On top of frustrating price increases at the grocery store and gas pump, many people are also being hit by rapidly rising utility bills, intensifying inflation’s toll on both people and businesses across the globe. The national average residential electricity rate was up 8% in January from 2021, the biggest annual increase in more than a decade. Commercial rates are following suit and we are seeing increases across the country. Depending on what state and utility territory you are located in will determine how your rates will be affected. Rate increases coupled with the upcoming seasonal demand increase of electricity could mean that folks will be paying much more for power this summer season.
Below are rate increases (by state) that we want you to be aware of. There are more to come, so we will be sure to keep you informed. Now is the time to get more strategic about your energy planning and see where you can not only reduce consumption, but do so by becoming more energy efficient for your both your wallet and the environment. If you’d like to meet with an experienced energy advisor from EnerConnex to review how you may be impacted by upcoming rate increases, please do not hesitate to reach out. info@enerconnnex.com
At Met-Ed, the tariffed commercial PTC-Default rate will be $0.10625 per kWh effective June 1, a 42% increase versus the current $0.07482 per kWh. Click here for Met-Ed utility default rates.
At Penelec, the tariffed commercial PTC-Default rate will be $0.11056 per kWh effective June 1, a 38% increase versus the current $0.08031 per kWh. Click here for Penelec utility default rates.
At Penn Power, the tariffed commercial PTC-Default rate will be $0.12533 per kWh effective June 1, a 25% increase versus the current $0.10002 per kWh. Click here for Penn Power utility default rates.
At West Penn Power, the tariffed commercial PTC-Default rate will be $0.10115 per kWh effective June 1, a 55% increase versus the current $0.06542 per kWh. Click here for West Penn Power utility default rates.
All of the new PTC-Default rates for the FirstEnergy Pennsylvania EDCs are to be in effect for the period June 1, 2022 through August 31, 2022.
PPL Electric Utilities has posted new electricity prices to compare for the period beginning June 1, 2022. Starting June 1, the PPL price to compare for residential (R) customers will be 12.366¢/kWh, nearly 40% higher than the current PTC of 8.941¢/kWh. Starting June 1, the PPL price to compare for small C&I customers (GS-1, GS-3) will be 11.695¢/kWh, about 21% higher than the current PTC of 9.675¢/kWh. The new PTCs are to be in place for the period 6/1/2022 to 11/30/2022.
The Public Utilities Commission of Ohio has approved results from an April procurement of Standard Service Offer supplies at Dayton Power & Light (AES Ohio). The SSO auction procured 50 tranches of supply for the period June 1, 2022 to May 31, 2023 at a tranche-weighted average price of winning bids of $122.50 per MWh. The starting price range for the auction had been $85.00 to $105.00 per MWh. There was a sealed bid round. For comparison, a March auction had procured 50 tranches of SSO supply for the period June 1, 2022 – May 31, 2023 at a tranche-weighted average price of winning bids of $75.13 per MWh.
Default rates for OH utilities can be found here: Illuminating Company, Toledo Edison, Ohio Edison, AEP
United Illuminating has filed new default service rates with the Connecticut PURA for the period beginning July 1, 2022. The July 1, 2022 to December 31, 2022 UI residential (Rate R) Standard Service rate will be 10.6200¢/kWh, which is marginally lower than the current UI Rate R rate of 10.6731¢/kWh. All of the Standard Service rates in this story include the Bypassable FMCC (where applicable) which is zero. The UI Rate GS Standard Service rate will increase about 8% to 10.6607¢/kWh on July 1, 2022, from the current rate of 9.9109¢/kWh.
Default rates for CT utilities can be found here: Eversource
Baltimore Gas & Electric has filed new SOS electricity rates for the period October 1, 2022 through May 31, 2023, as well as updates to the summer 2022 SOS rates to reflect changes in the by passable transmission rate and SOS Admin. charge.
For Schedule R residential customers, the BGE Total SOS Rate (including generation and transmission, but excluding reconciliation Rider 8) will be 9.887 cents per kWh for the period beginning October 1, 2022, about 27% higher than the updated summer 2022 SOS rate of 7.769 cents per kWh
For Scheds. G/GU -Type I customers, the BGE Total SOS Rate (including generation and transmission, but excluding reconciliation Rider 8) will be 9.210 cents per kWh for the period beginning October 1, 2022, about 24% higher than the updated summer 2022 SOS rate of 7.436 cents per kWh. BGE also filed new Type II SOS rates for the period beginning June 1, 2022.
Default rates for MD utilities can be found here: Potomac Edison, BGE
Stay tuned for updates on any future rate increases that you should be aware of.