August 2021 Board Update
Board Approves 2022 Operating Budget
The Board of Public Utilities has approved the Fiscal Year 2022 Operating Budget for all areas of the utility. The 2022 Operating Budget will be formally presented to City Council on Tuesday, September 7, for first reading with the second reading to occur on Monday, September 20. The budget proposal, for disbursement authority, in the amount of $631,601,337 includes fuels, capital projects and non-capital operational expenses. The Fiscal Year for CU is from October 1 through September 30.
Council will also receive a supplemental Fiscal Year 2021 Operating Budget driven by increased costs and expenditures of natural gas and purchased power due to extreme weather in February 2021. The requested supplemental disbursement authority for Fiscal Year 2021 will include an additional $22,991,499, which increases the total disbursement authority to $669,753,572.
Now’s the Time to Add Insulation to Your Home
To help homeowners prepare for winter months, and to save all year, the Residential Insulation Upgrade Rebate will increase to 50 percent, up to $500 for a limited time. This offer, for CU residential electric or natural gas customers, will be available from September 1, 2021, through February 2022. More details will soon be available on the Ways to Save section of our website and the CU social media sites.
Natural Gas – Seasonal Price and Demand are Increasing
Energy Information Administration (EIA) data indicates that natural gas prices are trending higher than 2020 pricing. The July 2021 price of $3.84 per million Btu, was significantly more than the July 2020 price of $1.77 per million Btu. In preparation for winter demand, like many other utilities, CU purchases and stores natural gas, leverages purchasing options through membership in The Energy Authority, and purchases a percentage of supply on the open market.
Due to the increased price of natural gas, and because of the unexpected natural gas costs during the extreme weather event last February, customers can expect to see higher natural gas costs this winter heating season. Customer bills will vary based on the actual amount of natural gas used. Additional reminders and information will be communicated throughout the heating season.