PECO recently released a statement alerting customers that the energy provider has lowered its charges. The decrease marks the third consecutive natural gas supply charge reduction, lowering average customer bills by more than eight percent.
From the statement:
“Effective March 1, PECO lowered its natural gas and electric supply charges for those customers who are not receiving their energy from a competitive energy supplier. In total, the electricity or natural gas used by customers – or the supply charge – makes up about half of a residential customer’s total bill. PECO updates this charge, the Price to Compare (PTC), on a quarterly basis as market prices change. This is the price customers can use to evaluate offers from competitive energy suppliers and the charges are passed along directly to customers at exactly the cost that PECO pays.
- Natural Gas – The new residential Price to Compare will decrease 15.6 percent to 61.822 cents per Ccf. The monthly natural gas bill for an average residential customer will decrease by $9.87 per month, or by about 8.18 percent. This reduction in the natural gas supply charge marks the third consecutive quarterly decrease.
- Electric – The new residential Price to Compare will decrease 1.3 percent to 9.726 cents per kWh. The monthly electric bill for an average residential customer will decrease by $0.91 per month, or by about 0.68 percent. This rate is also one of the lowest among Pennsylvania electric distribution companies.
“We understand the economic pressures our customers are facing and the impact that energy costs can have on personal budgets,” said Funmi Williamson, PECO SVP and Chief Customer Officer. “We recognize our responsibility to serve our customers while working to keep bills as low as possible and we are pleased that we can pass along this current reduction in energy costs.”
The outlook for energy commodity costs, specifically natural gas, is anticipated to decline and moderate in the spring of 2023. This is being driven by increased natural gas production and lower demand due to warmer weather conditions. While energy costs have recently decreased, prices remain volatile, and PECO’s future PTC could increase or decrease. PECO will continue to work hard to control costs, reduce volatility and purchase electricity and natural gas at the lowest price possible for customers.
To further manage bills, customers are encouraged to monitor energy usage, take advantage of energy efficiency programs, and consider bill relief and financial assistance programs, including budget billing.”