April 2022
If you have been following world events, it does appear that there will be a natural gas shortage.
Events in Ukraine the past couple of months have resulted in NATO sanctions on Russia. Their deliveries of natural gas and oil are likely to be reduced for the foreseeable future. Russia is a major supplier of oil and natural gas so a decline in their deliveries will increase prices.
Here in Canada, high-rise communities rely on natural gas as fuel in suites and common areas; for heating and ventilation, hot water heating, swimming pools and emergency generators. Higher world pricing for natural gas and oil will impact local condominium corporation budgets.
Higher pricing of natural gas and oil is to be expected throughout 2022 possibly into 2023.
Adjusting the budget line item for natural gas in advance of anticipated price increases is the prudent and responsible approach to budgeting. The alternative of creating an unnecessary deficit situation is to be avoided.
