Friday, August 14, 2020
Aug. 14, 2020

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NW Natural reports $7.4M loss, cuts state rates

The Columbian

Northwest Natural Gas Co. lost $7.4 million, or 28 cents per share, in the three months ending Sept. 30, the company reported Friday. The company remains profitable so far this year with a net income of $43.1 million, or $1.62 per share.

NW Natural attributed the quarterly loss to reduced gas use over the summer, a seasonal pattern the company has grown to expect. It reported a loss of $6.7 million, or 25 cents per share, during the same quarter in 2009.

The company also reported that Washington residential rates decreased 2 percent starting Nov. 1 because wholesale gas prices are down. The rate cut will save residential customers an average of $1.23 per month. Commercial rates will decrease by 2.1 percent.