Utility Rates Drop Again Thanks to Marcellus Drilling
Natural gas drilling is continuing to provide significant savings for Pennsylvania families across the state through lower electricity and natural gas prices.
Last week, PPL Electric Utilities, servicing eastern Pennsylvania, dropped its residential rates nearly 11 percent. As the Philadelphia Inquirer explains, customers using 1,000 kWh a month will save $8.84. That's an extra $106 a year!
Southeastern counties serviced by UGI Utilities will see even lower natural gas bills. On the tail of its 13.5 percent rate reduction for residents in December, the company announced another 4.3 percent drop this week. All in all, UGI estimates its 570,000 customers are saving $300 million annually compared to gas prices in 2008, an average of $526 each.
Additionally, residential customers using Philadelphia Gas Works just saw prices fall by 6.6 percent this week, which it credits to the abundance of natural gas drilling.
Who are We?
The Commonwealth Foundation is Pennsylvania's free-market think tank. The Commonwealth Foundation crafts free-market policies, convinces Pennsylvanians of their benefits, and counters attacks on liberty.