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March 16, 2009
NSTAR is delivering good news to its natural gas customers – a 70 percent decrease in natural gas prices starting in May. The company has submitted a proposed summer rate of 38 cents per therm, down from last summer’s average cost of $1.30. If approved by the Massachusetts Department of Public Utilities, the price cut will save the average NSTAR Gas heating customer about $36.00 a month.

“The continued decline of natural gas prices on the futures market will translate into big monthly savings for our customers this summer,” said Tom May, NSTAR Chairman, President and CEO. “In this economy, every opportunity to save money helps and we’re pleased to pass on these lower costs at a time when everyone can use a little extra.”

If the proposed cost of gas is approved, the average NSTAR Gas heating customer using 38 therms of gas a month between May and October will pay approximately $37.00 a month, down from $73.00 last summer. The average NSTAR Gas non-heating customer using 12 therms of gas a month will pay about $18.00 a month, down from $30.00. The proposed summer rate is also a 69 percent decrease from the current winter rate of $1.24 per therm.

The Cost of Gas Adjustment reflects a six-month forecast for the price of natural gas, with no profit made by NSTAR on this charge. The proposed rate also reflects normal differences between winter and summer prices and the continued volatility of fuel prices on the New York Mercantile Exchange (NYMEX).

NSTAR is the largest Massachusetts-based, investor-owned electric and gas utility. The company transmits and delivers electricity and natural gas to 1.4 million customers in Eastern and Central Massachusetts, including more than one million electric customers in 81 communities and 300,000 gas customers in 51 communities.
 
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