Friday, June 27, 2008
Maryland & Virginia Electricity Bill Increases
The Maryland Public Service Commission approved a 50% electricity rate increaese for the 1.1 million Baltimore Gas & Electric residential customers that went into effect on June 1, 2007.
Dominion Virgina Power is increasing rates for its customers 18 percent beginning on July 1, 2008. Rates for commercial customers will rise 20 to 44 percent depending on usage. The Virginia State Corporation Commission approved the Dominion rate increases.
Although the rate increases are mostly a result of botched deregulation (retail rates were frozen for about a decade in the hope that competition would take hold in the states - - it did not). Yet some are questioning the 'stranded cost' relief the utilities received that in the case of Dominion equals between $1 and $2 billion.