Natural Gas Prices to add punch to Consumer Pocketbooks

Customers of Pacific Gas and Electric will be feeling the pinch in the pocketbook caused by soaring natural gas prices.

Reflecting the disruption in Gulf Coast natural gas supplies, heating bills will jump 49.6 percent for millions of Californians in November compared with a year ago, Pacific Gas and Electric Co. said Thursday.

The increase is in line with projections PG&E made a month ago, in the immediate aftermath of Hurricane Katrina.

PG&E said average residential customers can expect to pay $80.30 in November, a $26.61 increase over a year earlier.

The CPUC is approving measures to ease the pain, but in the end, only new supplies will be the solution.