Natural gas prices in Michigan fall to lowest rates in 18 Years

Consumers Energy announced on Saturday that its prices have dropped to a nearly 20 year low, with the natural gas company reporting that keeping prices low boosts the local economy.

“We are committed to delivering natural gas safely, reliably and affordably, knowing that our work to reduce costs helps fuel Michigan’s economy,” Tim Sparks, Consumers Energy’s vice president of energy supply operations, said. “The price for natural gas that we’ll put into effect in April continues a decade of falling costs, allowing Michigan residents to put more money toward their household budgets and other needs.”

The commodity price is set at $2.54 per 1,000 cubic feet for next month. The last time the rate was that low was in March 1998. The fall in pricing allowed the average household in Michigan to spend $250 less on gas in winter 2015 compared to winter 2014.

Consumers Energy keeps its prices competitive with an innovative underground gas storage system. The company has 15 underground fields for storing energy. It purchases gas when it is cheapest and relies on the reserve in the winter months. It provides energy to more than 60 percent of Michigan residents.

Consumers Energy is committed to keeping prices low for Michigan residents and business owners. The organization has tips for saving on energy costs on its website and encourages businesses to hire local talent to keep the economy healthy.