In March this year, customers of PECO have witnessed the lowest electric rates since the utility's shift to market-based energy pricing in 2011.In a press statement, the US utility said monthly energy bills for its consumers have decreased by an average $12 over the past six years.
"As of March 1, PECO’s residential price to compare was 7.15 cents per kilowatt hour. As a result, bills for the typical residential customer are about $106 per month," according to a company release.
The decrease in consumer energy bills is largely due reductions in wholesale electricity and natural gas prices.
Craig Adams, CEO of PECO, added that: “The competitive energy market and the benefits of clean, affordable and local natural gas are leading to big savings for our customers.
“This is money our customers can put back into their pockets and into the local economy to support further growth in our region.”
The release adds that PECO customers not currently shopping with a competitive electric generation supplier could save even more with PECO Smart Energy Choice. The programme provides a discounted rate to customers who choose to purchase the electricity they use from a participating competitive electric generation supplier. The discounted rate is 7% less than PECO’s current price to compare for generation charges and is available for at least one year.
The utility has made significant investments toward ensuring its consumers improve their energy efficiency resulting in a decrease in their energy bills.
Through the company's energy efficiency programme 'Smart Ideas', PECO employs various energy conservation solutions to help consumers to manage their energy usage.
Energy bills, grid maintenance and upgrades
The news follows a 2016 announcement by PECO that it was close to completing its inspection and upgrade of its gas and electric systems to avoid outages in winter.
PECO said it spends over $100 million in maintaining its gas transmission and distribution system each year.
In 2016 alone, PECO added to its gas distribution infrastructure, some 7,200 feet (2,19456 km) of natural gas pipelines to meet its growing energy demands.
PECO said it completed three projects in which it upgraded its electricity distribution infrastructure to improve customer service and keep energy bills low for its 1.6 million electric consumers during the winter season.
The three projects fall under the $500 million in funds which PECO spends each year towards ensuring its electric grid system meets customer demands. [BGE residential bills down by 25% this winter].
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