Xcel Energy-Colorado expects its rates to stay relatively flat in the second quarter of 2024, with a slight rise in electric rates and a small drop in natural gas bills.
The utility said in a statement that based on natural gas costs, the typical residential customer could see a 4.17% decline, or $1.73, in the monthly bill. Rates for small commercial customers are expected to drop 4.82%, or $9.19, a month.
Xcel said residential electric bills will likely increase on average 1.67%, or $1.49, a month and bills for small businesses will go up an average of 1.8%, or $2.26, a month. The increase reflects the cost of supplying electricity, Xcel said.
The company submitted its proposed quarterly price adjustments to the Colorado Public Utilities Commission last week. If approved by the PUC, the changes will take effect April 1 and stay in place for three months.
Xcel Energy has 1.6 million electric customers and 1.5 million natural gas customers in Colorado, with a big overlap between the two.
The rates are adjusted every three months to reflect commodity prices. Xcel said the changes are passed onto customers on a dollar-to-dollar basis and that it doesn’t profit from recovering cost increases.
Customers having trouble paying their bills can contact Xcel Energy about payment plans and for information on assistance programs at xcelenergy.com/EnergyAssistance or call 1-800-895-4999.
In a separate action, Xcel Energy-Colorado is seeking an increase in natural gas rates to boost its revenue by nearly $171 million. The utility has said the money will help pay for improvements to the gas distribution system as well as upgrades to the electric grid.
In documents filed in January, Xcel said that a typical residential monthly bill would increase by 7.4% if the PUC grants its request to defer any increases for customers until mid-February 2025. That’s when a temporary rider on customers’ bills to pay costs from a 2021 severe winter storm will expire.
Read More: Colorado Xcel Energy expects drop in gas rates, rise in electric bills