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.