Xcel Energy submits new energy costs for first quarter of 2023

NEWS RELEASE
XCEL ENERGY
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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 and continued limited coal supply for the first quarter of 2023. Customers can anticipate an increase in fuel costs for both natural gas and electric bills. The price of natural gas affects both natural gas service and electric service because natural gas is also used to generate electricity. The use of natural gas for electric generation has been higher than normal due to rail issues transporting coal from mines to our power plants. Currently, Xcel Energy is conserving our coal inventory to ensure reliable system operation through the winter season.

Wholesale natural gas prices dropped in December, leading to lower customer bills for the month than previously predicted. The cost of natural gas is paid directly by customers without any markup from Xcel Energy.

We understand how difficult high energy bills can be and are providing a range of energy efficiency programs and saving tips to help customers manage their energy use and keep their bills as low as possible. We also encourage customers 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

Xcel Energy’s quarterly Electric Commodity Adjustment (ECA) shows electric rates will increase 4.45% from rates in the last quarter of 2022. Residential customers using an average of 593 kilowatt hours (kWh) will see a monthly increase of $3.92 per month. Small business customers using 929 kWh will see an increase of $6.15 per month.

The quarterly Gas Cost Adjustment (GCA) update for the first quarter of 2023 would result in an average monthly increase of 2.79%, or $3.83 for residential natural gas customers, when compared to December 2022. Small businesses will see an average monthly increase of 2.92%, or $17.38 when compared to December of 2022.

If approved by the CPUC, new rates would go into effect on January 1, 2023, and would remain in effect for three months. A breakdown of the electricity price changes comparing fourth quarter of 2022 to the first quarter of 2023 is provided below:

A breakdown of the natural gas price changes comparing December 2022 to the upcoming first quarter 2023 is provided below:

Energy Assistance

Customers in need of help paying their utility bills can contact the Low-Income Energy Assistance Program (LEAP) to check on eligibility and assistance levels. Contact HEAT HELP at (1-866) 432-8435, online at www.Colorado.gov/cdhs/LEAP , or through Colorado PEAK at www.Colorado.gov/PEAK . Applications also are available at local county Department of Human Services locations.

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