Sat. Sep 23rd, 2023
    Xcel Energy Projects Decrease in Heating Bills for Colorado Customers

    Xcel Energy, a leading energy provider in Colorado, has announced that customers can expect lower heating bills this winter compared to last year. The projected decrease is attributed to the lower cost of wholesale natural gas, which is passed directly to customers without markup.

    According to Xcel Energy, the average residential customer’s natural gas bill for the fourth quarter is expected to be approximately $85.62 per month. This is a significant decrease of about 35% compared to the same period last year, when the average bill was $130.90 per month. Similarly, small business customers can anticipate a decrease of about 37%, with the average bill expected to be around $356.50 per month compared to $564.57 last year.

    The decrease in bills is a result of the lower cost of wholesale natural gas, which has decreased by more than 50% compared to a year ago. Xcel Energy utilizes various strategies to secure the best prices for its customers, including purchasing and storing energy when it is less expensive. This allows the company to lock in the lowest price available and protect customers from price fluctuations.

    Despite the anticipated decrease in natural gas bills, Xcel Energy encourages customers to take steps to save energy and money. The company offers a range of energy efficiency programs and saving tips to help customers manage their energy use and keep their bills as low as possible. Customers can access energy-saving tips on the Xcel Energy website or learn more about energy efficiency programs and options.

    Additionally, Xcel Energy provides options for customers who may be experiencing difficulty paying their bills. These options include payment plans, energy assistance programs, and an Averaged Monthly Payment. Customers can find more information about these programs on the Xcel Energy website or by contacting the company directly.

    It is important to note that while natural gas commodity costs have decreased compared to last year, the price of natural gas has increased heading into the fourth quarter compared to the third quarter. This is due to cooler weather and increased use of natural gas for heating. However, the projected increase in natural gas bills for customers is still significantly lower than last year.

    For electric customers, Xcel Energy projects a decrease in costs for the fourth quarter. Residential customers can expect a $0.34 decrease per month, while small businesses would see a reduction of approximately $0.52 on a typical monthly bill compared to the third quarter.

    Overall, Xcel Energy’s proposed rates, if approved by the Colorado Public Utilities Commission, will go into effect on October 1, 2023, and remain in effect for three months.

    – Xcel Energy