Heating bills for Xcel Energy customers will rise an estimated 7 to 8 percent in November, compared with the same month last year.
That’s a significantly smaller increase than Xcel originally had forecast earlier this year, when the utility predicted that winter heating bills would rise 10 to 30 percent from last year’s levels.
Market prices for natural gas are flat this year because of high storage levels and weak demand resulting from a declining economy.
Xcel said residential natural-gas bills in November will average $78, compared with $73 last year. Typical small-business bills will rise to $344 from $320 last November.
Although natural-gas prices are flat, colder temperatures in November mean that residential customers will use twice as much fuel for heating, on average, compared with October levels.
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
