Coloradans can expect lower energy bills in March after a recent drop in wholesale natural gas prices, Xcel Energy announced Tuesday.
The Colorado Public Utilities Commission has received the company’s fuel price adjustments, which are set to take effect March 1 — marking the third downward adjustment so far this winter season.
“Customers should be aware that the natural gas bills they receive in the beginning of February will likely be the highest of the year,” Xcel Energy said in a news release. “This is because the February bills will include their energy use from January, which was the coldest month this winter.”
Residential Xcel customers who are using an average of 600 kilowatt hours will see a drop of 2.34% or $2.08 in March, the company said. Small businesses using 910 kilowatt hours will see a decrease of 2.43% or $3.16.
After the latest gas cost adjustment, natural gas customers would see an average monthly drop of 11.50% or $11.60, and small businesses would see a decrease of 13.15% or $57.15, Xcel said.
“Customers pay the actual commodity cost of natural gas through their bills — Xcel Energy passes those costs along to customers without markup,” the release read.
The company said it purchases and stores natural gas when its prices are lower, in an effort to keep customers’ bills down.
“The company also contracts for natural gas in advance of winter to lock in prices,” Xcel said in the release.
The utilities company has also invested in renewable energy. Over the past six years, wind energy has saved customers around $700 million in fuel costs and tax credits, Xcel said.
The company is encouraging Coloradans to conserve energy and lower their bills — energy saving tips can be found on the Xcel website. Customers who are having trouble paying their bills are asked to call 1-800-895-4999 or learn about assistance programs online.
Earlier this month, Gov. Jared Polis directed the Public Utilities Commission to improve access to bill pay assistance programs and work with utilities to lower customer costs.
