Starting this Saturday (June 1) PPL Electric customers who use the company’s default electricity supply will see a decrease in their electricity costs.
This change impacts those who have not chosen a separate electricity provider and use PPL’s standard supply rate, known as the Price to Compare (PTC).
The PTC, which is updated every six months, allows customers to compare prices from different energy suppliers. It ensures that PPL Electric charges customers only what they pay for the electricity supply, with no extra profit added.
The upcoming adjustment will apply from June 1 to November 30, 2024.
Under the new rates, a typical residential customer using 1,000 kWh per month will notice more than a 9% drop in the supply part of their electricity bill. Small business customers will see a nearly 19% reduction in their supply costs.
Christine Martin, President of PPL Electric Utilities, says in a statement, “This decrease is good news for our customers. Through a competitive process, we’ve been able to secure an affordable energy supply for our customers who don’t shop for energy. We continue to work on making our operations more efficient to keep delivering electricity reliably and at reasonable prices.”
The new rates are as follows: residential customers will have a new default rate of 10.040 cents per kWh, resulting in a monthly decrease of about $9.77 in their bills. For small business customers, the rate will be 9.237 cents per kWh, saving them around $22.24 each month.
This reduction continues a trend from last year, which started on June 1, 2023. Since then, the Price to Compare has gone down by more than 17% for residential customers and nearly 21% for small business customers.
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