Colorado Springs Utilities has secured a long-term deal that will save its customers millions of dollars on natural gas over the next 30 years, it recently reported.
“Thanks to a special agreement with Goldman Sachs and Tennessee Energy Acquisition Corp, we’re able to purchase natural gas at prices lower than what’s typically available on the market. This is possible because we are municipally owned and can use a special tax rule that helps reduce costs,” it said in a post on its website.
“Starting this winter, we’ll save about $850,000 each year during the cold months (November through March),” the utility said. “Over the next 10 years, we expect to save $11 million.”
Over the full 30-year life of the agreement, the savings could reach $44.3 million.
“These savings help us keep your energy bills more stable and affordable, especially during the colder months when natural gas use is highest. We’re proud to take steps like this to protect our customers from rising energy costs and ensure reliable service for years to come,” the utility said.
