Maryland Public Service Commission Approves BGE's Multi-Year Rate Hike

The Maryland Public Service Commission has authorized Baltimore Gas and Electric's multi-year rate plan, which includes a rate increase over three years totaling nearly $408 million. The approved rates will result in average year-one bill increases of $4.08 per month for residential electric customers and $10.43 per month for residential gas customers in 2024. The increases will decline in subsequent years, reaching 34 cents per month for electric and $2.80 per month for gas in year three. The use of federal tax credits will partially offset the rate increases in year one. BGE has expressed appreciation for the decision and stated that it will continue to engage with stakeholders to ensure transparency and clarity in implementing the plan.