Title
A Resolution Setting the Electric Cost Adjustment, Electric Capacity Charge, and Green Power Service Rates Effective April 1, 2024
Presenter:
Travas Deal, Chief Executive Officer, Colorado Springs Utilities
Tristan Gearhart, Chief Planning and Finance Officer, Colorado Springs Utilities
Body
Summary:
Colorado Springs Utilities (Utilities) is proposing a change to the Electric Cost Adjustment (ECA), Electric Capacity Charge (ECC), and Green Power Service rates effective April 1, 2024. The proposed ECA rate adjustment changes the current rate of $0.0284 per kWh to $0.0255 per kWh. The proposed ECC adjustments change rates by Rate Class consistent with capacity allocations (per attached ECC Worksheets). To reflect the current cost, Utilities proposes changing the current Green Power Service rate of $0.0349 per kWh to $0.0366 per kWh.
Background:
Utilities performs continuous monitoring of fuel related rates with monthly updates provided to the Utilities Board.
Previous Council Action:
On February 28, 2023, City Council approved the ECA rate of $0.0284 per kWh by Resolution 27-23. On June 27, 2023, City Council approved ECC rates by Rate Class and the Green Power rate of $0.0349 per kWh, by Resolution 94-23.
Financial Implications:
Implementing the proposed rates will impact the respective customer’s Sample Total Monthly Electric bill:
Residential electric bill decrease of $1.47 or 1.5%
Commercial electric bill decrease of $17.40 or 2.7%
Industrial electric bill decrease of $1400.00 or 3.8%
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