UTILITIES

electricity customers are not signicantly impacting bill hikes, O’Neill said.

“We share the commission’s concerns and appreciate their e orts to provide greater insight into the causes of higher costs,” Xcel Energy said in a statement. e company said it is adding more low-cost renewable energy and securing competitively priced fuel contracts.

Natural gas continues to be the most reliable and a ordable source to heat its customers’ homes each winter, Xcel also said. e company is the largest utility provider in Colorado with 1.5 million electric customers and 1.6 million gas customers.

e price of natural gas for delivery in February has dropped 26% between December and January, to 56 cents a therm, so February bills may be lower, Commissioner Megan Gilman said. But even if the bill crisis is resolved in the short term, there’s a systemic problem. e market for natural gas is unregulated, Gilman said, and fuel price spikes and severe weather events will continue to make prices and rates volatile.

“What we thought were the extremes before February 2021 are not the extremes anymore,” she said.

Addressing the overarching problem is not simple. Price hikes could be spread over time — Xcel Energy is doing this over 30 months with $500 million in gas charges from 2021’s Winter Storm Uri. But that could lead to future price spikes “pancaking” on top of each other, Gilman