Unitil/FG&E Gas Rates to Decrease for Summer
Hampton, NH - March 20, 2003 - Unitil Corporation (AMEX:UTL) (www.unitil.com) announced that its wholly-owned subsidiary, Fitchburg Gas and Electric Light Company (Unitil/FG&E), filed for a decrease in its Cost of Gas Adjustment (CGA) rates with the Massachusetts Department of Telecommunications and Energy (MDTE). Pending MDTE approval, the proposed rates would go into effect for the summer period from May 1, 2003 through October 31, 2003.
The proposed rate decreases, compared to current rates, range from 6.5% to 11.5% based on rate class and usage. A typical residential heating customer will see a bill of $58.07 per month, based on average summer usage of 41 therms of gas per month. This is a decrease of $6.08, or 9.5%, compared to current rates. This decrease reflects lower projected gas supply costs during the summer months.
CGA rates in Massachusetts are normally adjusted every six months 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 set based on estimates, and then reconciled to actual costs at the end of the period with interest on over- or under-collections. Unitil's goal is to provide the lowest overall costs at stable prices.
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