PHILADELPHIA--(BUSINESS WIRE)--As of March 1, PECO’s electric rates are the lowest they have been since the transition to market-based rates in 2011. Because of this, the typical PECO electric customer is paying about $12 less per month for their electricity compared to the same time six years ago. Electric customers across PECO’s service territory continue to see the benefits of electric competition with many customers saving even more through a competitive electric generation supplier.
Lower wholesale power prices, driven by electric competition and lower natural gas prices, are resulting in savings for PECO’s electric customers. 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.
“The competitive energy market and the benefits of clean, affordable and local natural gas are leading to big savings for our customers,” said Craig Adams, PECO President and CEO. “This is money our customers can put back into their pockets and into the local economy to support further growth in our region.”
PECO customers not currently shopping with a competitive electric generation supplier could save even more with PECO Smart Energy Choice. The program provides a discounted rate to customers who choose to purchase the electric they use from a participating competitive electric generation supplier. The discounted rate is 7 percent less than PECO’s current price to compare for generation charges and is available for at least one year. Customers who sign up can switch at any time without exit fees. Customers can sign up by calling PECO at 1-800-494-4000.
Nearly 600,000 PECO customers are purchasing the electricity they use from a competitive electric generation supplier. Customers who want to find out more about shopping for electricity can visit peco.com/choice or the Pennsylvania Public Utility Commission’s website at papowerswitch.com.
Electric commodity costs fluctuate – either increasing or decreasing – based on many factors including wholesale prices when purchases are made, the amount of wholesale electricity purchased, the length of contracts, weather, reconciliation of collections for actual versus forecasted energy use, and other calculations.
PECO customers also can save with PECO Smart Ideas, the company’s suite of award-winning energy efficiency solutions. PECO has solutions to help every customer save energy and money – learn more at peco.com/smartideas.
PECO, founded in 1881, is Pennsylvania’s largest electric and natural gas utility. Headquartered in Philadelphia, PECO delivers energy to more than 1.6 million electric customers and more than 516,000 natural gas customers in southeastern, Pennsylvania. The company’s 2,500 employees are dedicated to the safe and reliable delivery of electricity and natural gas as well as enhanced energy management conservation, environmental stewardship and community assistance. The company also has an estimated annual economic impact of $4.3 billion in Pennsylvania, supporting more than 8,700 local jobs and producing $732 million in labor income. PECO is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's only Fortune 100 utility and leading competitive energy provider. For more information visit PECO.com, and connect with the company on Facebook and Twitter.