Baltimore Gas and Electric has filed a multi-year energy infrastructure investment plan with the Maryland Public Service Commission with enhancements to reliability, safety, and strength of Maryland’s electric and natural gas systems.
Between 2024 and 2026, BGE will invest about $2.3 billion in the region’s electric grid and natural gas system as well as $400 million in electric vehicle and building efficiency programs.
The Regional Economic Studies Institute of Towson University found that these investments will generate more than $8 billion in labor income, lead to $1.7 billion in tax revenue for the state, add $36 billion into the local economy, and create 72,000 jobs.
“Our customers, whether they are residential, small businesses, or industrial, are becoming more reliant on safe and reliable energy to power their lives and livelihoods,” said Carim Khouzami, BGE’s president and CEO. “At the same time, we are facing more and varied threats to the resiliency of our infrastructure, including cyber intrusions and more frequent severe weather brought by climate change.
Khouzami said BGE’s plan will lay the groundwork to better serve Marylanders’ energy needs.
“The energy infrastructure investments we make now will ensure we can continue to meet our customers’ needs and begin to lay the foundation for the state of Maryland to reach its goal of net zero emissions by 2045,” he said. “We have designed our plan to meet these challenges, while delivering the greatest impact possible to central Maryland through steady work for our suppliers and contractors and our continued community impact efforts.”
The infrastructure plan calls for supporting the reliability needs of customers and the growth of important economic development sites; installing smart equipment to detect and avoid future damage to the electric grid and reducing the amount and length of power outages; replacing outdated technologies, preparing the grid for extreme weather with continued tree trimming and vegetation management; cyber security enhancements to prevent and stop threats; replacing natural gas pipeline segments and installing over-pressurization protection equipment, while reducing greenhouse gas emissions.
The average residential BGE customer’s annual bill will increase by $10.36 or 5%. BGE says the investment costs will be spread over several years.
The public review process, which is led by PSC and allows public input, is expected to be approved in December of this year.
For additional information on BGE’s multi-year plan visit bge.com.
