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Colorado - Fri. 01/02/26 |
A Free Business Publication from Alpine Bank
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FIRE AT SWISS SKI RESORT KILLS ROUGHLY 40
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Roughly 40 people were killed and about 115 injured after a fire broke out during New Year’s celebrations at Le Constellation, a popular bar in the Swiss ski resort town of Crans Montana, authorities said. Smoke was first spotted around 1:30 a.m. local time as crowds packed into bars following fireworks displays. Within minutes, flames engulfed the venue, which features a ground-floor lounge and a basement speakeasy-style bar. Videos showed fire spreading rapidly as patrons attempted to flee. Officials said the blaze was not believed to be terrorism-related and no explosive device was found, though the exact cause remains under investigation.
Witnesses cited by Swiss and French media said sparkler candles used by staff may have ignited the fire, and authorities are examining the bar’s exits and compliance with safety rules. Hundreds of emergency responders were dispatched, hospitals were overwhelmed, and some severely injured victims were transferred by helicopter to specialized burn centers. Swiss President Guy Parmelin called the incident one of the country’s worst tragedies.
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DENVER LOGS SECOND WARMEST DECEMBER ON RECORD
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Denver recorded its second warmest December on record in 2025, breaking seven daily temperature records and narrowly missing the city’s all-time December warmth mark, according to the National Weather Service. Meteorologists said colder periods at the beginning and end of the month prevented Denver from setting a new overall record. Even so, the city logged seven record-breaking daily highs, including on Christmas Eve and Christmas Day, and experienced 21 days in which average temperatures were more than 6 degrees above normal. The warmth followed an extended snow drought, with Denver going 224 days without measurable snow between April and November, the city’s fourth longest snowless stretch. Snow finally fell on Nov. 29, marking Denver’s second latest first snowfall on record. The latest first snowfall occurred on Dec. 10, 2021, a year that also produced Denver’s longest documented snow drought at 232 days without snow.
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XCEL ENERGY SEEKS $190 MILLION NATURAL GAS RATE HIKE IN COLORADO
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Xcel Energy is seeking approval from the Colorado Public Utilities Commission to raise natural gas rates by $190 million annually, a move that would increase the average residential bill by about $7.59 per month, or roughly 11.4 percent, starting in October. The Minneapolis-based utility said the increase would help cover rising costs tied to safety investments, maintenance, and operations. Xcel has already spent $101 million on pipeline repairs, system upgrades, and operations over the past two years, including work on 1,400 miles of pipeline and 25 regulation stations. Company officials said Colorado customers’ gas rates have remained 27 percent below the national average since 2015 and that the share of household income spent on natural gas is at its lowest level since 2020.
The filing follows a separate request made in November for a $356 million increase to Xcel’s electricity rate base, which would raise average electric bills by nearly 10 percent. Xcel serves about 1.5 million gas customers and 1.6 million electricity customers in Colorado and has pledged to close its coal-fired plants by 2031 while transitioning to carbon free electricity by 2050.
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FEDS ORDER COAL-FIRED CRAIG POWER PLANT TO REMAIN OPEN
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The Trump administration has ordered one of three generating units at the Craig Generating Station in northwest Colorado to remain available for operation, delaying a planned retirement amid the shutdown of the plant and its supplying coal mines. U.S. Secretary of Energy Chris Wright issued the emergency directive under section 202(c) of the Federal Power Act, requiring Tri State Generation and Transmission Association and co-owners to maintain readiness of the unit through March 30, 2026, citing electric generation shortages across the Western Electricity Coordinating Council Northwest region. Gov. Jared Polis criticized the order, saying it would pass tens of millions in costs to Colorado ratepayers to keep a broken and unnecessary coal plant open. The targeted unit faces mechanical problems and had been scheduled to retire this week.
The Colowyo Mine near Craig will close this month, triggering 133 layoffs and contributing to an anticipated 437 job losses and a 43 percent drop in property tax revenue in Moffat County. Environmental advocates said the order harms communities and national parks, while local and Republican leaders argued it provides short-term job relief and highlights concerns about energy reliability. Tri State pledged compliance and said it remains committed to investing in the region as Craig Station fully retires in 2028.
