The Baltimore Gas and Electric Company (BGE) has been providing services to central Maryland for more than two centuries, offers natural gas, electricity and other utilities for business and residential customers. Maryalnd BGE service area includes Baltimore City and other smaller areas of central Maryland. It is a subsidiary of Exelon Corporation. It serves more than 1.2million electric and gas customers throughout the state. The company’s network comprises that spans approximately 7,100 miles power lines and a natural gas pipeline that covers around 4000 miles. It also has a customer service app that allows users to check their usage, report outages, and manage multiple accounts at once.
Maryland regulators approved a rider mechanism to recover gas infrastructure improvements rates in 2014. This plan allows BGE to charge annual surcharges in order to offset rate increases for approved spending. It has been estimated that the rider will recover approximately $24 million for BGE in the second phase of the program from 2019-2023.
On the gas side of things, BGE reported that average residential gas bills increased 23% over the previous year. In addition to the rise in gas rates BGE also reported that average residential electric bills are up by 9 percent. This is equivalent to a $3 increase in the average bill. This is the highest increase in at least 14 years.
The company also pointed out that the price of electricity in the Baltimore region has increased by 18.4 percent over the last year. This is due to the Russian invasion of Ukraine and the resulting rise in energy supply. Although the price increase is expected to continue but short-term relief is on the way.
With its Smart Energy Savers Program, the company is dedicated to improving the customer experience and efficiency. The program provides rebates to homeowners who make energy-efficient changes to their homes. This includes installing appliances that are energy star and a smart thermostat and other items. It has also offered rebates for installing an electric heat pump water heater.
The company has also put in a major effort to expand job opportunities to underserved communities. This effort includes establishing diverse workplaces for employees. In addition the company has spent more than $1.8 billion to improve the quality of its services. The company has also improved its regulation. It also launched an app for mobile devices that allows users to access their utility account information and pay their bill on the go. The company also provides financial assistance programs and suggestions to improve efficiency in energy use.
Finally, the company also has a strong credit rating. Fitch estimates that BGE has enough headroom to absorb forgone revenue increases.
BGE also spent money to improve its gas and electric distribution systems. The company has invested more than $570 million in rebates under its Smart Energy Savers program. It also has installed decorative murals on tanks across south Baltimore. The company has also upgraded approximately 37,000 poles. It has invested in about 15 overhead circuits and has installed a number of meters.
