XCel Energy says it plans to refund nearly $40 million to its Texas customers this June.
According to a press release from XCel spokesman Wes Reeves, the giveback is due to “a continued drop in prices for power plant fuel and the increased use of low-cost wind energy resources.”
So, what does that mean in everyday terms? Those XCel customers who use more than 1,000 kilowatt-hours a month will see a credit on their bill of around $35. The refund may be spread over two months depending upon when a customer’s meter is read.
According to XCel, the average residential energy rate in Texas has declined by nearly 8% in the last couple of years, due to lower fuel costs.
