Competitive Penelec Rates Provide Savings to Residential Customers

Residential electricity customers of First Energy’s Pennsylvania utility Penelec are discovering lower price options through electricity choice. Penelec is one of nine utilities who are part of the Pennsylvania Electricity Choice and Competition Act, which allows customers to shop for competitive priced power supply plans from alternative suppliers who are licensed by the state. The choice act divides the responsibility of delivering the power, retained by the local utilities, and the purchase of power supply which has been opened to alternative suppliers. Local utilities such as Penelec remain responsible for sending out the monthly electric bill and providing a default power generation supply rate for those customers who do not choose a competitive plan.

Penelec Energy’s default rate for residential customers has been volatile recently ranging from 6.0 cents to 7.724 cents over the last 12 months. On December 1, 2016 the default rate decreased from 7.724 cents to 7.121. Despite the decrease, competitive rates as low as 5.99 exist that can reduce the Penelec electric bill by more than 15% for those customers who are still on the default price to compare plan. In addition, locking in a fixed rate plan with a competitive supplier will protect the customer from the volatility which can result in even greater savings if the default rate goes back up.

At the end of November 2016 the Pennsylvania Public Utilities Commission reported in their monthly PA Choice Switch Statistics Report that 31% of Penelec residential customers were purchasing their power from competitive suppliers. With the recent increased savings potential, caused by competitive suppliers lowering their offers, the number of shopping Penelec residential customers could start to take off. Participating in Penelec energy choice by shopping for lower rates has never been easier and more beneficial. Competitive rates updated in real time are available below. The savings represent the discount between the competitive offer and the current Penelec default supply rate.

By | 2016-12-15T16:16:34+00:00 December 15th, 2016|Uncategorized|