Colorado regulators want the state's largest utility, Xcel Energy, to move more quickly to an electric grid and shed its natural gas business with households covering the $440 million cost.
Why it matters: The move is designed to reduce pollution that contributes to climate change and push Colorado toward its goal of 100% net-zero greenhouse gas emissions by 2050.
State of play: The Colorado Public Utilities Commission's plan is a major victory for environmental groups who criticized Xcel Energy's proposal to cut emissions through the use of cleaner flammable gas such as hydrogen and recovered methane.
The decision comes after Democratic lawmakers pushed a standard-setting law for "clean heat" that requires large utilities to cut emissions 22% below 2015 levels by 2030.
By the numbers: The new fees to cover the cost will increase natural gas rates by 7% and electricity by 1.1% through 2027.
Since January 2018, electricity bills have risen 21% to an average of $83 in March 2024, according to data firm Find Energy.
