I went online to pay my electric bill last night and Lo! and behold PP&L has set up the long-awaited "Phase In" program that I have reported on here in the past. Rather than mess up the details, I'm forwarding their words on the subject to you here:
Electricity prices will go up in 2010. That's because a rate cap on the generation charge portion of your bill is ending after 11 years, and the costs to generate electricity have risen steadily while the cap has been in place.
PPL Electric Utilities does not generate electricity and does not profit from the generation charge. The company must buy electricity in the open market. It passes those costs through to you without profit.
We understand higher generation prices in 2010 will not be easy for customers. Our new Phase-in payment option can help you adjust gradually to these higher costs.
How it works
By making advance payments in your bill each month, you put money aside starting in October 2008 and continuing through 2009. PPL Electric Utilities adds 6 percent interest. The money you pay, and the interest you earn, is used to offset a portion of your 2010 and 2011 electric bills.
Instead of one large increase in 2010, you'll have smaller increases spread over several years. And because of the interest you earn, you'll actually pay a little less overall over the life of the program than if you do not participate.
All residential customers, except those in our special OnTrack payment program, are eligible. Also eligible are small business customers on rate schedules GS-1, GS-3, GH-1R and GH-2(R), and street lighting customers on rate schedule SE. Payment and credit amounts are based on your average monthly electric use and rate schedule.
To learn more about the phase-in option, eligibility and other programs that can help, read our phase-in brochure or call us at 1-866-597-2010 during our special enrollment operating hours: Mon. - Fri., 8:00 a.m. to 7:00 p.m. and Sat., 8:00 a.m. to 5:00 p.m.
So there you have it. If you're a PP&L customer and are forward-thinking enough to want to offset the inevitable rate increases that we all know are coming with dregulation (thanks Harrisburg), then you might want to consider this option.