Maryland Electric Shock: BGE Rate Surge Sparks Urgent Search for Savings

Ah, the electrifying drama of rising electricity prices in Maryland! Brace yourselves, fellow Marylanders, because the electric shock is coming, and it’s no party trick. Maryland’s two largest electricity utilities – BGE and PEPCO – have announce large rate increases for their customers that will take place on October 1, 2023 and carry through the middle of next year. These increases will be felt by all residential customers on the utility default rates, and the majority of small and medium sized businesses throughout the state of Maryland.

BGE, those purveyors of power in and around Baltimore, are about to unleash a shocking 17.81% surge in electric bills for those who dare not venture into the world of electricity options. If you’re the type who lets things slide and haven’t hopped onto a competitive rate plan, October 1, 2023, is when the sparks will fly on your bills.

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Now, don’t go blaming BGE entirely for this jolt to your wallet. This surge, this tempest of tariffs, is exclusively for the folks who’ve stuck to the BGE default supply price. Those who’ve spread their wings and opted for a competitive rate plan by comparing BGE prices and suppliers can sit back and sip their tea, because they won’t be singing the “shock-a-lock-a” blues.

But, before you start thinking of candlelit dinners and camping out, there’s hope on the horizon. You, yes, you can escape this electrical storm and avoid the BGE rate increase with a simple flick of your switch – the metaphorical one, of course. Just take a leisurely stroll through the marketplace of licensed Maryland electricity suppliers. Shop and choose wisely, and you’ll have a new, lower electric rate that’ll dance gracefully onto your bill, replacing BGE’s attempt at highway robbery. Your supply charge rate will remain as steady as a lighthouse in a storm.

BGE Price to Compare Rate Increase

But why is this electric revolution even happening? Well, it’s all about the BGE supply default rate, the price tag for those who’ve decided not to play the Maryland electricity choice game. On October 1, 2023, this rate is set to soar from 9.983¢ per kWh to a dazzling 11.761¢. That’s a 1.778¢ hike that adds up to an electrifying 17.81% surge in the cost of keeping the lights on in Baltimore.

Now, if you’re thinking that saving yourself from this electric ordeal should be as easy as pie, well, it pretty much is. The Maryland Public Service Commission, in its infinite wisdom, released switching data on June 30, 2023. Surprise, surprise – the savings are out there, ripe for the picking.

But here’s the kicker: Out of the 1,206,623 residential customers in BGE’s service area, only 205,751 have embraced the competitive Maryland electricity rate plan magic. That means over a million BGE customers are sitting on the default rate like it’s a ticking time bomb, waiting for their bills to balloon by nearly 18%. A simple solution? Spare a few minutes to compare BGE’s prices and suppliers. It’s like finding the golden ticket, but instead of a chocolate factory, you get to keep your hard-earned cash.