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Natural Gas Price Outlook The majority of your home heating bill is determined by two main factors: the price of each unit of natural gas and the amount of gas you use. The price of each unit of gas that you use includes Gas Supply Charges and Delivery Service Charges. By law, National Fuel cannot make a profit on gas that is purchased and then sold to its customers. The price the Utility pays for gas is determined by market forces and is passed on to customers through Gas Supply Charges without mark-up. Delivery Service Charges reflect our cost of service. These charges are regulated and cannot be increased without state approval. Colder winter weather causes natural gas use to go up, “The Utility only creating higher heating bills. If the upcoming winter is colder, customers may use more gas to heat their homes, which may collects the exact cause their heating bills to go up. amount of money for Gas Supply Charges gas that is purchased Gas Supply Charges make up more than half of a typical homebill and reflect the market price of the gas that you use, for our customers, heating the pipeline and storage costs associated with the gas purchases since National Fuel we make for our customers, and any adjustments for the over or under collection of purchased gas costs from previous years. cannot make a profit on These adjustments help us ensure that the Utility only collects the exact amount of money for gas that is purchased for our that gas, by law.” customers, since National Fuel cannot make a profit on that gas, by law. Gas Supply Charges are passed on to our customers dollar for dollar without a profit or discount. Delivery Service Charges National Fuel’s Delivery Service Charges, Based on billed revenues and costs for the 12 months ended Sept. 2013 Pennsylvania or the cost of delivering safe, reliable natural gas to you, represent the Utility’s Interest cost of doing business. Some of these 3.8% costs include staffing, offices, equipment, Earnings pipeline maintenance, taxes and interest 11.9% costs primarily for infrastructure financing. Gas Supply Delivery Service Charges are regulated Charges by and are ultimately determined by the 50% Taxes Pennsylvania Public Utility Commission, 4.4% ensuring that established rates are just and reasonable. In fact, when comparing average residential customer bills with other gas utilities, National Fuel has consistently provided its customers with the lowest or one of the lowest bills in Pennsylvania. Our employees continuously work hard to keep operating costs down so that gas bills remain low for our customers. Operating Costs 29.9%