BGE proposes gas, electric rate hikes starting in 2024

Baltimore Gas and Electric Co. has proposed to raise residential utility rates by an average of 5% annually from 2024 through 2026 in order to cover the cost of additional infrastructure projects. BGE, a subsidiary of Chicago-based Exelon Corp. (NYSE: EXC), filed the multi-year plan with the Maryland Public Service Commission (PSC) on Friday. The filing outlines how the company plans to spend more than $6.9 billion over the course of three years to make its service more reliable and lay the groundwork for fewer carbon emissions. Much of that spending has already been approved by the PSC, but a spokesperson said BGE is seeking approval for roughly $600 million of that $6.9 billion in projects, which would be funded by the rate hikes. That figure includes $313 million for projects related to electricity service and $289 million for natural gas projects.