Title
A Resolution Setting the Electric Cost Adjustment effective April 1, 2021
Presenter:
Scott Shewey, Chief Planning and Finance Officer, Colorado Springs Utilities
Aram Benyamin, Chief Executive Officer, Colorado Springs Utilities
Body
Summary:
Colorado Springs Utilities (Utilities) is proposing a change to the Electric Cost Adjustment (ECA)
rate effective April 1, 2021. The proposed ECA rate adjustment changes the current effective rate of $0.0195 per kWh to the proposed rate of $0.0294 per kWh. The materials provided to City Council and Utilities’ presentation include information regarding alternative approaches, as requested.
Background:
Utilities performs continuous monitoring of ECA with monthly updates provided to the Utilities Board.
Previous Council Action:
On January 26, 2021, City Council approved the ECA rate of $0.0195 per kWh by Resolution 14-21.
Financial Implications:
Implementing the proposed rates will impact the respective customer’s Sample Total Monthly Electric bill:
Residential electric bill increase of $6.93 or 8.0%; Total Monthly bill 2.7%
Commercial electric bill increase of $59.40 or 10.6%; Total Monthly bill 3.1%
Industrial electric bill increase of $3,960.00 or 12.5%; Total Monthly bill 8.6%
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
Alternative 2 is presented for City Council’s approval. Information on what have previously been referred to as Alternative 1 and Alternative 3 are included in the materials.
Recommended Action
Proposed Motion:
Move adoption of the proposed resolution or move to amend with another rate alternative.
Summary of Ordinance Language
N/A