PUC approved new policy for natural gas pricing.

The California Public Utilities Commission gave final approval to a new regulatory policy for natural gas that will raise residential rates, cut rates for small commercial customers and let big companies buy the cheapest gas on the market. The action confirms an interim decision by the commission last March. But details, including the new rates to be charged customers, won’t be set until next year. Officials at Southern California Gas said they don’t expect sharp increases in rates for residential customers, but declined to estimate what the increases might be.