DENVER (KDVR) — Xcel Energy customers will likely notice an increase in their bills starting this month.

Wholesale natural gas prices continue to rise, actually hitting a 15-year high. On a typical monthly bill, residential electric customers should expect to see a $3.16 increase and small businesses will see about a $4.95 increase.

Xcel Energy said the increase is because of the rising price of natural gas. The price of natural gas affects both natural gas services and electric services because natural gas is also used to generate electricity.

The Colorado Public Utilities Commission approved these new rates, which started just a couple of days ago on Oct. 1, and they are excepted to remain in effect for three months. The cost of natural gas is paid directly by customers without any markup from Xcel Energy.

Here is a breakdown of the electricity price changes comparing the third quarter to the fourth quarter of 2022:

ECA ChangeImpact (*)  Q2 ‘22  Q3 ‘22    
 kWh  Commod.  Commod.   Bill $Bill %
 Use PriceBill PriceBill ChangeChange
Residential593 $0.03382$84.93 $0.03905$88.09 $3.163.72%
 kWh       Bill $Bill %
 Use PriceBill PriceBill ChangeChange
Small-Business929 $0.03382$128.93 $0.03905$133.89 $4.953.84%
Credit: Xcel Energy

This chart shows the breakdown of the natural gas price changes comparing the third quarter to the upcoming fourth quarter of 2022:

QGCA (*)  Q3 ‘22  Q4 ‘22    
 Avg. Therm Commod.   Commod.   Bill $Bill %
 Use PriceBill PriceBill ChangeChange
Residential90.7 $0.9429$130.01 $1.0092$136.02 $6.014.62%
 Avg. Therm       Bill %Bill 
  Use PriceBill PriceBill ChangeChange
Small-Bus.391.0 $0.9380$530.32 $1.0041$556.17 $25.854.87%
Credit: Xcel Energy

Xcel encourages customers to take advantage of their range of energy efficiency programs and money and usage-saving tips to help keep your bill as low as possible.

To learn more, customers can call 1-800-895-4999 or visit Xcel’s website for their programs and rebates and their energy assistance program to help pay their bills.