AMARILLO, Texas (KAMR/KCIT) — Xcel Energy announced that the cost of electric bills will be reduced by 5% for its customers due to the updated fuel rate, which reflects both lower fuel costs and changes in how electricity is generated across the system.
According to an Xcel Energy press release, Xcel Energy’s (NASDAQ: XEL) subsidiary, Southwestern Public Service Company, has filed an update with the Public Utility Commission of Texas (PUCT) that would lower the fuel portion of electric bills for Texas customers.
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Officials stated that customers using 1,000 kilowatt-hours per month could see around a 5% decrease in their bill, which is about $6.40.
“These aren’t quick, one-time savings driven by the market,” said Brad Baldridge, interim president, Xcel Energy, Texas. “We’ve made long-term improvements to our system that lower fuel costs, and when we’re able to generate power for less, our customers benefit with lower electric bills.”…