DTE Energy's natural gas costs drop again, down 57 percent since 2008
DETROIT, April 2, 2015 /PRNewswire/ -- This month, DTE Energy customers will benefit from the second reduction in natural gas prices this year; DTE has reduced the price of natural gas 17 percent in 2015 alone. Since the beginning of the economic downturn in 2008, the company has worked even harder to keep costs down. April's natural gas price is 57 percent lower than at the same time in 2008.
The recent reductions are the result of reduced natural gas costs coupled with DTE's purchasing strategy. Since DTE does not make a profit on natural gas, customers pay only what the company pays. There is not a mark-up, which means DTE passes the savings on to customers.
"We received two J.D. Power awards recently," said Mark Stiers, president and COO, DTE Gas. "I believe our commitment to offering a fair price caught the attention of our customers. We're grateful they have noticed our efforts."
DTE now is ranked "Highest in Customer Satisfaction With Business Natural Gas Service in the Midwest" and "Highest in Customer Satisfaction With Residential Natural Gas Service in the Midwest among Large Utilities." Both honors are firsts for the company.
The J.D. Power studies measure customer satisfaction with gas utility companies by examining six factors: billing and payment; corporate citizenship; price; communications; customer service; and field service.
To manage the price, DTE's purchasing strategy calls for buying large quantities of natural gas during the summer months, when demand and prices are relatively low, and storing it until the winter. DTE also locks in low natural gas prices each month for a period of two years before the actual delivery to customers, minimizing the impact of seasonal pricing.
"Our customers can count on us," Stiers said. "We have endured two frigid winters with record-breaking low temperatures. Although the demand for natural gas was high, DTE was able to provide reliable, safe and low-cost natural gas service that kept water heaters operating, cooktops hot, and homes and businesses warm."
Despite DTE's best efforts, financially challenged customers may still struggle to pay their bills. Payment assistance programs and budget plans are available. For more information, customers can visit dteenergy.com/help.
"We're here to help," Stiers said. "Our customers have our commitment that we will continue working to keep natural gas as affordable as possible."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio also includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Disclaimer: DTE Energy received the highest numerical score in the Midwest in the proprietary J.D. Power 2014 Gas Utility Residential Customer Satisfaction StudySM (large providers) and 2015 Gas Utility Business Customer Satisfaction StudySM. Business based on 9,243 online interviews ranking 20 Midwest providers. Residential based on 69,806 online interviews ranking 17 large Midwest providers. Proprietary study results are based on experiences and perceptions of residential customers surveyed 9/13-7/14 and businesses surveyed 4/14-7/14 and 8/14-12/14. Your experiences may vary. Visit jdpower.com.
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SOURCE DTE Energy