COLORADO SPRINGS, Colo. (KKTV) – Colorado Springs Utilities will be proposing its 2025 budget this week along with how customers will pay different rates for electricity.
In a news release issued on Monday, Colorado Springs Utilities explained the 2025 proposed budget of $1.8 billion is 21 percent more than the 2024 approved budget, with capital projects making up about 34 percent of the budget. Click here for more on the projects from Colorado Springs Utilities.
“Springs Utilities is proposing base rate increases of 6.5% for electric and water, 4% for natural gas and 9% for wastewater for each year from 2025 to 2029,” part of the news release reads. “The rate changes are needed to support the large capital projects outlined in the budget. A new Energy-wise, or time-of-day, rate, will also be proposed. With Energy-wise rates, customers pay different rates for electricity based on the time of day it is used. If approved, this rate would eventually become the standard rate for most customers in late 2025. This rate option encourages customers to shift electric use which helps reduce high demand and the need to purchase power during periods when it is most expensive.”
The total of all proposed base rate increases is estimated to be about $14/month on the sample residential four-service bill in 2025.
As far as a timeline, the proposals have to go before the Colorado Springs City Council on Oct. 22 with a final vote expected on Nov. 12. If approved, changes take effect on Jan. 1, 2025, for base rates and Oct. 1, 2025, for Energy-wise rates.
The next board meeting is on Wednesday.
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