIS, Nov. 1, 2012 /PRNewswire/ -- Customers of Laclede Gas Company will benefit from lower natural gas costs for the winter heating season (November 2012 through March 2013). Yesterday, Laclede Gas filed a request with the Missouri Public Service Commission (MoPSC) to lower its rates by six percent as a result of reduced natural gas costs.  If approved, these rates will be the lowest in nine years with customers paying an average of $0.54 per therm for the natural gas portion of the bill.

"We are pleased to pass along any and all savings to our customers as we enter the winter heating season," said Steve Lindsey, president of Laclede Gas. "Customers will always be able to count on safe and reliable natural gas service from Laclede, and they can also count on us to pass savings along when the price of natural gas gets lower. Right now gas costs less than it has in nearly a decade."

Pending approval by the MoPSC, if these lower rates remain in effect, the proposed decrease is expected to save customers as a whole $44 million annually. This means the average residential customer can expect to save nearly $38 during the winter heating season, excluding the impact from weather-related changes in usage.

The cost of natural gas accounts for nearly 60 percent of a typical residential customer bill. The remaining 40 percent is made up of the infrastructure, operating and maintenance costs Laclede Gas incurs to deliver that gas safely and reliably to homes and businesses. To continue to provide top-quality delivery and services, Laclede Gas intends to file a general rate case this December - the first time in three years. This will not impact customers during this winter's heating season. The general rate case encompasses a review of all of the related investment, maintenance and operation costs for the thousands of miles of natural gas pipelines and the other services Laclede Gas provides for the delivery of natural gas around the clock. Laclede Gas may also propose a slight change to its Infrastructure System Replacement Surcharge at some point during the winter heating season to recover costs associated with safety-related replacements and upgrades to its distribution system.

ABOUT LACLEDE GAS
A subsidiary of The Laclede Group (NYSE: [ LG ]), Laclede Gas Company has provided safe and reliable service to the residents of the St. Louis metropolitan area for more than 150 years. It is the largest gas distribution company in Missouri, serving more than 625,000 natural gas customers in St. Louis and surrounding counties in Eastern Missouri.  For more information, please visit [ www.LacledeGas.com ].

SOURCE Laclede Gas