PECO Power Rates Increasing in Fall 2013

PECO Energy has announced that their default supply electricity rates will increase on September 1, 2013. The increase will be about a full penny per kilowatt hour higher than the rate that was charged during the summer, resulting in a $10 per month increase for a home that uses 1,000 KWh in a month.

The power rate increase will only occur for those PECO Energy customers who have not shopped for competitive electricity. To date only 31% of PECO residential customers are buying their electricity from a alternative energy supplier, meaning that the rate increase will take place for 69% of customers in southeastern Pennsylvania. The rate increase has presented a savings opportunity for these default paying customers. The increased PECO rates combined with lower competitive electric rates gives customers the chance to save money on their electric bill if they are willing to spend a few minutes shopping for competitive power rates.

Many customers have chosen to lock into long term fixed rate electricity agreements with energy companies that will not only protect themselves from the rate increase that will take effect in September, but also protect them from future potential rate increases. Many energy analysts are forecasting energy prices to increase from now throughout 2014 making now an idea time to lock in low fixed electric rates.


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When to Lock In a Fixed Business Electricity Contract in PA

In discussing the best time to lock in fixed business electricity rate contracts, there is a wide misconception that fixed electricity rates go down during the fall and spring season of the year. While recent historical data may lead one to believe this may be the case, following this to an end in itself is a fallacy and can cost businesses money as they sit around and wait for prices to potentially fall.

Fixed electricity pricing is based on future forward contracts. With natural gas being a significant source of electricity generation in Pennsylvania, fixed rates are highly correlated with natural gas future contracts. This means that when you look to lock in a two year fixed electricity price, the forward natural gas prices for the next 24 months have an effect on the final fixed price for power. Every month included in the duration of the contract will have a set rate the moment the contract is signed. The final fixed price will be the weighted average of the estimated amount of electricity a business is expected to use for a given month times the rate. This means if a Pennsylvania business customer decides to lock in a fixed commercial electricity rate in the middle of summer the price will take into account the cooler months that come along with the fall and spring seasons.

Locking in a fixed rate will protect Pennsylvania business customers from the volatility associated with the energy market. The fixed rate will put a ceiling on the price if the market were to rise during the term of the contract. If the market were to drop you are not necessarily stuck with having to pay a higher rate. More and more electricity suppliers are offering the blend and extend option in Pennsylvania. This allows a business electricity customer on a fixed rate product to immediately lower their rate at any point during the term of the contract in return of extending out the contract. Exercising this option will maximize the savings for the initial term of the agreement while extending out protection against the risk of a potential rise in future energy prices.

Fixed rates are the most common rate structure for those looking to get off PPL, Met-Ed, or PECO’s high default rates. One appealing feature of fixed rates is the transparency in allowing a company to forecast their annual electricity expenditures. Those businesses still on the utility default rate will have to deal with large swings in costs when the electric bill comes due. Budget certainty is a great asset to have when dealing with a volatile market. With the blend and extend option in place, Pennsylvania business customers looking to sign a fixed rate may want to consider locking in a term for several years.

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The Basics of Pennsylvania Electricity Choice for Business Owners

Pennsylvania business customers still with Pennsylvania Power and Light’s default service have experienced large swings in their default rates since the PPL cap rates first expired in 2010. They are not alone as many customers still on Met-Ed’s default rate and PECO’s default rate have also experienced large fluctuations in the price of their electric bill. As higher default rates force many to start shopping for competitive electricity rates it is important to understand the basics of Pennsylvania electricity deregulation and what it means for electricity choice in your area.

The electric bill is split up into two basic charges: distribution charge and supply charge. The distribution charge is a regulated charge and will not be affected by switching to a competitive electricity supplier. The distribution charge deals with the cost of maintaining the lines and wires so the electricity can be transferred from your local distribution company directly to your business. The supply charge is the deregulated charge. If your company decides to stay with PECO, Met-Ed, or PPL you will be set up on a default rate determined by a series of auctions. A company on the default rate can choose to switch to a competitive supplier anytime without being penalized. Due to a number of factors involved including the high volatility of the energy market, a company will be charged a premium if they decide to stay on the default rate.

