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September 2021 Board Update

Sep 30, 2021

Natural Gas Market Pricing Continues to Increase

As winter heating season quickly approaches, City Utilities continues to closely monitor market pricing for natural gas. Current pricing is at a level that haven’t been seen for over a decade. Market price this year is now approximately $5.50 per million BTU compared to August 2020 pricing at $2.25 per million Btu.

Additional details on how escalating fuel costs may impact customers, the steps City Utilities takes to minimize market price volatility, and several steps homeowners can take now to help reduce winter bills, will be available, and discussed early next week.

Rebates Available to Help Save Money Throughout the Year

To help homeowners prepare for winter months, and to save all year, the Residential Insulation Upgrade Rebate has been increased to 50 percent, up to $500 for a limited time. This offer, for CU residential electric or natural gas customers, will be available through February 2022. Details on the Residential Insulation Upgrade rebate, and ENERGY STAR® Smart Thermostat rebate, for electric and natural gas customers, is available on the Ways to Save section of our website and the CU social media sites.

Exterior Demolition Work to Begin at James River Power Station

Demolition work to remove several exterior portions of the James River Power Station is schedule to being in early October. Work will include removal of the four exhaust stacks before the end of the year. The power station was put into service in 1957, and in full operation, housed five turbines that provided electric service to Springfield until 2018. Two combustion turbines, that are not attached to the main building, will remain in service. An electric substation will remain in service with the primary building, retired generating equipment, will remain in place as CU and the community study future possibilities for the area. CU will retain ownership of the property including Lake Springfield.

Semi-Annual Electric Fuel Cost Adjustment

During the next six-months, October 2021 through March 2022, CU electric customers using an average of 1,000 kWh of energy can expect to pay $.70 more per month than the period of April through August. The increase is based on truing up actual fuel costs from the prior six months with previously estimated costs as well as incorporating forecasted fuel costs over the next six months. The fuel rate for October through March is $1.28 less than the average fuel cost over the past 5 years.

These routine adjustments, up or down, occur every six months.