SoCal Gas Company Announces 68% Drop in Prices in February From January

Southern California Gas Company has announced that prices in February dropped by 68%, in comparison to January. Prices were up 288% in January from last year at this time. The increase was said to be mostly due to severe cold in the Central US, including such ordinarily temperate States as Texas.

The press release from SoCal Gas reads as follows:

After unprecedented highs due to West Coast market conditions, Southern California Gas Co. (SoCalGas) today is announcing that the natural gas commodity price has dropped by 68% for its core customers (residential and small businesses), when compared to prices seen in January. SoCalGas projects that if a customer received a $300 bill in January, that same usage would result in a bill of about $135 in February.

However, prices in the western region remain higher than last year when the average residential bill for February was $99.

February's core procurement rate will be about $1.11 per therm, compared to $3.45 per therm in January. February's procurement rate is still more than 80% higher than in February 2022.

"While we're relieved that prices have dropped significantly since last month, they remain higher than usual for this time of year," said SoCalGas Senior Vice President and Chief Customer Officer Gillian Wright. "We know that many of our customers are feeling the impacts of high prices, and we hear their concerns. More than ever, we urge customers to take advantage of conservation tips, programs, and financial assistance that may be available for eligible applicants to provide some relief."