Just when things look better at the pump, Peco is raising electricity rates.
Peco’sis set to increase by 11.4% on Sept. 1 for most residential customers, or about $6.53 a month for a typical household bill. Peco’s electricity supply charge has increased 36% over six consecutive quarters since prices bottomed out in March 2021.
Metropolitan Edison, which serves 560,000 customers in Southeastern Pennsylvania including portions of Montgomery, Chester and Bucks Counties, will increase its charge by 18.4%, or nearly $11 a month for customers using 750 kWh, according to the PUC. Electricity prices are largely linked to the cost of natural gas, the principal fuel used by power generators. Unlike crude oil, whose price has declined in recent months as motorists curtailed driving, natural gas supplies have remained tight for most of the summer, according
. Among Peco customers, the shopping customers declined 7.6% in the last 10 months, from 447,000 to 413,000. Peco has about 1.6 million customers.website, no suppliers offered fixed-rate deals priced below Peco’s current or upcoming default price. Just two suppliers offered variable-rate products that were priced below Peco’s price, but their price was guaranteed only for one month.
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Gasoline prices are down. But Peco’s electricity price is going up 11%.Peco will raise energy charges for sixth straight quarter, up 36% in 18 months. For customers who shop for power, cheaper options are scarce.
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