Xcel Energy will hike its gas rate for a third time this year in Colorado | SummitDaily.com

Xcel Energy will hike its gas rate for a third time this year in Colorado

Consumer gas bills will go up 2.9% in November under an Xcel rate increase pared back by Colorado regulators

Mark Jaffe
The Colorado Sun
Xcel Energy’s lower downtown location on Feb. 15, 2022, in Denver.
Olivia Sun/The Colorado Sun via Report for America

COLORADO — Adding utility rate increases one on top of another is called “pancaking” and Wednesday Colorado regulators tossed another flapjack on the stack, granting Xcel Energy a $64.2 million increase in gas rates.

The increase in the basic rate follows increases in gas rates for rising fuel prices this year and to cover $500 million in costs due to a winter cold snap in 2021 that sent fuel prices soaring.

The rate hike granted by the Colorado Public Utilities Commission will increase the average residential bill each month by $2.90, about 2.9%, and the average small business customer’s monthly bill by $12.95 or 3.1%.

The increase will go into effect in November.

“This rate proposal supports essential investments that will improve system reliability, strengthen safety and inspection programs, and take meaningful steps to operate the cleanest natural gas system possible,” Tyler Bryant, an Xcel Energy spokesman, said in an email.

This story is from ColoradoSun.com.

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