Colorado Springs Utilities unveils its five-year plan

COLORADO SPRINGS, Colo. (KKTV) – It's Wednesday, so grab your cup and gather around because it's time to “spill the tea”!

Each week we partner with the Southern Colorado Business Forum and Digest to bring you the most important business headlines from the region.

As we sip our tea this week, we look into the future – five years into the future, to be exact!

Colorado Springs is celebrating its 100th anniversary this year and is looking forward to the next 100 years, starting with the first five!

The utility expects to make an additional $3.7 billion worth of improvements by 2030, in just five years. By comparison, in the first century of its existence, the company built and maintained systems worth about $5 billion.

The company also plans to reduce its carbon dioxide emissions by 80 percent by the beginning of the next decade.

Springs Utilities also says it is investing in a major project to create a vital sewer main in the east of the city, where the population is exploding.

The company says that to fund these and other things in the coming years, it will need to raise more revenue. A five-year rate increase is being proposed to the City Council that would impose annual base rates of 6.5 percent for water and electricity, 4 percent for natural gas and 9 percent for sewer from 2025 to 2029. Under this plan, Springs residents would, on average, face an increase in their electric bills of about $14 per month in 2025.

Watch the video above to learn more about the five-year plan!

This news comes from the Southern Colorado Business Forum & Digest, a business and development publication of Colorado Media Group. Send your news to [email protected]. Plus, a link to subscribe: Click here to subscribe to SCBFD.

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