Natural gas wholesale commodity prices increase; customers can take steps to save energy and money

DENVER (Sept. 15, 2022) – Xcel Energy—Colorado has submitted its proposed quarterly fuel price adjustments to the Colorado Public Utilities Commission to reflect the current commodity price of natural gas for the fourth quarter of 2022. The price of natural gas affects both natural gas service and electric service because natural gas is also used to generate electricity. The cost of natural gas is paid directly by customers without any markup from Xcel Energy.

Wholesale natural gas prices continue to increase, hitting a 15-year high. The wholesale price of natural gas was also higher in the third quarter than anticipated, leading to an under-collection from electric customers.

Xcel Energy encourages customers to take advantage of the range of energy efficiency programs and saving tips the company offers to help customers manage their energy use and keep their bills as low as possible. The company also encourages customer to reach out if they’re having trouble paying their bills, so they can be connected to programs or resources that may be able to help.

Help managing your energy bills

Xcel Energy encourages customers to explore ways to conserve energy and lower their bills by finding energy saving tips at xcelenergy.com/tips or learning more about energy efficiency programs and options at xcelenergy.com/programs_and_rebates.

Customers are also encouraged to contact Xcel Energy if they’re having trouble paying their bill. The company can provide customers with options such as payment plans, energy assistance programs or an Averaged Monthly Payment. 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

For electric customers under the proposed quarterly Electric Commodity Adjustment for the fourth quarter, residential customers are expected to see a $3.16 increase per month, while small businesses would pay approximately $4.95 more on a typical monthly bill compared to the third quarter of 2022.

With minor exceptions, costs associated with increases or decreases of electric and natural gas commodity adjustments are passed along from Xcel Energy to customers on a dollar-per-dollar basis. If approved by the CPUC, new rates would go into effect on October 1, 2022, and would remain in effect for three months.

A breakdown of the electricity price changes comparing third quarter of 2022 to the fourth quarter of 2022 is provided below:

A breakdown of the natural gas price changes comparing third quarter 2022 to the upcoming fourth quarter of 2022 is provided below:

# # #

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 Twitter and Facebook.