SMECO Reduces Energy Rates

12/23/2020 10:30:00 AM - by SMECO

For the second time this year, SMECO received approval for a decrease in the power supply rates that most members pay for their electric service. SMECO submitted a filing to the Maryland Public Service Commission to reduce its base energy charges for residential members as of December 1, 2020.

“This rate reduction will benefit many of our members who have been adversely affected by the economic impact of COVID-19,” said Sonja Cox, SMECO president and CEO. “Our winter rates will be 6.56 cents per kilowatt-hour (kWh), and with summer rates at 6.11 cents per kWh, our residential base rate will be the lowest it has been since 2005.”

In December, the bill for a residential member with 1,200 kWh of monthly energy use will be $10 less than last December and $20 less than it was five years ago. “This is the second rate reduction this year for our residential members,” Cox said. “The summer energy rates that went into effect in May had been reduced by 11 percent.” She added, “In addition to our rate reduction, most of our residential members had very low energy bills recently because of the mild weather, and lower bills are always good news.”

SMECO’s Standard Offer Service (SOS) rate is made up of the energy charge and the Power Cost Adjustment (PCA). SMECO’s base residential energy charges for summer will be reduced from 6.21 cents per kWh to 6.11 cents per kWh. Summer energy charges appear on bills rendered May through September. Base residential winter energy charges will be reduced from 6.74 cents per kWh to 6.56 cents per kWh.

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