Colorado Springs Utilities is weighing an electric rate increase on the heels of a natural gas price hike approved last week.
Finance committee members on Friday favored an average $7 per month increase for residents equal to an 8% increase in monthly electric costs that would bring an average monthly residential bill up to $260, Utilities spokeswoman Danielle Oller said. Commercial customers could see a 10% increase to the cost of electricity equal to about $59 per month, moving the average monthly bills up to about $1,967, Utilities documents show.
The rate change could take effect in April and be in place for 13 months.
Increases are needed to pay off $30.5 million spent on natural gas for electricity generation in February above what was expected during four extremely cold days, a Utilities presentation showed.
Colorado Spring Utilities weighs electric rate hike on heels of natural gas increase
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Colorado Springs Utilities weighs electric rate hike on heels of natural gas increase
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