As wholesale natural gas prices continue to drop, Xcel Energy filed its quarterly electric and gas commodity adjustments with the Colorado Public Utilities Commission Monday.

With these adjustments, over the last six months Xcel says the fourth decrease in energy prices will have reduced its natural gas costs by a cumulative 58%, bringing a measure of relief to financially stressed customers hammered by high prices for gas this winter.

Natural gas prices per million BTUs at the benchmark Henry Hub went from a high of $8.81 in August 2022 to $2.50 at the end of February.

The quarterly adjustment for natural gas 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.

The company’s quarterly adjustment for electricity for the second quarter will give residential customers a decrease of $0.56 in their average monthly bill. Small businesses would see their average monthly bill drop by $0.84.

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

Xcel Energy encourages customers to explore ways to conserve energy and lower their bills, by visiting www.xcelenergy.com/programs_and_rebates. The website also has information about energy assistance, energy audits, rebates for new, qualified energy efficiency heating and cooling equipment and various payment options, such as Averaged Monthly Payment. Customers may call 1-800-895-4999 for free copies of company brochures.