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Unitil/FG&E to Accelerate $1.2M Gas Cost Refund

Hampton, NH. (January 22, 2004): Unitil Corporation (AMEX:UTL) (www.unitil.com) announced today that its subsidiary Fitchburg Gas and Electric Light Company (FG&E) has filed a request with the Massachusetts Department of Telecommunications and Energy (MDTE) to accelerate the refund of approximately $1.2 million in previously collected gas costs to its natural gas customers over the next three months. The refund applies to certain gas costs associated with the company's gas inventory finance charges, which the MDTE in 2001 had ordered the company to refund to customers over an eleven year period.

A typical residential heating customer using 146 therms per month can expect to see a reduction in the gas bill of $16.68 per month, or 9.3%, for the months of February, March and April, 2004, subject to MDTE approval. Similar impacts will be seen for all other customers, with decreases ranging between 8.0 to 12.0% per month, depending on rate class and usage.

"Unitil has chosen to accelerate the remaining refund in order to help customers deal with higher gas bills due to increased usage during this extraordinary winter heating season," said Bob Schoenberger, Unitil's Chairman and Chief Executive Officer. "It is time to put this matter behind us."

Unitil is a public utility holding company with subsidiaries providing electric service in New Hampshire, electric and gas service in Massachusetts and energy services throughout the Northeast. Its subsidiaries include Fitchburg Gas and Electric Light Company, Unitil Energy Systems, Inc., Unitil Power Corp., Unitil Realty Corp., Unitil Service Corp. and its unregulated business unit Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil Resources, Inc.

For more information, visit Unitil at www.unitil.com or call Stephanye Schuyler at 603-773-6465.

Contact
Stephanye Schuyler
schuyler@unitil.com

Corporate Office
Liberty Lane West
Hampton, NH 03842-1720
800/999-6501