By Tyler Durden
Power prices in some parts of Pennsylvania are set to jump as much as 50% beginning this month, according to the Pennsylvania Public Utility Commission (PUC).
“Most Pennsylvania regulated electric utilities are adjusting the price they charge for the generation portion of customers’ bills on December 1 for non-shopping customers, also known as the ‘Price to Compare’ (PTC). The PTC averages 40% to 60% of the customer’s total utility bill. However, this percent varies by the utility and by the level of individual customer usage,” PUC said in a press release.
PUC lists power increases for residential customers. The most significant increase comes from Pike County Light & Power, which serves nearly 5,000 customers, is expected to raise power prices by 50%. The second highest is PPL Corporation, serving about 1.4 million customers in central and eastern parts of the state, which is expected to raise power prices by 26%.
- Citizens’ Electric, up from 6.9777 cents to 7.9476 cents per kWh (13.9%);
- Duquesne Light, up from 7.41 cents to 7.98 cents per kWh (7.7%);
- Met-Ed, up from 7.114 cents to 7.414 cents per kWh (4.2%);
- PECO, up from 6.597 cents to 7.021 cents per kWh (6.4%);
- Penelec, down from 6.761 cents to 6.507 cents per kWh (3.8%);
- Penn Power, down from 7.657 cents to 7.593 cents per kWh (less than 1%);
- PPL, up from 7.544 cents to 9.502 cents per kWh (26%);
- Pike County Light & Power, up from 6.5234 cents to 9.796 cents per kWh (50.2%);
- Wellsboro Electric, up from 7.2596 cents to 7.5051 cents per kWh (3.4%); and
- West Penn Power, up from 5.447 cents to 5.698 cents per kWh (4.6%);
A PUC spokesperson told Fox News that rising energy prices are due to “market forces.”
Many Pennsylvanians will be in for a sticker shock this winter as the Northern Hemisphere winter approaches. Customers are already stretched thin with soaring food, fuel, and shelter inflation. It’s a good thing Fed Chairman Jerome Powell told Congress on Tuesday that he would “retire” the “transitory” narrative to explain the inflationary environment that continues to crush the working poor.
We noted last week that Americans, already preparing for one of the darkest cold seasons in years, have been panic buying cords of firewood and stoves as they seek alternative methods to heat their homes to mitigate soaring power prices.
Persistent inflation this winter will continue to increase discontent for President Biden and could be favorable for Republicans ahead of midterm next year.
Source: ZeroHedge
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