“We have seen the fuel prices go down to the pre-storm levels and maybe lower so we’ve seen the market stabilize as the supply and demand balances out and hopefully we will see some more of the reduction in the fuel cost,” Benyamin explained. The CEO is also having to juggle improvement projects to modernize the system. This is necessary to carefully balance the financial stability of the community-owned utility while supporting its customers. In conditions like the utility recently experienced, it follows Utilities Board-approved policy guidelines to recommend cost adjustments. “There are people hurting and yes $10 is going to make a big difference,” City Council Member Yolanda Avila, District 4 said. If you spread it out over the 14 months is a $21 average so some months you’ll be paying more and some month’s you’ll be paying way less.” “It could be anywhere from $4 to $3 to $5 range not $21 range (in the summer),” CEO of Colorado Springs Utilities Aram Benyamin said. The increase in people’s bills will depend on how much gas they use, the size of their home, and the time of year. 14, Springs Utilities set an all-time peak for winter use and extreme demand for electricity and natural gas caused fuel prices to surge across the country. Springs Utilities most recently passed on decreases to customers on Feb. When fuel costs change – up or down – Springs Utilities passes those costs directly on to customers, it does not profit from customer rates. ****Sample bill amounts are based on the following monthly use: 60 CCF (one hundred cubic feet) for residential 1,240 CCF for commercial and 12,400 CCF for industrial customers. Natural gas use is typically higher in the winter and lowers in the summer. Customers’ bills are impacted based on how much natural gas is used in their home or business each month. Industrial: 11% of sample four-service bill ($4,544.60).Commercial: 31.3% of sample four-service bill ($454.46).Residential: $21.99 (9.5% of sample four-service bill).Sample customer monthly bill impacts are as follows: It will go into effect Thursday, March 11th through April 2022.
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COLORADO SPRINGS - Colorado Springs City Council unanimously voted to temporarily increase natural gas prices for Colorado Springs Utility customers after unexpected demand in February.