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Auction held to set part of Columbia Gas price

A state-regulated auction to determine part of the price that consumers will pay for natural gas from Columbia Gas of Ohio was held Tuesday.

The auction resulted in prices of 19.3 cents per 100 cubic feet, but the consumer price also will include a monthly prevailing rate of natural gas on the New York Mercantile Exchange. Based on yesterday's Nymex rate for April of 48 cents per 100 cubic feet, consumers would pay 98 cents, including gas delivery charges. That is higher than this month's charge.

The Public Utilities Commission of Ohio, which conducted the auction, will meet Wednesday to review its results. If the results are approved, the auction price of 19.3 cents will start April 1 and remain in effect through March 31, 2011.

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