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Electricity Rates in PA Will Skyrocket in 2010

By matt carter ⋅ June 13, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

Rate caps that have been regulating the cost of electricity in Pennsylvania will start coming off in 2010 and experts say your electric rates could skyrocket by as much as 75 percent.

Governor Ed Rendell’s energy independence plan, which he thinks would avoid these rate hikes, has been stalled in the PA Senate for the past year and a half.  It has already passed the state House, but Rendell believes that the utility companies have blocked its passage in the state Senate.

“They have put out a prospectus out to their shareholders, saying that when rates come off, their profits will almost triple,” he said. “They’re tripling on your back.”

Rendell also blamed the Republican State Senate saying these legislators are blocking passage of his legislation. He says they’re not being malevolent - they simply have a different point of view.

But the bottom line is it’s going to cost taxpayers, rate-payers a lot of money in the years to come. Rendell says his plan will save $10 billion if it becomes law.

Tags: energy, Pennsylvania, policy, rendell