PHILADELPHIA, May 14 /PRNewswire/ -- PECO applauds the Pennsylvania Public Utility Commission for its recent steps to help customers manage the transition to market-based pricing in 2011 following the expiration of more than 10 years of rate stability provided by deregulation. Specifically, the Commission's approval of final default service regulations will provide the framework for utilities like PECO who must purchase energy for customers who do not choose to receive electric supply from an independent energy marketer.
"We strongly support retail competition," said Lisa Crutchfield, PECO senior vice president of Regulatory and External Affairs. "And, the Commission has done a good job of dealing with the transitional issues that will be critically important to our customers in the years to come."
Specifically, the Commission's actions today provide: * The option for customers to defer some portion of a rate increase. * The ability for utilities to purchase energy on behalf of customers in ways that are best for each individual service territory -- for example, securing energy through staggered purchases and competitive auctions. * $5 million in funding for a statewide consumer-education campaign
"Through deregulation, consumers in Pennsylvania have benefited from capped electricity rates. After adjusting for inflation, Pennsylvania consumers are currently paying 12 percent less for electricity than they did 10 years ago. The end of capped rates will mean that electricity rates will begin to rise to account for current market conditions," said Crutchfield.
PECO's current rates will remain the same until January 1, 2011. Until that time PECO will have the opportunity to address the effect potential price increases may have on customers by: ensuring the company secures the best prices for customers; and educating customers so they understand how the energy market will change and what action they can take.
The Company also looks forward to the Commission's action on demand side response and energy efficiency. Expected later this month, these actions will be another important component to help customers manage their energy bills.
Contact: Cathy Engel PECO 2301 Market Street, S14-1 Philadelphia, PA 19103 215-841-5555
PECO
CONTACT: Cathy Engel of PECO, +1-215-841-5555
