Objections are likely.
Taking its first step toward competition, Peco Energy Co. will ask the Public Utility Commission today to trim consumer bills by an average 2.9 percent. Because ratepayers would be required to pay off the bonds, they would not realize the full benefits of competition for nearly a decade. Peco spokesman Neil McDermott declined to comment until a news conference scheduled for this morning. Despite Peco's promise to cut rates, its proposal is likely to generate opposition from business groups and consumer advocates who want bigger cuts as a result of the deregulation bill signed by Gov. Ridge last month. Peco's rates are about 50 percent above the national average.