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Wholesale natural gas prices increase ahead of dangerously cold weekend, Xcel warns

Court throws out Berkeley, California's ban on natural gas
Posted at 8:56 PM, Jan 12, 2024
and last updated 2024-01-13 00:44:45-05

DENVER — With a dangerously cold weekend ahead, Xcel Energy is warning of an increase in the wholesale price of natural gas.

In an email, the company said cold weather across a majority of the country will affect the production of and demand for natural gas. Xcel said it "passes along the wholesale cost of natural gas to its customers, and does not make a profit of it."

The company did not state how much the increase will be but said the price is "significantly smaller" than the increase seen three years ago during Winter Storm Uri.

Xcel said customers "may want to consider conserving natural gas for the next few days." The biggest way to lower your energy bill is to lower your thermostat a few degrees if you have a natural gas furnace. Other ways, according to Xcel, include:

  • Don't let heat escape — Insulate your water heater to make it more efficient, avoid opening your oven door when possible and improve sealing and insulation in the house
  • Temperature management — Lowering your water heater by 10 degrees can save you 3 to 5 percent on water heating costs. Setting your home thermostat between 65 and 70° F will save you even more
  • Mind the heat flow — Change the blade direction of your fan to push heat down
  • Simple actions to save energy — Open blinds and curtains to let the sunlight warm your home, but close them at night to insulate against the cold outside. Also, make sure exterior doors are fully closed.

For more cost-saving tips, click here.

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