GREEN BAY (NBC 26) — As temperatures fall, Wisconsin Public Service is letting customers know their heating bills could rise this winter.
WPS cites a nationwide spike in natural gas prices in a statement issued on its website Monday.
"The price of natural gas has more than doubled this year and currently sits at the highest level in a decade. This increase is mainly due to tight supplies as well as a worldwide increase in demand for natural gas," WPS states.
An analysis done by WPS predicts the typical residential customer will pay $40 more a month this winter compared to last year. The analysis assumes typical winter weather.
"Natural gas is a pass-through expense. WPS does not earn a profit on the gas it purchases for its customers," WPS says.
WPS said it takes multiple approaches to limit the impact of sudden price changes.
"The company buys and stores gas when it is typically lower-priced, locks in guaranteed natural gas contracts at fixed prices, and purchases gas in the market," WPS says. "This approach is estimated to lower this winter's gas costs for WPS customers by 25%."
WPS says customers can take steps to manage their energy use by turning down their thermostats, sealing gaps around windows and doors, and scheduling an annual furnace tuneup. For more low and no-cost energy-saving tips, click here.
Customers can go here for more information on energy assistance.