Colorado Springs City Council approves natural gas rate decrease

COLORADO SPRINGS, Colo. (KRDO) -- The Colorado Springs City Council approved a natural gas rate decrease for Colorado Springs Utilities customers. The Council voted on the approval during Wednesday's meeting.

Colorado Springs Utilities officials say the company has recovered from $144 million in unexpected expenses related to a winter storm that led to a widespread power outage in Texas in 2021. Since then, Springs Utilities officials say a mild winter has contributed to lower fuel prices which allowed for the rate decrease. As a result, customers could see monthly reductions of around $14.54. The new rates are expected to take effect May 1.

Back in January, Council members approved a reduction in electric and natural gas rates. That reduction took effect Feb. 1.

The Council approved a rate increase last November to offset what Colorado Springs Utilities expected to be greater demand for and higher costs of acquiring and producing energy; that followed another increase last February after extremely cold weather in parts of the country caused energy costs to skyrocket.