PSC Pauses Current Price Cap Reporting By Utilities; Development Of Reporting For New Price Caps Under Amended Law Left To Future Order

The Maryland PSC directed the electric utilities to pause the current reporting of the former price cap applicable to residential retail electric sales, in light of recent legislative changes, but did not at this time establish procedures for utilities to post the new price caps under the amended price cap law

As previously reported, an amended law in Maryland now provides that the price cap applicable residential electric products in Maryland is as follows: (1) 100% of the SOS rate for contracts not exceeding 23 months; (2) 105% of the SOS rate for contracts between 24 months to 35 months; and (3) 110% of the SOS rate for contracts up to 36 months (all caps are as of the date of the agreement with the customer)

The PSC said that it will provide instructions for electric utility reporting under the amended law at a later date

PSC Staff has convened stakeholders to update price cap reporting to align with the new law.

The prior price cap had been the trailing 12-month average standard offer service (SOS) rate

PC 64, PC64