Xcel Energy, utility leaders face Colorado lawmakers questions on rising rates - Denver 7 Colorado News

Xcel Energy, utility leaders face Colorado lawmakers questions on rising rates

Utility company heads on Tuesday will face questions from Colorado lawmakers on the causes behind recent energy bill spikes.

Energy company leaders, including those from Xcel Energy, will appear before the The Joint Select Committee on Rising Utility Rates, a newly formed committee investigating customer complaints of higher utility bills.

For months, energy customers have been sharing stories with Denver7 about sharp increases in their monthly utility bills. Some customers, including Kim Lysobey have seen their bill nearly double over just a few months.

Leaders from energy companies, including Black Hills Energy, Colorado Rural Electric Association and Core Electric Cooperative will present testimony and explain to the committee what’s behind the current pricing trends. The committee will also hear from regulators and consumer advocates over the course of its work.

The committee said it hopes to better understand how the Public Utility Commission sets prices and works to keep rates low and will determine if any regulatory changes are needed.
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Just this weekend, Denver7 reported on Xcel Energy executives taking home millions of dollars in salaries and bonuses while customers see increases in their bills, according to data from the Securities and Exchange Commission.

Xcel and other energy companies in Colorado are overseen by the state’s PUC which approves rate hikes. As natural gas prices have hit record highs, Xcel maintained it has not made additional profit off the increased commodity cost of natural gas.

The Joint Select Committee on Rising Utility Rates holds its Tuesday session at 2 p.m. at the Old State Library.

State leaders are seeking the public’s input on how utility price increases have made an impact. Anyone can email their comments and story to the committee at energybills@coleg.gov.