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BG&E Rate Hike After 11 Month Stabilization
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If you live in Maryland and buy power a company that has it generated by Baltimore Gas and Electric, on June 1st, 2007, the rate stabilization plan that was put into place a year ago, which capped the potential 72% increase to market rates at 15%, will end and consumers will have to choose one of two plans. The two choices are: 1) phase in the market rates through a 7 month program; 2) take it. As June approaches, BG&E has indicated they will send out more information.
If you don’t remember opting into the one year rate rate stabilization plan, that’s because everyone was required to participate and the difference (between market rates and the cap) was sold to a third party, a debt we’ll be paying off for the next ten years.
I believe you can get the latest from BG&E’s website but I’m unsure how often it is updated.
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What a nightmare waiting to happen. I can’t imagine the havoc this will wreck on many families budget, and right at the height of air conditioning season too. BGE was never cheap, and this big increase will hurt. Ultimately we’ll all learn to use our energy resources more wisely (if only to reduce our bills).
So, What is the actual BGE summer rate going to be? I’ve read that there is going to be a 50% increase, and that there is an optional 7 month deferral, but I haven’t seen it published anywhere what the actual rate and additional fees will be. I am revisiting switching to WGES and would like some hard numbers for comparison.
I am also curious about getting solar from Citizenre / Renu and potentially locking in a rate for a longer term, but assume that is going to take a few months to set up at least if my house is even eligible.
PS I also read an interesting article from the Green Party that alledges that BGE / Constellation “exports” most of the energy that they generate out-of-state at market rates, and then “imports” energy from outside the state to sell to MD customers and adds a markup onto that. I would be curious to know if that article checks out factually.