(PUEBLO, Colo.) — Residential customers of Xcel Energy will see an overall decrease in their monthly bills in the second quarter of 2023 due to wholesale natural gas prices continuing to fall.

According to Xcel, the company submitted its quarterly Electric Commodity Adjustment and Gas Cost Adjustment to the Colorado Public Utilities Commission showing how the decrease will impact customer bills. These adjustments are updated each quarter and can also be updated in a monthly interim submission.

Xcel said the proposed second quarter Gas Cost Adjustment (GCA) rate is the fourth decrease over the last six months. The cumulative decrease is 58 percent.

The quarterly GCA proposed for the second quarter of 2023 would result in an average monthly decrease of 4.07%, or $1.79 for residential natural gas customers when compared to the interim March 2023 bill. Small business customers would see an average monthly decrease of 3.88%, or $7.19, when compared to March 2023.

In addition, Xcel Energy’s quarterly Electric Commodity Adjustment (ECA) for the second quarter will decrease 2.7% when compared to the interim March ECA rate. With the decrease, residential customers would see a decrease of $0.56 in their average monthly bill. Small businesses would see their average monthly bill drop by $0.84 compared to March.

If approved by the CPUC, new rates would go into effect on April 1, 2023, and would remain in effect for three months.