Xcel Energy-Colorado customers could see higher bills starting April 1 as utility seeks to offset rising gas prices

Xcel Energy-Colorado customers could see their monthly bills rise starting April 1 if regulators approve a rate increase to cover fuel costs.

The increases sought by the utility would raise residential customers’ monthly electric bills by an average of 64 cents and the bills of small businesses by an average of just under $1.

The average monthly increase for residential gas customers would be $1.22 and $5.48 for small businesses.

The increases don’t include the costs from the frigid weather Feb. 13-16 that dramatically drove up natural gas prices across several states. The Colorado Public Utilities Commission is investigating how Xcel Energy and other utilities responded to the extreme weather and the fallout for ratepayers.

The companies will have to seek the PUC’s approval for rate increases to recoup the fuel costs for February’s freezing weather.

Xcel Energy said in a statement Monday that natural gas prices have risen since the second quarter of 2020, when prices were at their lowest in more than 20 years. The result has been an average increase of about 20% in residential gas bills.

The utility said it recovers fuel costs on a dollar-for-dollar basis and doesn’t profit when it recoups the costs.

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