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Pritzker calls for $15 million loan program to assist areas hit by record-high gas prices
By Grace Barbic
Capitol News Illinois
SPRINGFIELD – Gov. JB Pritzker announced a low-interest loan program Tuesday to help alleviate the unprecedented financial burden from soaring utility costs for certain Illinois municipalities and their residents.
The extreme weather that devastated Texas’ electrical grid last week has resulted in skyrocketing natural gas prices in Illinois directly linked to frozen natural gas wells in Texas and Oklahoma.
“To put the severity of this crisis in perspective, the egregious level of natural gas prices would be similar to a gallon of gasoline rising from the current $2.89 per gallon to $289 per gallon,” Heather Viele, General Manager of the Interstate Municipal Gas Agency said.
SPRINGFIELD, Ill. – Natural gas prices have skyrocketed along the panhandle pipeline stretching from Texas to Michigan. Some downstate communities struggling to deal with surging energy prices could get a hand from the state leaders.
Gov. JB Pritzker asked the Illinois Finance Authority to create a $15 million low-interest loan program to help the smallest municipalities hit by the outlandish gas prices. During winter, these communities usually pay $2-$3 per dekatherm of natural gas. That’s a stark difference from the $225 per dekatherm municipalities paid last week.
Illinois hasn’t seen the same challenges Texas did with the winter freeze. However, Pritzker explained several towns and villages in Central and Southern Illinois have taken on “unbearable financial sacrifices.” In fact, the village of Franklin estimates their gas costs for the month will be more than two-and-a-half times what the local leaders set aside for the entire year.
Loan program to assist areas hit by record natural gas prices
Updated 2/23/2021 5:16 PM
SPRINGFIELD Gov. J.B. Pritzker announced a low-interest loan program Tuesday to help alleviate the unprecedented financial burden from soaring utility costs for certain Illinois municipalities and their residents.
The extreme weather that devastated Texas electrical grid last week has resulted in skyrocketing natural gas prices in Illinois directly linked to frozen natural gas wells in Texas and Oklahoma.
To put the severity of this crisis in perspective, the egregious level of natural gas prices would be similar to a gallon of gasoline rising from the current $2.89 per gallon to $289 per gallon, Heather Viele, General Manager of the Interstate Municipal Gas Agency said.
The governor and other officials are still calling on the federal government to provide aid to Illinois communities that dealt with massive natural gas costs.