COLORADO SPRINGS, Colo. – On Tuesday, January, 26th Colorado Springs’ City Council voted unanimously to approve a cost decrease to Colorado Springs Utilities Customers.
Colorado Springs Utilities (Springs Utilities) customers will see a decrease in their bill beginning Feb. 1. Today City Council approved the following rate decreases:
- Monthly sample residential bill decrease: $6.28 (-2.6%)
- Monthly sample commercial bill decrease: $98.33 (-6.3%)
- Monthly sample industrial bill decrease: $2,241.36 (-5.1%)
Energy costs fluctuate, and changes in fuel costs - up or down - are passed directly on to customers. Springs Utilities will usually ask for any necessary adjustments quarterly.
Adjustments are based on a "look back" of the previously forecasted fuel costs and a "look ahead" at projections for the next quarter.
Energy costs are variable and driven by price fluctuations in the coal, natural gas and purchase power market. The ECA is an Electric Cost Adjustment and the GCA is a Gas Cost Adjustment.
At its January meeting, the Utilities Board reviewed the quarterly cost adjustment recommendations. Finance Committee Chair Bill Murray presented an alternative option for discussion, given the financial hardships experienced by customers because of the pandemic. The Utilities Board agreed with the alternative option for vote at the Jan. 26 City Council meeting, noting the extenuating circumstances.
NOTE: For more information on the cost decreases please visit: https://www.csu.org/Pages/CostAdjustments.aspx