Vince Sorgi: Yes, that will come out through the CPCN process, so that will be resolved all at the same time to get, Durgesh.
Durgesh Chopra: Got it. Okay, perfect. Thank you so much. And go Eagles for 2024.
Vince Sorgi: Not an Eagle stand, but that’s okay.
Operator: The next question comes from Paul Patterson of Glenrock Associates. Please go ahead.
Vince Sorgi: Hey Paul.
Paul Patterson: Hey, how is it going? On the call, I think you were — in your prepared remarks, you were talking about like discussions with regulators about affordability and what have you. I was just wondering if you could give a little bit more color as to what they might be looking at and if you have a little bit more discussion about Kentucky and I guess, Pennsylvania, what you’re hearing there?
Vince Sorgi: Yes. So, some of the things that we were — we’ve been engaged in Pennsylvania, really with our — with the state legislature as well as our regulator, the PUC. Most significantly, Paul, we’ve requested to have customers return to the EDC, so right, the companies like PPL Electric and to return to our default rate when they come off the standard offer program as that’s where we’ve seen our customers gauge the most when they come off the standard offer plan. In some cases, our customers’ rates have increased by more than 300% in the months following, coming off the standard offer program. So, we — our recommendation was just to have folks once the standard offer program ends. If they hadn’t already signed up for a new plan that they would just default to our default rate, which would limit how much the price could increase as opposed to, like I said, this 300% or more, which we have seen some of our customers get it with.
We’ve also requested that suppliers provide detailed information about their agreements to our customers, both to the electric companies. So, again, companies like PPL Electric as well as the PUC, so that we can augment any supplier notifications and make sure that our customers understand some of these plans that they’re signing up for. We’ve also asked for tighter restrictions around introductory or teaser rates as well as variable rates. Again, our customers have been impacted significantly by some of those areas. So, overall, I would just say we’re really trying to see greater accountability with our suppliers.
Paul Patterson: Okay. That makes a lot of sense. This is kind of a problem that’s sort of plagued choice — retail choice jurisdictions around the country, I mean, if you look over the years, there are some places that are talking about actually limiting customer choice to more sophisticated customers. In other words, there just doesn’t seem to be a lot of value that’s being driven by these third-party providers in many cases. And is there any talk about that? And anywhere in any of the areas that you operate?
Vince Sorgi: I’m not seeing that yet, Paul. But again, so we’ve been engaged with our public officials over the last couple of years on trying to get some of these measures implemented, and they haven’t to-date, we are continuing to engage with them. I think, it’s more pronounced now with what we’ve seen with wholesale power prices and natural gas prices. So we will continue to engage on behalf of our customers to try to get these wholesale — or not the wholesale rates, but the rates that third-party suppliers are charging our customers. In many cases, as I said in my prepared remarks, customers are paying a lot more, even more than double our default rate. And you can go out on the PUC’s website and actually get prices that are even cheaper than our default rate.
