Colorado Public Utilities Commission: natural gas prices could drop
Energy bills have been much higher in recent months than in previous years for households that are using the same or less energy than even a year ago. The Colorado Public Utilities Commission discussed the rising rates and what will happen in the future during a meeting on Wednesday.
The PUC said there are some main contributing factors to the high rates:
- Rise in natural gas prices
- Increase in natural gas usage
- Recovery from winter storm Uri
- Increase in Xcel base rates
The discussion on Wednesday focused mainly on Xcel Energy and its customers where electric bills have increased by about 25% compared to last year and natural gas bills are 75% higher compared to last year.
The PUC said future rates are projected to go down.
"In the last month or two gas prices have really started to decline. I would say it's a little bit of a return to normal. Markets do respond to fast prices so production is up, demand is relatively normal, and the balance is for prices to be coming down," said Erin O'Neill.
Colorado's LEAP, or Low Income Energy Assistance Program, offers assistance for those who need help paying utility bills.