COLORADO SPRINGS — Last year, natural gas prices hit their highest levels since 2014, causing utility bills to reach sky-high prices. But due to a milder winter season, Colorado Springs Utilities has asked the city council to vote on lowering utility rates.
Customers could see savings of about $15 on their four-service bill.
Colorado Spring Utilities looks at their cost adjustments for natural gas and electricity on a quarterly basis and after reviewing this quarter on Jan.19, they saw a need to lower the rates.
They say since this winter has been mild, the cost of fuel has gone down, causing Colorado Springs Utilities to propose rate decreases.
“The last time they looked at the cost adjustments was October, at that point in time, we saw what the gas prices were doing, an increase was necessary. As we’re turning back now, in January, that next quarter that’s coming through, we’re seeing that we have had a more mild winter,” said Tristan Gearhart, chief of planning and financial officer, Colorado Springs Utilities.
“So always like to be able to pass on savings to the ratepayers here in Colorado Springs. It’s much more pleasant than having to adjust the price upward. As ratepayers, we adjust those rates based on our actual costs, rather than making a profit, it’s not something we do,” said city councilman Wayne Williams.
The Colorado Springs City Council voted 9-0 on the decreased gas and electric rates, it will go into effect on Feb. 1.
Ratepayers will be able to see the decreased rate on their March bills.
Programs are also available to help those who may need assistance paying.