SEATTLE, Nov. 2 /PRNewswire/ -- Cascade Natural Gas Corporation
(NYSE: CGC) received Washington Utilities and Transportation Commission (WUTC)
approval for its Purchased Gas Cost Adjustment (PGA) and amortization of
under-recovered gas cost from last winter filings. As a result of these two
filings, Cascade's residential customers will see a net rate increase of 2.2%,
1.9% for the average commercial customer, and 2.1% for the average industrial
customer, effective November 1, 2001. Cascade will recover last winter's gas
cost over the next three years.
Jon Stoltz, Senior Vice President of Regulatory and Consumer Affairs
stated, "In order to shield our customers from the price spikes that can occur
in a volatile wholesale market, Cascade developed a strategy of locking in the
quantity and price of the natural gas requirements of our customers for the
next three years. By locking in the price of the supply, we can assure our
customers that our rates will not significantly change and by locking in the
quantity of supply, we can assure our customers that there will be adequate
natural gas available to meet their needs. The fixed priced contracts will
help us avoid an under-recovery situation similar to what occurred last
winter."
Cascade Natural Gas Corporation is a local distribution company that
provides natural gas service to more than 147,000 residential, commercial and
industrial customers in Washington and more than 43,000 customers in Oregon.
The company provides service to 65 Washington communities in Adams, Benton,
Chelan, Cowlitz, Douglas, Franklin, Grant, Grays Harbor, Island, Kitsap,
Mason, Skagit, Snohomish, Walla Walla, Whatcom, and Yakima counties. Cascade's
common stock is listed on the New York Stock Exchange (NYSE) with the symbol
CGC.
CONTACT: Frank Mansell, Director, Public Information, +1-206-381-6838, or
Jon Stoltz, Sr. VP - Planning. Regulatory, & Consumer Affairs,
+1-206-381-6823, both of Cascade Natural Gas Corporation.
SOURCE Cascade Natural Gas Corporation
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CONTACT: Frank Mansell, Director, Public Information, +1-206-381-6838, or Jon Stoltz, Sr. VP - Planning. Regulatory, & Consumer Affairs, +1-206-381-6823, both of Cascade Natural Gas Corporation
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