EASTON, MD - Residents in Easton may soon find themselves grappling with higher electricity and gas bills as Easton Utilities proposes an increase in rates. If approved, this change could translate to an average monthly rise of $24 for electricity and $7 for gas, contingent on individual home sizes and usage patterns.
The utility company attributes the proposed rate hike to the surge in supply chain costs, encompassing essential components such as transformers, wires, poles, and meters. Steve Ochse, Senior Vice President and Chief Financial Officer at Easton Utilities, emphasized that the spike in costs is a consequence of the broader economic trend of inflation.
"Like everybody, we've experienced inflation, the hyperinflation over the last three years. Inflation has impacted everybody—our customers and fellow businesses. This rate case is necessary because we have to recoup this extra cost," explained Ochse.
The last time rates increased was in 2020 with a small increase then. "Since then, hyperinflation has occurred, and we're experiencing losses in our operations sustained last year. We're forecasting it for this year, but we can't continue to do that and still provide the incredible customer service that we do—the reliability that is second to none. We remain competitive with surrounding utilities. Even with a 100% rate increase, which we know we will not get, we will still be less than the surrounding utilities," added Ochse.
Pending approval by the Public Service Commission of Maryland, Easton residents could witness these increases reflected in their monthly bills as early as this spring.