When you start shopping for competitive electricity rates it is important to make sure the suppliers are including all components of the supply charge. The three basic components of the supply charge are energy, capacity, and transmission. These components can be further dissected to line loss, ancillary, congestion and so forth. Some suppliers will leave out a component of the supply charge to make their rate more attractive. However this charge will then be bypassed onto your electric bill as a separate charge. It is important when shopping for competitive electricity rates to let the supplier know you want an apples to apples comparison to your utilities default rate. Do not let this deter you from taking advantage of the large margin of savings. A typical commercial business in Pennsylvania still on the PECO, PPL, or Met-Ed’s rate will save an average of 15-35% per year by choosing a competitive electricity supplier.

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Rates to Go Up in PECO Area

After having seeing a significant rate drop on electricity prices for the summer, PECO electric customers were surprised to learn that their power generation rates are expected to go back up in October. PECO Energy announced the expected rate increase, which will last through the end of the year, on their website in July. The finalized actual rates should be posted in August, but for now the increase will raise generation supply charges by over 18% on the PECO electric bill.

Fortunately customers can get a lower PECO bill by shopping for competitive electric rates through alternative energy suppliers. PECO Energy, who delivers power to the Philadelphia region in southeast Pennsylvania, charges customers who have not selected a competitive supplier a default electric rate. The default rates include the charges on the bill for generation and transmission. When consumers use their right to shop the market and select a lower electric rate, the competitive rate replaces the default generation and transmission charges on the bill.

Customers who have locked in low fixed electricity prices in previous months will not be effected by the PECO rate increase in October. The Pennsylvania electricity market gives consumers the ability to take control of their electric bill. Those consumers who have embraced competitive electricity are reaping the benefits while those who have shied away are paying more to power their homes than they need to. News of the PECO rate increase should provide a reason for many first time shoppers to explore the competitive market and find a low electricity rate.


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PECO Electric Prices Drop

Electricity prices for PECO customers are set to drop in July, but not before a slight increase in June. Small power users, those who use less than 500 KWh a month, will not be effected by the June increase. The increase will only effect power users who use more than 500 KWh a month, which is normally anyone who lives in a two bedroom apartment or larger.

Consumers who use an average of 1,000 KWh a month will see their electric price drop from 10.06 cents in May to 8.9 cents in July. These electric prices are for customers who are still paying the PECO default rate and not for those paying competitive rates with alternative energy companies. While consumers paying the default rate will see their electric price drop to 8.9 cents, those willing to shop the competitive market can find low electric rates in PECO at prices below 8.0 cents.

At this point in time there is really no reason for PECO Energy customers to not shop for lower electricity prices. With over 40% of households now buying their power from competitive energy companies in PECO, the region has proved in can sustain itself in a competitive market, and customers are seeing the benefits with lower monthly electricity bills. While the PECO price to compare prices will be dropping this summer, even lower electric prices can be obtained through the Pennsylvania competitive electricity choice market.

Here are current competitive electric prices in PECO, prices are updated in real time.


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Philadelphia Business’s Save on their Electricity Bills

For some business owners it is a simple concept; take a few minutes to compare electricity rates and end up saving between ten to 25% on a necessary business expense, the electricity bill. However, for many others the concept of electricity choice and deregulation is still foreign.

Those who have been quick to adapt to the new market are seeing the benefits with a lower PECO bill. Most competitive suppliers offer single billing which means even though a switch is made they still receive one bill a month from PECO energy. The bill includes the negotiated generation supply rate which is competitive, and the delivery distribution charges from PECO which remain regulated by the state.

Clearly Pennsylvania electricity choice is working as over 36% of business customers in the state have selected an alternative supplier, with that number being even higher, at 45%, in PECO Energy territory. The PECO Energy territory, which includes the city of Philadelphia and surrounding areas, serves the most customers out of all the Pennsylvania electric utility territories.

Over a dozen electricity suppliers are marketing their service to Philadelphia business customers. The PECO territory is one of the most active energy choice markets in the country. The high default rates combined with current low energy wholesale prices allows for competitive energy companies to offer significant discounts versus the PECO default rate. Savings will vary based on customer size and location, but nearly all PECO customers can save over 10% with current market conditions. With summer fast approaching, now is the ideal time to lock in a low fixed electric rate that will save a company money right away and protect them from potential future increases.

Current competitive PECO rates for businesses are below.


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PA Electricity Choice Pushes Down Prices

Electricity choice in Pennsylvania allows for alternative power companies to solicit customers who previously did not have choices when it came to who do buy their power from. The program seems to be working as more power companies continue to offer service in the state, resulting in lower electricity prices for energy shoppers.

