NATURAL GAS PRICES SPIKE - Companies Seeking Up To 40% Increase

(08/04/2004)

A gas company whose CEO is making $7.2 million is asking for one of the biggest hikes in home and business gas prices. Dominion Hope wants another hike, this time about 30% to help pay off rising prices they say they are paying for natural gas. Dominion Chairman and CEO Thomas E. Capps was paid $7.22 million for his services. Mountaineer Gas owned by Allegheny Power is seeking an increase of about 18%. If approved, that companies rates will have increased 85% since January 1, 2001. Equitable has filed with the PSC for an increase of 40%. All the companies say they are just passing along natural gas prices to their customers. Thousands of West Virginia customers will be affected.

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