In a unanimous decision, the Maryland Public Service Commission has authorized a rate increase over three years of just under $408 million for Baltimore Gas and Electric Company’s multi-year rate plan (MYP), inclusive of both gas and electric service. For the first year of the multi-year plan, the Commission authorized the use of federal tax credits to partially offset the rate increases to customers in year one.

According to the commission, in February of this year, the company applied for an increase of $602 million, which it said was necessary to cover continued investments in the electric and gas distribution systems to sustain safe and reliable service and to increase system resilience in the face of Maryland’s increasing electrification goals.

Specifically, the application sought rate increases of more than $313 million for electric and just over $289 million for gas to be implemented over a three-year period starting January 1, 2024. BGE serves 1.3 million residential electric customers and 700,000 natural gas customers in Baltimore City and parts of 10 adjacent Maryland counties.

The approved rates will result in average year-one bill increases of $4.08 a month for residential electric customers and $10.43 per month for residential gas customers in 2024. Those average increases decline substantially in subsequent years, to 34 cents a month for electric and $2.80 a month for gas in year three.... Read More: FOX45