Unitil/FG&E Files for Cost of Gas Rate Increase
Hampton, NH - February 20, 2003 - Unitil Corporation (AMEX: UTL) (www.unitil.com) announced today that its wholly owned subsidiary, Fitchburg Gas and Electric Light Company (FG&E), filed for an increase in its Cost of Gas Adjustment Rates with the Massachusetts Department of Telecommunications and Energy (MDTE).
If approved by the MDTE, the proposed rates will go into effect for the period of March 1, 2003 through April 30, 2003. This proposed rate increase is caused by increases in the commodity costs of purchased gas.
A typical residential heating customer using 150 therms per month in the winter would see an increase of $12.26 or 7% over current rates. Other customers will see increases ranging from 6-9.5%, based on rate class and usage.
Cost of Gas Adjustment (CGA) rates in the Commonwealth of Massachusetts are adjusted periodically to reflect changes in wholesale supply costs incurred by the local distribution company to provide gas to its customers. Gas supply costs are billed to customers without any profit or mark up from the local distribution company. CGA rates are initially based on estimates, and then reconciled to actual costs at the end of the period, with interest on over- or under-collections. The Company's goal is to provide the lowest overall costs at stable prices and to minimize over- or under-collections in any given period.
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. The Usource product line of Internet-based energy brokering and related products and services is available at www.usourceonline.com.
For more information, visit Unitil at www.unitil.com or call Stephanye Schuyler at 603-773-6465.
Contact Corporate Office
Liberty Lane West
Hampton, NH 03842-1720