PHILADELPHIA (June 23, 2010) In preparation for the final transition to a competitive electric market in Pennsylvania, PECO recently completed the third of four planned electricity purchases to serve customers who have not chosen a competitive electric generation supplier beginning Jan. 1, 2011.rn r
PHILADELPHIA (June 23, 2010) In preparation for the final transition to a competitive electric market in Pennsylvania, PECO recently completed the third of four planned electricity purchases to serve customers who have not chosen a competitive electric generation supplier beginning Jan. 1, 2011.rn rnBeginning January 1, 2011, the prices PECO and our customers pay for electricity will be based on electric market pricing, after having been capped for more than 10 years. At the same time costs to operate our electric systems also have been increasing. The effect of all of these changes on PECO electric customers will be price increases of about 10 percent. For the typical residential electric customer, the increase is about $8 more per month.rn rnThe May 2010 purchases resulted in an energy price of 7.95 cents per kilowatt hour (kWh) for PECOs residential customers. When combined with 2009 purchases, the May purchases result in a price of 8.91 cents per kWh for PECOs residential customers, 8.66 cents per kWh for small commercial customers, and 8.63 cents per kWh for medium sized commercial customers.rn rnBecause energy prices fluctuate, PECO is buying the electricity needed to serve customers in 2011 at four different times reducing the risk to customers of purchasing electricity all at one time when market prices could be high. PECO will complete the remaining purchases in September 2010. The results of all four purchases will determine the exact price PECOs customers will pay for electricity beginning Jan. 1, 2011.rn rnWe continue to be able to purchase electricity at lower wholesale market prices, helping reduce the prices for our customers, said Denis OBrien, PECO president and CEO. And we have programs available to help customers use less energy and save money.rn rnThrough PECO Smart Ideas, the companys full suite of energy saving and demand response programs:rnMore than 700 stores currently sell PECO discounted CFL bulbs. These light bulbs use up to 75 percent less energy and last about 10 times longer than traditional light bulbs.rnPECO is paying rebates to customers who purchase qualified energy-efficient appliances.rnPECO is paying incentives to customers who allow us to pick up older, energy-wasting refrigerators and freezers.rnWell pay customers $120 a year ($30/month June September) to remotely manage central air conditioning systems during times of high demand for electricity.rnPECO has developed an online home energy audit to help customers understand how they currently use energy and how they can use less. rn rnJust by replacing five bulbs with CFLs and raising your thermostat two degrees during the summer, you can save more than $8 a month totally offsetting the expected increase. To learn more about saving energy and money with PECO Smart Ideas visit www.peco.com/SmartIdeas.rn rnPECO also offers payment options, like Budget Billing, to help customers manage their bills. Budget Billing divides energy costs evenly throughout the year. rn rnAs part of Pennsylvania Electric Choice, customers also can potentially save money by choosing a competitive electric generation supplier. Whether customers are purchasing their electricity from a competitive electric generation supplier or from PECO, PECO will continue to safely deliver electricity, provide billing and customer support, and respond to outages and other emergencies for all customers. More information on shopping for a competitive electric generation supplier can be found on the Pennsylvania Public Utility Commissions shopping website at www.papowerswitch.comrn rnPrograms also are available to help customers who may be struggling to pay their energy bills. Through our Universal Services programs, we assist more than 130,000 low-income customers each year with reduced rates, free energy-efficiency improvements and Federal Low-Income Home Energy Assistance Program funding.rn
