ONG Rate Lock-In period - 2023

[Shadowrider]

After feeling like I got completely hosed on the lock in last year, I'm not so excited about it, but 4.36 is certainly much better...

But how much money did it actually cost you? The rate looks very bad up front, but unless your gas usage is in an industrial setting it's not a lot of money.

I had my mom lock in and she's also on monthly averaging. When that polar vortex hit I was scared she was going to get hit with a $500-$600 bill because her whole house standby generator ran for 9 days straight on NG. This was before I knew she was on monthly averaging. In the end her bill increased only a few bucks. I figured up the generator gas usage for those days at that rate and it was only like $150. Yes, they are nice to have and for her it was almost a must have as she was in the middle of chemo/radiation therapy, but they do use a lot of fuel. In the end it wasn't a lot of cash outlay for her.

Meanwhile my sister in her total electric house lived on a portable and a lot of gasoline because she had no service at all. She has gas service available and she's regretting that new heat pump now instead of paying a plumber to run a line and have ONG come in and set a meter. NG is still the best deal on energy by far.

ETA: As far as the rate lock, I look at it as insurance. It may cost you a few bucks, but if something happens it's going to save you $$$

 

[kingfish]

With the lock in price being about half of last year's, the risk reward is about half as well. A 50% price swing has much less impact at this year's lower rate. Seems like a no brainer to me.

 

[KOPBET]

My gas bill last month was $53.48. Cost of gas was $2.36.

 

[Harp13]

My gas bill last month was $53.48. Cost of gas was $2.36.

@KOPBET I wish you had not posted that.

It made me look at my August bill. I live in NW OKC. For $0.98 cents of fuel, mine will be $52.17 (including the winter event surcharge). The winter surcharge is equal to ~20% of the monthly charges. Granted, this is one of the lowest usage months for our home.

I think someone else mentioned it earlier. That recovery fee will be charged for 25 YEARS.

 

[THAT Gurl]

Sigh ... Now I'm torn. You guys who know more about this stuff than me are making me think maybe I should if I can ... Ugh ... I'm too old for this ****.

And Kopbet and Harp my bill looks just like y'alls. I pay a ****-ton of money for them to deliver less than $3.00 worth of gas. The *******s ...

 

[SlugSlinger]

I will mention this for those who use credit cards to make purchases to receive cash back. ie a discount on the purchase.

This might already be known, but I paid my last ONG bill with my credit card that receives 2% cash back and there was no credit card transaction fee like some utilities and .gov agencies like to charge. I don't know when ONG removed the CC fee, but I plan to pay with my card from now on, unless they enact a fee.

 

[alank2]

But how much money did it actually cost you? The rate looks very bad up front, but unless your gas usage is in an industrial setting it's not a lot of money.

You are right. I thought it would be much worse given how high the lock was last year, but after calculating the 10 month period in Excel, it only cost me about $15 more for the whole 10 months to lock it. I certainly can't gripe at that. I went ahead and locked it this year at the much lower rate too.

 

[kingfish]

So I went back and plugged in the new fixed rate into my spreadsheet. If the winters are comparable, I will save around $260 on fuel costs next year.

 

[SlugSlinger]

So I went back and plugged in the new fixed rate into my spreadsheet. If the winters are comparable, I will save around $260 on fuel costs next year.

The thing is, if energy price do what the “experts” are saying, oil may be at $150 a barrel. If that happens NG may go to $15-$20 per dekatherm.

Locked in rates have limited downside opportunity with unlimited upside risk.

 

[GorillaG]

Thanks for the heads up on this, I went ahead and enrolled. Everything is going up, and FJB.

Fire Joe Biden……..you know what I mean.

yeah.....that thing