Starting July 1, PECO Energy Co will cut its summer electricity prices by 12% to 19% due to low natural gas prices. http://www.philly.com/philly/business/20120403_Peco_to_cut_summer_electricity_charges.html.
Andy Maykuth reports that the price declines "...are the latest evidence of how consumers are benefiting from record low prices for natural gas, which is used to generate electricity." Savings for residential customers in this most recent price reduction will be 12% and 19% for medium-sized commercial customers.
Twenty-seven percent of PECO's 1.6 million customers have shopped for electricity where they can buy wind or other renewable electricity, purchase longer term electricity contracts, or purchase possibly even lower-priced electricity than offered by PECO.
The decline in electricity prices and winter heating bills for gas customers since 2008, when shale gas supply boomed, now add up to approximately $1,000 per year for a family.