DENVER ( KDVR ) — Xcel Energy, a major energy provider for Colorado, announced Friday that it will raise prices for natural gas as the state braces for an arctic blast bringing days of freezing and subzero temperatures .
Xcel Energy said in a press release that the price of wholesale natural gas will be increased for a few days.
Temperatures will reach below zero this weekend. Wind chill will make it worse
The company said it passes the wholesale cost of natural gas along to customers and does not make a profit. Xcel said the increase is due to cold weather across much of the U.S. affecting production and demand for natural gas.
“We are taking steps to minimize the impact of natural gas price fluctuations on customer bills, including purchasing and storing a portion of its expected natural gas needs for the winter heating season before winter, when prices are lower. For our electric customers, we use a broad range of electricity sources to help minimize the effect of natural gas price increases on electric bills,” Xcel Energy said in the press release.
How will this impact bills?
The company said the increase is “significantly smaller” than the increase that happened during a winter storm four years ago, but did not put a number to it. The price increase primarily impacts bills for natural gas customers, but Xcel said electric customers may also be impacted as the company buys natural gas to generate electricity…