Electricity customers who are serviced by Metropolitan Edison Company (Met-Ed) are preparing to shop the competitive electricity market for the first time. On January 1, 2011 electric rates for Met Ed customers, that had previously been capped, will expire giving customers the option to stay on the Med Ed default supply price or shop the market for lower electric rates.
It is expected that Met Ed customers who compare electricity rate offers from electricity companies will be able to save money versus the Met-Ed default price to compare rates. Electricity shopping will result in lower electric bills for those electric customers who are able to lock in lower electric rates than the new Met Ed rates.
Met Ed residential customers should take the time to compare all electric offers. It is expected that some electric companies will offer residential Met Ed customers variable rates that fluctuate with market rates, while other electric companies will offer fixed electric rates for up to two years that will give households price protection. Other markets in Pennsylvania have seen low variable introductory rates followed by immediate spikes. Sometimes a slightly higher fixed electric rate will save you a lot more in the long run compared to a lower variable electric rate.
Met Ed commercial and industrial customers will be given a variety of electricity rate options. As Met Ed moves from a regulated environment to a competitive market, it will be extremely important that businesses take the time to educate themselves on all of their electricity supply options. The right choice can save them thousands on their electricity bills.