By Lynne Adkins

PHILADELPHIA (CBS) — Good news for PGW natural gas customers: your monthly bill is going down.

The Philadelphia Gas Works is lowering the price of natural gas by 2½ percent, and that should save the average customer more than $34 per year, according to spokesman Barry O’Sullivan.

He says there are a couple of reasons the price is going down.

“Supply right now is abundant, so we’re able to predict our needs much more effectively than we have in the past.  And that allows us to go the marketplace where there’s an abundance of supply and force a better price for our customers.”

The price change is effective June 1st, so customers should see the savings in their next bill or, depending on their billing date, the one after that.

O’Sullivan says this is the fifth quarter in a row without a rate increase, and compared to this time last year the average customer is paying $181 less for natural gas.