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MILLER, OBERMEYER JR. DEVELOP TWO FILMS IN ASPEN HONORING SPORTS PIONEERS
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Filmmaker Kurt Miller and director Klaus Obermeyer Jr. are developing two documentaries in Aspen that trace the roots of modern winter sports through the stories of pioneering innovators. One film, LIFT, focuses on the evolution of aerial cinematography and the origins of heli-skiing, highlighting the technical skill and risk involved in flying helicopters in extreme winter conditions to capture film footage. The documentary features ski pioneers such as Mike Wiegele and Hans Gmoser, along with contemporary athletes and pilots, and is slated for release in fall 2026.
The second film centers on the life of Aspen icon Klaus Obermeyer, founder of Sport Obermeyer, chronicling his escape from Nazi Germany, survival after being shot and injured, and his role in shaping alpine culture and outdoor apparel. Production recently took place at multiple Aspen locations, including Hotel Jerome. The films are planned for community screenings before being sold to a streaming service, with proceeds benefiting local charities. A trailer is scheduled to debut on Obermeyer’s 107th birthday in December 2026, with a full premiere planned for December 2027.
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TELSKI SHUTS DOWN, COMPETITORS STEP UP WITH DISCOUNTS FOR TELLURIDE SKIERS & EMPLOYEES
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Telluride Ski Resort has shut down operations amid an ongoing ski patrol strike and limited snowpack, prompting nearby Western Slope resorts to offer discounts and free tickets to displaced skiers and employees. Silverton Mountain announced a 25 percent discount on guided skiing and non-private heli-skiing through Jan. 25 using the code “SupportPatrol,” with proceeds benefiting the Telluride Ski Patrol. Monarch Mountain followed by offering a complimentary lift ticket to Telski employees, their dependents, and guests who can show proof of a Telluride season pass or day ticket purchased for late December or early January.
Resort officials said the offers reflect solidarity within Colorado’s ski community during a difficult start to the season marked by low snowfall across the region. Powderhorn Resort has not issued a Telluride-specific offer but continues a broader promotion featuring discounted three-hour tickets and reduced buddy passes. With Telluride’s lifts idle and snow scarce, neighboring resorts are positioning themselves as alternatives while hoping for improved conditions later in the winter.
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AS LIFT TICKETS HIT $356 PER DAY AT VAIL, TERRAIN OFFERINGS CONTINUE TO LAG
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Vail Mountain entered the 2025–26 ski season with limited terrain open despite charging peak holiday lift ticket prices of up to $356 per day, drawing scrutiny as snow conditions lag behind pricing. By late December, the resort had opened just over 700 acres of terrain out of its full 5,317 acres, citing historically warm temperatures that have limited snowmaking opportunities despite a major snowmaking expansion completed in 2019. Vail Resorts officials said crews are maximizing available cold windows to connect frontside runs and maintain conditions but acknowledged weather challenges. The high-ticket prices were set months in advance and are part of a broader strategy to push guests toward season passes, which provide revenue stability during low-snow years. While pass sales have declined by about 2 percent in each of the past two years, overall revenue has increased due to higher prices.
Vail Resorts CEO Rob Katz said the company now expects lift ticket visitation to grow, supported by new programs such as Epic Friend Tickets and advance-purchase discounts. Critics note the contrast between premium pricing and limited access, while the company maintains that pricing helps manage holiday crowds and supports long-term financial planning.
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COLORADO TO DEPLOY MORE SPEED ENFORCEMENT CAMERAS IN 2026 AFTER PILOT SHOWS SHARP DROP IN SPEEDING
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Colorado transportation officials plan to expand automated speed enforcement cameras statewide in 2026 after a pilot program on Colorado Hwy. 119 in Boulder County reduced speeding by nearly 80 percent, according to the Colorado Dept. of Transportation. The cameras, currently operating only in that corridor, began issuing warnings in July to drivers traveling 10 miles per hour or more over the posted limit and will begin issuing $75 civil penalties on Jan. 12. CDOT said average speeds dropped almost immediately, even before fines were imposed. The program focuses on work zones, where crash rates and fatalities are higher, and follows a 2023 legislative change allowing camera enforcement in high-risk areas.
