Met-Ed Price To Compare Increase
Pennsylvanian customers will yet again likely find themselves paying more for electricity than before. The Public Utility Commission (PUC) of Pennsylvania has approved another rate increase for the FirstEnergy Pennsylvania utility companies, including Met-Ed, starting in September 2020.
Met-Ed’s tariffed residential rate, called ‘Price to Compare’ is set to increase by 7%, from the current 5.361 cents per kWh to 5.757 cents per kWh. The tariffed commercial rate is also set to increase, from the current 5.044 per cents kWh to 5.220 cents per kWh, a 3.5% hike.
The increased price is the result of FirstEnergy Corp’s long-term distribution improvement projects in Pennsylvania, with an additional $572 million in capital investments needed over the next five years. These costs, now approved by the PPUC, will have to be passed down to the customers in the form of rate hikes.
In most areas of Pennsylvania, consumers can choose who supplies their electricity, thanks to the deregulation of the energy industry. Those not switching to another electric supplier before September 2020 will see their next bill go up by approximately $4 (based on average monthly consumption of 1000 kilowatts) if they continue to receive their electric service from Met-Ed.