Your electric bill will likely be a bit bigger starting this month.
The cost of PECO-supplied electricity jumped 21.5 percent Monday and will remain at the new rate through the end of 2012, Philly.com reported. That amounts to an increase of $13.95 a month for a customer using 750-kilowatt hours, the site calculated.
The new rate stems from an increased cost of 8.64 cents to 10.5 cents per kilowatt-hour for electricity generation. The rates will not increase distribution charges, and will not affect the approximately 30 percent of PECO customers who have made the switch to competing suppliers since the industry was deregulated last year.
However, new customers of alternative suppliers should check with their company as well to see if there are any scheduled increases. PECO officials have previously stated that the company generates almost all of its revenue through distribution charges and purchases electricity in a marketplace.
A PECO spokeswoman told CBS3 that prices fluctuate quarterly, depending on factors such as changes in commodity costs and under collections from previous quarters. When the rate is again reevaluated for Jan. 1, the rate should drop below 9 cents, PECO said.
To find out about how to switch to a different energy supplier, visit http://www.papowerswitch.com/.