DENVER (March 13, 2022) – Xcel Energy—Colorado residential customers will see an overall decrease in their monthly bills in the second quarter of 2023 as the wholesale price of natural gas continues to fall. The Company submitted its quarterly Electric Commodity Adjustment and Gas Cost Adjustment to the Colorado Public Utilities Commission showing how the decrease will impact customer bills. These adjustments are updated each quarter and can also be updated in a monthly interim submission. Fuel costs are recovered from customers on a dollar-for-dollar basis. Xcel Energy does not profit from fuel cost recovery.
The proposed second quarter Gas Cost Adjustment (GCA) rate is the fourth decrease over the last six months. The cumulative decrease is 58 percent.
The quarterly GCA proposed for the second quarter of 2023 would result in an average monthly decrease of 4.07%, or $1.79 for residential natural gas customers when compared to the interim March 2023 bill. Small business customers would see an average monthly decrease of 3.88%, or $7.19, when compared to March 2023. The GCA makes up 53.57% of residential customer total natural gas bills, and 57.87% of small business total natural gas bills.
Xcel Energy’s quarterly Electric Commodity Adjustment (ECA) for the second quarter will decrease 2.7% when compared to the interim March ECA rate. With the decrease, residential customers would see a decrease of $0.56 in their average monthly bill. Small businesses would see their average monthly bill drop by $0.84 compared to March. The ECA makes up 23% of residential customer total electric bills, and 24% of small business total electric bill.
If approved by the CPUC, new rates would go into effect on April 1, 2023, and would remain in effect for three months.
A breakdown of the electricity price changes comparing March 2023 to the second quarter of 2023 is provided below:
ECA |
|
| March 2023 Current |
| Q2 2023 Proposed |
|
| |||
| KWh |
| Commod. |
|
| Commod. |
|
| Bill $ | Bill % |
Use |
| Price | Bill |
| Price | Bill |
| Change | Change | |
Residential | 600 |
| $0.03372 | $86.99 |
| $0.03281 | $86.43 |
| -$0.56 | -0.64% |
|
|
|
|
|
|
|
|
| ||
Small-Business | 910 |
| $0.03372 | $126.74 |
| $0.03281 | $125.90 |
| -$0.84 | -0.67% |
A breakdown of the natural gas price changes comparing March 2023 to the upcoming second quarter of 2023 is provided below:
GCA |
|
| March 2023 Current |
| Q2 2023 Proposed |
|
| |||
| Avg. Therm |
| GCA |
|
| GCA |
|
| Bill $ | Bill % |
| Usage |
| Therm Rate | Bill |
| Therm Rate | Bill |
| Change | Change |
|
|
|
|
|
|
|
|
|
|
|
Residential | 36.9 |
| $0.4725 | $43.94 |
| $0.4239 | $42.15 |
| -$1.79 | -4.07% |
|
|
|
|
|
|
|
|
| ||
Small-Bus. | 173.8 |
| $0.4602 | $185.51 |
| $0.4188 | $178.32 |
| -$7.17 | -3.88% |
Customer Information
Xcel Energy encourages customers to explore ways to conserve energy and lower their bills, by visiting www.xcelenergy.com/programs_and_rebates. The website also has information about energy assistance, energy audits, rebates for new, qualified energy efficiency heating and cooling equipment and various payment options, such as Averaged Monthly Payment. Customers may call 1-800-895-4999 for free copies of company brochures.
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.
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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 www.xcelenergy.com or follow us on Twitter or Facebook.