PHILADELPHIA (WPVI) — PECO announced Thursday it has withdrawn its proposal to raise electric and natural gas rates for next year.<\/p>\n
In a statement, the electric company said, “We recognize that families and businesses across southeastern Pennsylvania are under real financial strain from rising everyday costs, and keeping bills as low as possible must be the priority right now.”<\/p>\n
PECO proposed the rate hikes in late March.<\/p>\n
The company suggested a 12.5% bump for electric service and an 11.4% increase for natural gas starting in 2027. The company said that would equate to about $20 more a month for electric and $14.50 more a month for gas.<\/p>\n
PECO said it initially proposed the rate hike to cover infrastructure improvements. The company explained the filings were intended to support near and long-term electric and natural gas modernization.<\/p>\n
But the company now says, “After listening closely to customers, community partners, and leaders from across the region… PECO has made a timing-based decision to withdraw our electric and natural gas rate review filings. This decision reflects our commitment to affordability while continuing to deliver safe, reliable service and maintaining strong engagement with the Pennsylvania Public Utility Commission.”<\/p>\n
Action News spoke with Pennsylvania Governor Josh Shapiro, who said he was against the rate hikes. He made that known to PECO.<\/p>\n
“Every utility should be on notice this is not a time to be raising rates on customers in Pennsylvania,” Gov. Shapiro said.<\/p>\n
Reacting to Thursday’s announcement, he added, “I appreciate that they heard us on that and withdrew their case today and didn’t raise rates on consumers.”<\/p>\n
Larry Anastasi is the president and business manager of IBEW Local 614, which represents about 1,500 PECO employees. He said his union filed against PECO’s 2025 rate increase. It was also planning to file against the proposed 2027 increase.<\/p>\n
“How is it that they even could have considered filing for a rate increase?” Anastasi questioned.<\/p>\n
“A lot more regulation needs to be done in Harrisburg,” he added. “There needs to be way more looking into the spending that they are doing right now.”<\/p>\n
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