PSNC gas rates to drop

The North Carolina Utilities Commission on Monday approved a decrease to the purchased gas component of PSNC Energy's retail natural gas rates.

The decrease, which takes effect with November bills, will lower the company’s winter residential rate by 5 percent, to about 95 cents per therm, officials said.

The change will cut about $5 off the monthly bill of an average PSNC customer.

“Wholesale costs for natural gas are a little lower this fall compared to last year,” PSNC President and Chief Operating Officer Rusty Harris said in a statement. “We’re starting the 2011-2012 heating season with the lowest residential rate we’ve had in nearly 10 years.”

PSNC doesn't earn a profit on the “cost of gas” component of its natural gas rates. The adjustment is passed directly to customers under state regulations.