(COLORADO SPRINGS) — Colorado Springs Utilities (Springs Utilities) is planning to propose its 2026 budget and rate case at City Council on Tuesday, Oct. 14, with a 23% increase.

According to Springs Utilities, the proposed budget would have an increase of $2.2 billion over the 2025 budget, a 23% increase. Springs Utilities said it expects to add about $4 billion in assets by 2029 to meet regulatory mandates and maintain or improve system reliability.

Springs Utilities said City Council will not vote on base-rate increases as they were approved as part of the five-year rate case in November 2024. The five-year rate case included a base-rate increase of 6.5% for total, non-fuel utility bills from 2025 through 2029.

Base-rate increases are not the same as the Energy Wise time-of-day rate, which became the standard electric rate on Oct. 1, said Springs Utilities. Customers pay different rates for electricity based on the time of day they use it, with Energy Wise rates. Most customers will transition to Energy Wise rates by early 2026. Customers will get a letter in the mail at least 30 days before they transition.

According to Springs Utilities, the total of the previously approved base-rate increases is estimated to be about $14.87 a month on a typical four-service residential bill.

Springs Utilities said City Council will hold budget hearings on Oct. 14 with a final vote scheduled for Oct. 28.