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Laclede Gas Customers To See An 11% Drop In January and February Heating Bills

December 30, 2004

ST. LOUIS, Mo., December 30, 2004 — Laclede Gas, which serves more than 630,000 natural gas customers in St. Louis and surrounding counties in Eastern Missouri, today filed a Purchased Gas Adjustment with the Missouri Public Service Commission that would lower January and February natural gas bills for Laclede customers by 11% compared to current rates.

The adjustment reflects the cost of acquiring gas supplies at the wholesale level, storing them and transporting them from production fields in other parts of the country to Laclede’s service area. These gas costs normally account for about 65% to 80% of a residential customer’s total natural gas bill. The remainder covers Laclede’s costs of operating and maintaining a safe and reliable 15,000-mile distribution and storage system, as well as gross receipts taxes that the utility collects on behalf of various counties and municipalities. Laclede Gas has not had a general rate increase for its own distribution costs since 2002.

The decrease announced today reflects a decline in wholesale natural gas prices being charged in the unregulated national marketplace. Laclede Gas does not mark up these wholesale gas costs.

Assuming Commission approval, effective January 13, 2005, a typical Laclede residential customer’s gas bill for January and February, which are typically the coldest months of the year, would decrease by about $25 per month, assuming normal weather.

The proposed PGA would be about 1% lower than the rate was prior to the beginning of November.

Laclede Gas, the largest natural gas distribution company in Missouri, is a member of The Laclede Group (NYSE: LG).

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