PPL Electric said that the settlement agreement between the company and Public Utility Commission (PUC) staff, consumer and small business advocates, and other parties involved in the proceeding will go to the PUC commissioners for a final vote.
If the agreement is approved by the PUC, customers of PPL Electric Utilities could choose to make additional payments on their electric bills through the end of 2009, which will go into a separate account that will earn 6% interest paid by the company.
The additional payments will be added to customer bills each month as a fixed amount based on the customer’s average electricity use. The additional payments plus interest will be used in 2010 and 2011 to offset a portion of the increased generation charge.
PPL noted that customers will be able to leave the program at any time through the end of 2011 and get back the money in their account with interest.
