Xcel Energy files $53 million customer refund in Texas

Borger News-Herald | Source: Borger NEWS-HERALD | Posted 10/17/2024

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AMARILLO, Texas (Oct. 7, 2024) – Xcel Energy submitted a proposal to refund $53.3 million in fuel costs to Texas customers that will result in a one-time credit against electricity charges during the December billing cycle.

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Xcel Energy has proposed a refund of $53.3 million in fuel costs to Texas customers, resulting in a one-time credit against electricity charges during the December billing cycle. If approved by the Public Utility Commission of Texas (PUCT), customers could receive billing credits based on their electricity usage for the month, with residential customers using 1,000 kilowatt-hours potentially seeing a total bill credit of $36.84, spread over two months depending on meter readings.

The cost savings stem from lower natural gas prices that have helped keep power generation costs down, along with benefits from low-cost energy produced by local wind farms. Xcel Energy's fuel and power purchase agreements costs are passed through to customers without markup, and while a fixed fuel factor ensures price predictability, any surplus resulting from lower-than-anticipated natural gas prices is refunded to customers with interest. This move is a part of the company's commitment to providing value to customers and investing in innovative energy solutions for long-term economic benefits.

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Xcel Energy files $53 million customer refund in Texas

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