Xcel Energy announced a third downward interim adjustment to consumer’s energy bills that will land in March after the price of natural gas dropped anew.

Average rates for electricity are expected to dip by $2.08 per month for residential customers and $3.16 for small commercial customers, according to a news release from the company.

Natural gas cost reductions will average $11.60 for residential and $57.15 for small commercial customers in March.

In March — given the previous reductions in December, January and February — residents are likely to see gas bills substantially lower than in the last quarter of 2022.

“Commodity prices, such as the wholesale price of natural gas, fluctuate,” said Xcel spokesperson Michell Aguyao in a statement to The Denver Gazette. “We file quarterly adjustments with the PUC, which set rates based on the forecast for the quarter they will be in effect.”

“These interim filings have been driven not only by falling prices, but the forecast that those wholesale prices will stay lower,” Aguyao added.

Even so, Xcel warns customers that the natural gas bills they receive in February will likely be the highest of the year because the bills will include gas costs for January, which Xcel says was the coldest month this winter. Customers pay the actual commodity cost of natural gas, as Xcel Energy passes those costs along to customers without markup.

News of the downward adjustment in rates will come as a relief to many, but exactly how much savings customers will see still depends on several factors, primarily the amount of energy they use.

Customers — many of whom say they are being crushed by gas and electricity bills that have doubled, tripled and even quadrupled in the last few months — accused the Colorado Public Utility Commission last month of abandoning the interests of the public.

Lakewood resident Eva Boyd, for example, excoriated the commissioners for what she said is their failure to look after the public’s interests.

“I’ve been living here for about 26 years,” Boyd said. “January 2022’s bill was $124. December 2022 was $194. The next one that I’m going to pay in February is $295, which to me is absolutely mind-boggling.”

“It’s no secret that everybody is drowning in Xcel bills across Colorado,” added Sabrina Padilla. “I really hope that these stories today are really taken into consideration because there’s thousands and thousands of people that do not have the courage to come up here today to express their struggles.”

Padilla, who works with the Chronic Care Collaborative, an organization comprising 50 different voluntary health organizations representing a wide range of chronic diseases that partners with Xcel and Black Hills Energy on helping disabled people with their energy bills, described a heartbreaking story of a man who had to choose real discomfort just to get by.

The skyrocketing energy bills prompted Gov. Jared Polis to direct Colorado’s agencies and energy regulators to find ways to offer immediate relief to businesses and residents who have been groaning under enormous utility bills, particularly in the last few weeks.

In response, a coalition of energy businesses, labor unions and non-profit organizations said its members are offering concrete help to Coloradans.

“Today, I’m pleased to announce that this coalition has committed more than a million dollars to help low-income Coloradans pay their energy bills, including a gift to Energy Outreach Colorado,” said Gary Arnold, business manager for the Denver Pipefitters Union Local 208.

Energy Outreach Colorado, a non-profit network of industry, state, and local partners helping Coloradans with their energy needs, says it has invested more than $410 million in affordable energy programs since its founding in 1989.

Xcel officials said they have been working to keep customer bills low, in part by purchasing and storing natural gas when it’s less expensive. The company also contracts for natural gas in advance of winter to lock in prices.

According to Xcel, its investments in wind and solar saved Colorado customers about $700 million in fuel costs between 2017 and 2022.

Xcel has been offering a few programs to customers to help them handle the spikes, including averaged monthly payments, pay arrangements to spread balances out over longer periods, and several energy assistance programs such as income-qualified weatherization, discounts for low-income households, and some exemptions for special medical needs such as life-support systems.

The company encourages customers to explore ways to conserve energy and lower their bills by finding energy saving tips at xcelenergy.com/tips or learning more about energy efficiency programs and options at xcelenergy.com/programs_and_rebates.

Customers are also encouraged to contact Xcel Energy if they’re having trouble paying their bill. The company says it can provide customers with options, such as payment plans, energy assistance programs or an Averaged Monthly Payment. Customers can learn more about Xcel Energy’s energy assistance programs at xcelenergy.com/EnergyAssistance or call 1-800-895-4999.