Last December we announced that the State had reached a settlement in the Exelon/Constellation Merger that included a number of benefits for ratepayers and for the public. One of those benefits included a $100 rate credit for BGE customers. Many customers have already seen that credit in their May bill. And just last month, the Maryland Public Service Commission approved new rates that are about 20% below their 2009 peak. While the rates vary depending on utility, most Marylanders will see reductions in their annual electricity bill averaging about $50 starting in June 2012.
But the settlement provides benefits to BGE ratepayers in a number of ways beyond the $100 credit on their bill. Over the next decade, Exelon will invest over $1 billion into Maryland's economy, create more than 6,000 jobs, and construct major new natural gas and renewable energy power facilities in Maryland that will enhance our energy independence and reduce price pressures for years to come.
As we enter the official start of the summer season, I encourage all Marylanders to take advantage of the rebates, grants and loans offered through EmPower Maryland by your utility and the Maryland Energy Administration. For no-cost ideas on how to further reduce your electric bill, check out the Maryland Energy Administration's 15 Tips. And to see the clean energy projects in your neighborhood, visit the Smart Energy Investment Map.