Starting this Friday, PECO customers in the region will benefit from a reduction in electric supply costs.
PECO announced Friday that the new residential Price to Compare (PTC) will see a decrease of 6 percent, bringing it down to 9.672 cents per kWh.
For an average residential consumer, the decrease translates to a drop of approximately $4.48 in their monthly electric bill, which is about a 3 percent reduction.
PECO said the new rate is one of the most competitive among electric distribution companies across Pennsylvania.
Customers who have contracts with other energy suppliers won’t see any impact from the rate reduction.
The supply charge – which includes either electricity or natural gas – accounts for roughly half of a customer’s entire bill.
PECO officials said their team reviews costs every quarter and makes changes in line with the fluctuations in market prices.
The cost for natural gas supply will remain consistent with the previous quarter’s rates. The residential PTC for natural gas stands at 54.211 cents per Ccf.
“We do everything in our power to keep the lights on and natural gas flowing for our customers, both safely and efficiently,” said Funmi Williamson, PECO senior vice president and chief customer officer. “We will continue to work hard to control costs, reduce volatility and purchase electricity and natural gas at the lowest price possible for customers.”