Title
Review of Draft Proposed Gas Cost Adjustment Rates effective October 1, 2024.
Presenter:
Travas Deal, Chief Executive Officer, Colorado Springs Utilities
Tristan Gearhart, Chief Planning and Finance Officer, Colorado Springs Utilities
Body
Summary:
At the September 24, 2024, Regular City Council Meeting, Colorado Springs Utilities (Utilities) will propose a change to the Gas Cost Adjustment (GCA) rate effective October 1, 2024. If approved, the proposed GCA rate adjustment will change the current effective rate of $0.0810 per Ccf to the proposed rate of $0.1725 per Ccf.
Background:
Utilities performs continuous monitoring of GCA with monthly updates provided to the Utilities Board.
Previous Council Action:
On March 26, 2024, City Council approved the GCA rate of $0.0810 per Ccf by Resolution 26-24.
Financial Implications:
Implementing the proposed rates will impact the respective customer’s Sample Total Monthly Natural Gas bill:
Residential natural gas bill increase of $5.49 or 15.9%
Commercial natural gas bill increase of $113.46 or 25.1%
Industrial natural gas bill increase of $1,134.60 or 26.4%
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move approval of the Resolution.
Summary of Ordinance Language
N/A