Look for lower utilities bills in the coming months — city council voted unanimously Jan. 26 to approve a cost decrease to Colorado Springs Utilities customers.
The decrease will show up in bills beginning Feb. 1.
City council approved the following rate decreases:
Monthly sample residential bill decrease: $6.28 (-2.6 percent)
Monthly sample commercial bill decrease: $98.33 (-6.3 percent)
Monthly sample industrial bill decrease: $2,241.36 (-5.1 percent)
Energy costs fluctuate, and changes in fuel costs — up or down — are passed directly on to customers, according to a news release from the city.
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.
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.
For more on the cost decreases visit csu.org/Pages/CostAdjustments.aspx