Electricity customers can compare several rate offers at electricity comparison sites designed to help consumers compare electricity rates, as well as learn about energy choice and current default price structures.

Energy consumers who do not select an alternative supplier pay a default rate with their local utility company (PECO, PPL, Duquesne). The default rates – price to compare – are based on a series of auctions that have previously been held. Choosing a lower priced supplier simply means a lower monthly electric bill, from the same local utility company. Energy choice seems to be working as prices continue to fall, companies expand, and customers adopt to their new choice by shopping. It is becoming more difficult for incentivized politicians to argue against the Compete Coalition, an organization who supports nation wide energy choice programs.

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PECO Price to Compare Rates Increasing in April 2012

Despite falling natural gas prices the PECO electricity price to compare, the rate that PECO customers pay for electricity who do not choose an alternative energy supplier, will be going up on April 1, 2012. PECO Energy is the electric utility company who serves the majority of Philadelphia and the surrounding area. Their responsibility is the maintenance of the power lines and wires, and providing default generation supply rates for electricity customers who have not yet caught on to electricity choice.

Customers who have not power shopped are being urged to do so in order to find a lower electric rate for their home. With the tough economy it makes sense to spend 5 minutes comparing electric rates and choosing a cheaper energy price plan. The truth is, even if it wasn’t a tough economy there is no reason not to shop for a low fixed rate that will save you money; the quality of the power remains the same, PECO continues to send the monthly electric bill and respond to power emergencies, and the customer saves money.

The PECO price to compare is based on a series of auctions held by PECO Energy for competitive energy suppliers who wish to serve a portion of default paying consumers. With the default rate going up in spring during a time of historically low natural gas prices, many analysts believe the default price will go up even further in the summer. Finding a low fixed electric rate can not only guarantee immediate savings, but it provides price security that my result in even more savings in the coming summer months.

Here are current PECO competitive energy rates:


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Electricity Savings in MetEd

Pennsylvania electricity customers serviced by Metropolitan Edison (Met-Ed) are seeing competitive electric rate offers for the first time. Met-Ed default prices were capped until January 1, 2011 which had previously kept energy companies away. Now that the default price caps have been lifted competitive suppliers are able to offer low electric rates for consumers.

Electric shopping has been a success in other parts of Pennsylvania. The Pennsylvania utility companies PECO Energy, Pennsylvania Power & Light, and Duquesne Light have seen increased competition and shopping activity among their customers. Similar results are expected for the Met-Ed territory.

Met-Ed will continue to serve as the electric delivery company for their customers even if a switch for lower generation prices is made. Electric choice in Pennsylvania is about choosing your generation electric supplier, the utility company remains the same and remains regulated by the Pennsylvania Public Utility Commission.


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Alternative Power Companies in Pennsylvania

While electricity shopping has increased throughout the year in Pennsylvania, an abundance of confusion remains on the finer points of Pennsylvania’s deregulated electricity choice market.

One of the biggest subjects of confusion is the new role of the incumbent utility companies – PECO Energy, Pennsylvania Power and Light, Met-Ed, Duquesne Light, and more.

Prior to the decision to make Pennsylvania an energy choice state, the utility companies were regulated by the Pennsylvania Public Utility Commissison to serve all functions of electricity for Pennsylvania consumers; they were in charge of electricity generation, delivery, and the maintenance of the power lines and wires.

Today, after PA electric choice has been implemented, these companies are still regulated by the PUC to deliver power and control the maintenance of the power lines and wires. Their revenue streams are derived from the distribution charges found on your electric bill. The distribution charges remain regulated by the state and are the same no matter which electric supplier you choose.

The other parts of the electric bill (generation and transmission) have been opened up for competition allowing alternative power companies in PA to compete for customer enrollments. Customers who do not choose an alternative power company pay a default rate with their incumbent utility company. The utility company does not profit from the default rates and instead passes these charges on to other power companies who have won previously held auctions for the right to service default paying customers.

This brings up one of the most intriguing aspects of electricity choice in Pennsylvania; even if you haven’t selected an alternative power company, your money is already going to one through the default rates you pay. So if you can find a lower rate from an alternative power company on your own, there is no reason not to enroll with that company.

Enter your zip code to compare alternative power company prices in your area:



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