Maryland Public Service Commission Approves BGE's $408 Million Rate Hike

The Maryland Public Service Commission has approved a rate increase of nearly $408 million for Baltimore Gas and Electric Company's multi-year rate plan, covering both gas and electric services. The approved rates will result in average bill increases of $4.08 per month for residential electric customers and $10.43 per month for residential gas customers in 2024, with smaller increases in subsequent years. The Commission also expressed concerns about a new conduit agreement between BGE and Baltimore City, which may impose future burdens on ratepayers. The agreement will be subject to ongoing prudence reviews, and the Commission will require a cost analysis in every rate case until the contract costs are fully recovered. Other issues addressed include the denial of a request to terminate the multi-year rate plan and the rejection of proposed performance incentive mechanisms by BGE.