In January, prices for natural gas and electric utility delivery will be going up for Maryland consumers but not quite as much as previously anticipated.
The state’s utility regulators approved a partial rate increase for Baltimore Gas and Electric Company’s multi-year rate plan. The Maryland Public Service Commission approved a $408 million increase rather than the $602 million increase requested by the utility company.
For customers, that means that during the first year residential electric bills will increase by $4.08 monthly and $10.43 monthly for residential gas customers in 2024– for many users that means bills will go up by $14.51 in the new year. The increases scale down in subsequent years. In the third and final year of the rate increase, electric consumers can expect an increase of 34 cents monthly and gas consumers would see an increase of $2.80 a month in year three. Those calculations are according to the Commission.
The rate increases start on January 1st, 2024 and are solely for the delivery of services. The cost of electric and natural gas, which are handled by other suppliers, are independent of BGE and the jurisdiction of the PSC.
In February, Baltimore Gas and Electric filed a request with the Public Service Commission for a rate increase on charges to customers for the delivery of gas and electric utilities. That increase would have increased rates by an average of 5% a year over the course of three years, totaling an increase of around $31 monthly by the end of that timespan.
