Xcel Energy this afternoon announced that it has given formal notice to the Public Utility Commission of Texas that it is canceling a fuel-cost surcharge. The requirement for Texas electric customers is being canceled six months ahead of schedule.

The move will save Xcel’s average residential customer $5 off of their monthly bill, starting May 1.  The one-year surcharge was implemented in November 2011. Market conditions have improved allowing Xcel to cancel the surcharge.