Peco bills will drop for more than a million customers
A default customer’s monthly electric bill will decrease by about $4.48 per month on average.
About 1.2 million Peco electric customers will see their bills decrease this month as electric supply prices return to pre-June levels.
Residential customers receiving the company’s default service will see a 6% drop in the rate per kilowatt hour (kWh). As of Sept. 1, the charge will be about 9.67 cents per kWh, down from 10.31 cents.
For default customers, their monthly electric bill will decrease by about 3%, or $4.48 per month, on average. Depending on household usage, the bill may look similar to those they received in the spring: In June, Peco announced an approximately 6% increase in the rate per kWh, which rose from 9.73 cents to 10.31 cents.
“We will continue to work hard to control costs, reduce volatility, and purchase electricity and natural gas at the lowest price possible for customers,” Funmi Williamson, senior vice president and chief customer officer, said in a statement announcing the changes.
The supply charge, which is adjusted each quarter based on market fluctuations, represents how much Peco pays for the amount of energy a customer uses, without a profit margin. The supply charge usually makes up about half of a customer’s monthly bill.
The 500,000 Peco customers who opt for another competitive energy supplier through online marketplace PAPowerSwitch.com will not be affected by the latest decrease. They pay the rates of their specific provider.