PECO seeks approval to increase rates due to major investments in infrastructure
PECO, the Philadelphia electric company, is seeking approval for a $246 million increase in electric distribution rates to support significant investments in infrastructure.
If approved, the typical PECO residential customer would see a monthly bill increase of about $9.68 or 9.65 percent. A typical PECO small business customer would also see a monthly bill increase of about $44.74 or 5.49 percent.
PECO’s investments are designed to enhance the electric grid and enable the advancement of clean technologies. The investments include about $3 billion in electric distribution infrastructure to make the local energy grid stronger and more resilient. This work is critical to reducing the impact of extreme weather on infrastructure and enhancing service for our customers.
“As we remain committed to delivering safe and reliable energy service for our customers across southeastern Pennsylvania, this filing serves as an investment to enhance the resiliency and reliability of our electric service,” PECO President and CEO Mike Innocenzo said. “We recognize that the effects from COVID-19 are far from over and that the pandemic continues to impact customers who are struggling financially. However, we’ve seen just how critical it is to have uninterrupted electric service during this challenging time. The investments included in this filing will support our mission of keeping the lights on for customers, expand clean transportation, and provide financial assistance for low-income customers and those impacted by the pandemic.”
Further, the company will provide $2.7 million in bill relief for eligible residential customers who have received a federal COVID relief grant or live with a household member who has experienced unemployment since the pandemic. Also, bill credits totaling $1 million will be available to qualifying small businesses located in low-income communities that have demonstrated a financial hardship caused by the pandemic. In addition, PECO is offering $1.5 million of incentives to support commercial, industrial, and public transit customers with early EV deployments.
Additionally, PECO has expanded billing and financial assistance programs to help qualified residential customers who are facing financial challenges pay what they can and make their bills more manageable. PECO has grants that can help customers pay down outstanding balances. It has also made new payment plans available, spreading outstanding balance payments up to 5 years, with no money down and no interest charged.
If approved, the newly proposed electric delivery rates would take effect on Jan. 1, 2022.