DENVER (December 15, 2023) – Xcel Energy—Colorado customers should anticipate lower heating bills starting in 2024 due to a decrease in the wholesale cost of natural gas, with the average residential natural gas customer seeing a decrease of $4.87 per month, or 4.64%, compared to the end of 2023. Similarly, average residential electric bills are expected to decrease by $2.20 per month, or 2.47%. Xcel Energy submitted its proposed quarterly price adjustments to the Colorado Public Utilities Commission to reflect the current commodity price of the natural gas system and the current cost of fuel used in supplying electricity. 

Customer natural gas bills are expected to be significantly lower in the first quarter, compared to the same time in 2023:

  • The average residential customer’s natural gas bill for the first quarter is expected to be about $100.02 per month, compared to $139.13 for the same three months last year, which is a decrease of about 28%.
  • The average small business customer’s natural gas bill for the first quarter is expected to be about $429.46 per month compared to $615.91 for the same three months last year, which is a decrease of about 30%. 

The wholesale price of natural gas makes up the largest portion of customer bills in the winter heating season and is driven by global supply and demand market forces. Natural gas is also used as fuel to generate electricity at natural gas plants, which affects electric rates in addition to natural gas rates. Xcel Energy passes the cost of fuel directly to customers without markup or profit. 

Xcel Energy always encourages customers to take steps to save energy and money, and to reach out if they need help with their energy bills. Customers can take advantage of the range of energy efficiency programs and savings tips the company offers to help manage their energy use and keep their bills as low as possible. Customers can find energy saving tips at xcelenergy.com/tips or learn more about energy efficiency programs and options at xcelenergy.com/programs_and_rebates

Customers are encouraged to contact Xcel Energy if they’re having trouble paying their bill. The company offers flexible payment plans and can connect customers in need with state and local agencies and advocates who can provide bill pay assistance, free weatherization and energy-efficiency upgrades and HVAC repair and replacement. Customers can learn more about Xcel Energy’s energy assistance programs at xcelenergy.com/EnergyAssistance or call 1-800-895-4999. 

Effects on customer bills

If approved by the Public Utilities Commission, new rates would go into effect on Jan. 1, 2024, and would remain in effect for three months. 

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on X, formerly known as Twitter, and Facebook.  

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