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It’s going to cost a bit more to heat your home this winter.
Last month, SaskEnergy announced a bump in the natural gas rate. It estimates the new price will cost the average home an extra $5.65 per month.
It’s a move with many different and complicated reasons behind it.
Alana Johnson, the director of strategic communications with SaskEnergy, explained prices have been going up around the world, and the new rate reflects that.
“Natural gas prices on the open market have essentially doubled since we last decreased our commodity rate in 2019. That has a lot to do with increased demand for power generation, coupled with higher liquified natural gas exports, as well as lower production due to the weather in North America,” she said.
“All of that is contributing to increased commodity prices.”
In Europe, there is a massive shortage of natural gas, sparking fears of higher prices and even winter blackouts in that area of the world.
However, Johnson explained the situation across the ocean likely won’t happen here, since Europe tends to import its natural gas, while Saskatchewan’s is produced here in Canada.
On top of that, she’s optimistic about the storage levels of natural gas and SaskEnergy’s ability to keep up with the demand.
“SaskEnergy will be on track to fill its storage by the end of October,” Johnson said.
The province has seen record-breaking levels of natural gas usage for eight years in a row to deal with particularly cold days.
However, even if that trend continues this winter, Johnson believes SaskEnergy can keep up with the demand.
“SaskEnergy’s system is designed to provide more natural gas, even on peak days, than is required,” she continued.
The storage supply is also right on track for what it would usually be. Johnson said it’s right around the five-year average.
Another extra cost is out of SaskEnergy’s control. The carbon tax will continue to affect customers. It’s scheduled to rise again in 2022.
Editor’s note: This story has been updated to clarify that SaskEnergy decreased its commodity rate in 2019 as opposed to increasing it