An electrical substation and a high-voltage electric line. Photo courtesy U.S. Department of Energy.
Power prices are rising and poised to rise further in the wholesale power market, known as PJM, that includes Maryland, with a vigorous debate over the root causes. As a result of this shift in the wholesale market, the Office of People’s Counsel is forecasting a nearly 20% retail bill increase for Baltimore customers next year. This projection assumes that these wholesale prices will more or less automatically pass through to retail customers.
Which is interesting because, as an energy professional myself, I know of at least one customer who will not see any price increase at all as a result of all the recent power-market drama: Me.
The wholesale energy markets can be a roller coaster. But there is no reason for residential customers to get on that ride unless they choose to. For now, customers can and should consider locking in a retail rate that gets them through the next couple of years.