Electricity rate caps will end for about 1.5 million PECO customers as of Jan. 1. That means their electricity bills will go up.
Large and small energy companies are now entering the Delaware Valley market to offer residents competitive pricing.
Many firms are offering prices below current PECO rates. One of them, a subsidiary New York power supplier ConEdison has announced an Internet rate that would amount to a 10 to 22 percent savings over PECO rates.
Jorge Lopez, CEO of ConEd Solutions, said his company will also offer “green energy” plans that include a mix of wind, solar and hydro. When it comes to the area’s traditional fuel supply mix, Lopez said natural gas is starting to take precedence over coal.
“Most of the energy you see that is generated in the Northeast comes from natural gas. You’re seeing a significant changeover to natural gas,” he said. “I don’t want to suggest that it’s 50 percent, but you’re seeing all the new generations coming on is typically natural gas supply.”
Prices for natural gas are falling; with development of the Marcellus Shale, it has become more available in the Mid-Atlantic region.
PECO will continue to service and deliver power to customers. The Pennsylvania Public Utility Commission urges consumers to check its website to make sure they choose an approved supplier.