Pre-Payment Plan Now Available For Met-Ed, Penelec Customers, Earn 7.5% Interest

Metropolitan Edison and Pennsylvania Electric customers now have an opportunity to lower the amount they pay on future electric bills under a program recently approved by the Public Utility Commission.

 

The Voluntary Pre-payment Plan offers qualified residential and small business customers the option to gradually phase in future generation price increases by making modest pre-payments during 2009 and 2010, before rate caps expire on January 1, 2011.

 

These pre-payments earn 7.5 percent interest and will be applied as credits to lower monthly electric bills throughout 2011 and 2012.

 

"We have designed the Voluntary Pre-payment Plan so customers have a practical option that will help reduce the impact of potential price increases when generation rate caps expire," said Douglas S. Elliott, president of Pennsylvania Operations for FirstEnergy, parent company of Met-Ed and Penelec.

"While eligible customers are able to enroll any time until the end of December 2010, the sooner customers sign up, the more they will benefit by accumulating larger credits toward future bills," said Elliott.

 

Each month, customers who sign up for the plan pre-pay an amount equal to about 9.6 percent of their electric bill for 2009. In 2010, that amount will increase by an additional 9.6 percent - totaling approximately 20 percent. Pre-payments will earn 7.5 percent interest and be used to reduce customers' electric bills in 2011 and 2012.

 

Met-Ed serves 547,000 customers within 3,300 square miles of eastern and southeastern Pennsylvania. Penelec serves 585,000 customers within 17,600 square miles of northern and central Pennsylvania.

 

Customers can enroll in the plan by calling toll-free 1-866-283-8081 or by going online to PenelecorMet-Ed websites.