Natural gas prices could bring Xcel bills down

Natural gas prices could bring Xcel bills down

AMARILLO, TX (KFDA) - Xcel Energy says customers could be seeing a 6 percent decrease in their bill - as early as next month - pending action by the Public Utility Commission of Texas.

Why?

In the past year, natural gas has dropped by 47 percent.

The lower the cost of natural gas, the lower fuel portion cost you'll see on your bill.

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"Back in 2016-2017, we were seeing upward pressure on natural gas prices, so we were actually having to raise those fuel costs, which was causing your overall bill to increase," said Wes Reeves of Xcel. "Over the last 12 months, those costs have been coming down, which is not necessarily great news for gas producers, but for consumers, it's great because it makes electricity cheaper."

Xcel Energy is also expecting to build two wind farms that will further reduce the cost of your electricity.

Bryan Kauffman of Xcel said that these farms could help reduce your energy costs even further.

"Once the facilities are installed, obviously we're not burning any fossil fuel to create the energy, so there's no fuel cost associated with it," said Kauffman.

The two wind farms Xcel Energy plans to build will be near Plainview and Portales.

New Mexico has already agreed to the project. Texas will vote on it next week.

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