After the controversial conduit contract between the City of Baltimore and Baltimore Gas and Elected was approved on Feb. 15, the utility company is seeking a rate increase from state’s Public Service Commission for electric and gas customers by an estimated 5% in a three-year period.

According to BGE, the average gas and electric customer’s monthly bills will increase by an average of $10.36 during the three-year proposal. The proposed rate increase is $243.1 million for 2024, a $180.3 million increase in 2025, and a $179 million increase in 2026, according to the utility company. If approved by the PSC, the rate increases would take effect Jan. 1, 2024.

In the filings, BGE outlined several different areas it planned to invest including boosting energy infrastructure, replacing outdated technology that could improve solar energy as well as shoring up the energy grid for extreme weather.

BGE said it plans to invest nearly $2.3 billion annually in the electric grid and natural gas system, and nearly $400 million total in electric vehicle and building efficiency programs. The investments will inject nearly $36 billion into the local economy, according to BGE, and support an estimated 72,000 jobs.