Potomac Edison Encourages Maryland Customers to Review Options to Help Manage Summer Electric Bills
"Standard Offer Service" rate rising June 1 following higher competitive auction prices
WILLIAMSPORT, Md., May 10, 2023 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) is encouraging Maryland customers of its subsidiary Potomac Edison to evaluate electric supply offers from competitive suppliers that fit their budget and protect against rising energy prices this summer. Due to the results of recent competitive auctions, Potomac Edison customers in Maryland who rely on the company for all aspects of service will see an increase in the price they pay for electric generation beginning June 1.
Customer bills are divided into two parts: a charge from Potomac Edison for delivering electricity to a home or business, and a separate charge for the actual electricity used by a customer. For the second component, customers can shop and choose a competitive energy supplier who may be able to offer a lower price for generation.
The electric company is required to purchase electricity through a competitive auction process for customers who do not choose an energy supplier. "Non-shopping" customers pay an Energy Supply Charge, which is one of the components included in the Standard Offer Service (SOS) rate listed on their monthly bills.
Effective June 1, the Energy Supply Charge rate included in the SOS for Potomac Edison's non-shopping residential customers in Maryland will be 8.514 cents per kilowatt hour (kWh) through Sept. 30, 2023.
A typical non-shopping residential customer using 1,000 kWh per month is expected to see their total bill increase by about 23% from May to June. The prices, which update annually on June 1, are seasonal, with summer pricing in effect for the months of June through Sept., and non-summer pricing in effect for all other months. Non-summer prices are expected to remain higher than those seen this past winter.
"With energy rates elevated as we head into the hot, summer months, now is a great time to review your options so that you can select a rate or program that works best for you and your family," said Mark Jones, vice president of customer engagement for FirstEnergy. "By selecting a competitive energy supplier that offers a rate lower than the SOS price on your bill, you may be able to pay less each month."
To explore alternative electricity supplier options, customers can visit the customer choice section of FirstEnergy's website. As customers evaluate the Standard Offer Service rate against alternative supplier offers, they should consider the price, plan structure (fixed or variable rate), contract terms and conditions, and any taxes, charges or fees that may apply. They can also explore ways to conserve energy this summer by visiting www.firstenergycorp.com/save_energy.
Potomac Edison serves about 285,000 customers in all or parts of Allegany, Carroll, Frederick, Garrett, Howard, Montgomery, and Washington counties. Follow Potomac Edison at www.potomacedison.com, on Twitter @PotomacEdison, and on Facebook at www.facebook.com/PotomacEdison.
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on Twitter @FirstEnergyCorp.
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