Southwest Gas Corporation (Southwest Gas) has announced a decrease in the Gas Cost Balancing Account (GCBA) rate on customer bills, providing welcome relief ahead of the winter months. Effective October 1, 2024, the GCBA rate will drop from $0.30911 per therm to $0.00 per therm, resulting in an estimated savings of $7 per month for the average single-family residential customer.
This decrease reflects the reduced cost Southwest Gas pays to secure natural gas, with no profit to the company. Over the past year, the cost of natural gas has fallen, and projections indicate continued lower rates throughout the winter, offering additional savings for customers over the next six months.