PPL Electric Utilities is set to bring some welcome news to its customers, particularly those who have not opted for alternative energy suppliers. Starting June 1, 2024, the utility company will reduce its electricity supply rates significantly, a decision that is subject to approval by the Pennsylvania Public Utility Commission. This reduction is expected to deliver considerable savings to both residential and small business customers. Effective from the specified date, the new default supply rate, known as the Price to Compare (PTC), will decrease by over 9% for residential customers and nearly 19% for small businesses on the supply portion of their bills, provided rates are approved by the PA Public Utility Commission.
For residential users, this translates to a PTC adjustment to 10.040¢ per kilowatt-hour, with the average customer likely to save approximately $9.77 per month. Small business customers will enjoy even more substantial benefits, with the rate dropping to 9.237¢ per kilowatt-hour, resulting in monthly savings of around $22.24. These rates, which are determined through a highly competitive process and involve no markup or profit for PPL Electric, will remain effective from June 1 through November 30, 2024.
Why PPL Electric Utilities Is Reducing Rates
Starting June 1, 2024, PPL Electric Utilities plans to lower its electricity supply rates significantly for customers who have not chosen alternative energy suppliers. This decision awaits approval by the Pennsylvania Public Utility Commission but promises substantial savings for both residential and small business customers. On the specified date, the new default supply rate, known as the Price to Compare (PTC), is expected to drop by more than 9% for residential customers and nearly 19% for small businesses, contingent upon the Commission’s endorsement.
For residential customers, this means the PTC will adjust to 10.040¢ per kilowatt-hour, translating to an estimated monthly savings of $9.77. Small business customers stand to benefit further, as their rate will decrease to 9.237¢ per kilowatt-hour, leading to average monthly savings of about $22.24. These rates, determined through a competitive process without any markup or profit for PPL Electric, will be in effect from June 1 to November 30, 2024. This move aims to provide financial relief and more competitive energy costs for PPL Electric’s customer base in Pennsylvania.