Officials are evaluating additional highways for deployment, including Interstate 70’s Glenwood Canyon and Floyd Hill, both scheduled for construction in 2026. Mountain communities such as Glenwood Springs, Avon and Vail have also launched local speed camera programs. CDOT said revenue from civil penalties will fund the program, with excess funds directed to the state’s Vulnerable Road Users Fund, emphasizing the goal is improved safety rather than revenue generation.
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COLORADO HAS A NEW MINIMUM WAGE FOR 2026
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Colorado’s statewide minimum wage increased to $15.16 an hour on Jan. 1, 2026, rising 35 cents from $14.81 in 2025 as part of the state’s annual adjustment tied to the consumer price index. The increase places Colorado among 18 states with a minimum wage of $15 or higher and more than doubles the federal minimum wage, which remains $7.25 an hour and has not changed since 2009. Tipped workers will also see an increase, with their minimum wage rising to $12.14 from $11.79, reflecting the state minimum minus the federal $3.02 tip credit.
State law allows local governments to set higher minimum wages, and several cities exceed the statewide rate. Denver will have the highest minimum wage in Colorado at $19.29 an hour in 2026, while Edgewater’s rate will rise to $18.17, surpassing Washington state’s $17.13, the highest statewide minimum in the nation. Boulder and Boulder County will both move to a $16.82 minimum wage after abandoning a previous plan that would have raised rates to $25 by 2030.
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ONE OF THE RAREST ANIMAL ADAPTATIONS IN THE WORLD HAPPENS IN THE WINTER IN COLORADO
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Only 21 animal species worldwide are known to change color seasonally, and four of them live in Colorado, where they turn white in winter to blend into snowy landscapes. Snowshoe hares, white-tailed ptarmigan, and short- and long-tailed weasels, collectively known as ermine, shift from brown or gray summer coats or plumage to white as daylight hours shorten in fall, a process triggered by changing photoperiods. Scientists believe the adaptation serves two purposes: camouflage from predators or prey and added warmth, since the animals’ winter fur and feathers lack melanin and are hollow, trapping insulating air. Wildlife experts note that not all cold-weather species evolved this trait, often because their habitats lack consistent snow cover.
Climate change now threatens these animals through “phenotypic mismatch,” as warming winters reduce snow while the animals still turn white, leaving them exposed. Ermine are most often spotted along winter trails in forested mountain areas, snowshoe hares are easier to find by their oversized tracks across much of Colorado’s high country, and white-tailed ptarmigan remain elusive year-round in alpine tundra above 9,500 feet, where patience and luck are required to see them.
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COLORADO LAWS TAKING EFFECT IN 2026 IMPACT WIDE RANGE OF ISSUES
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About 20 new Colorado laws take effect Jan. 1, 2026, touching everything from consumer rights and housing to wildlife protection and gun safety. The measures reflect lawmakers’ efforts to expand consumer protections, address housing affordability, regulate firearms, and update environmental and labor policies. Several of the laws were approved along party lines and are expected to have broad impacts on residents, businesses and local governments across the state.
- Right to repair electronics: Manufacturers must provide parts, tools, and documentation so consumers and independent shops can repair devices such as phones and computers, with exemptions for video game consoles.
- Expanded paid family leave: Parents with babies in neonatal intensive care can qualify for an additional 12 weeks of paid leave under Colorado’s FAMLI program.
- Gun show regulations: Operators must submit security plans, carry liability insurance, enforce age limits, and ensure compliance with background checks and the state’s three-day waiting period.
- Renter screening and fee transparency: Landlords may not require credit histories from tenants using housing subsidies, and new rules limit and standardize fees charged to renters and consumers.
- Wild bison protections: Wild bison are reclassified as big game wildlife, making it largely illegal to hunt or poach them, with exemptions for privately-owned and tribal herds.
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MARKET UPDATE - 12/31/2025 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 01/01/2026)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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