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PSC Moves To Implement New Statutory Price Cap
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The Maryland PSC has begun implementing the price cap applicable to residential retail energy contracts under SB 1
As previously reported, effective as of January 1, 2025, retail energy suppliers may not offer a contract that exceeds the trailing 12–month average of
the utility's standard offer service (or default gas service) rate in the utility's service territory as of the date of the agreement with the
customer. This price cap does not apply to green power plans, which are defined in the bill and which are subject to a different price cap. The price cap does not apply to municipal aggregation
The PSC directed each utility to (1) calculate the trailing 12-month average SOS and gas commodity rate as those rates appear on customers' bills during the prior 12 months (2) submit its calculated 12-month trailing average, as well as its monthly updated 12-month average, to the PSC (3) post these rolling average rates in a "prominent location" on its website that retail suppliers can easily access
Utilities were ordered to comply with these provisions by October 1, 2024, "to allow retail suppliers multiple months of data prior to the effective dates of the price caps."
Furthermore, the PSC ordered each utility to report the earliest date each month by which that utility can post on its website its 12-month trailing average (e.g. the 5th of the month through the 4th of the following month). Based on these filings, the Commission will determine the appropriate date for monthly reporting
Public Conference 64 (PC 64)
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July 23, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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