Residents who receive their electricity from Wellsboro Electric Co. will see a drop in their electricity bills this month after the Pennsylvania Public Utilities Commission approved a rate decrease, the Williamsport Sun-Gazette reports.

According to the news source, Wellsboro electric was given the go-ahead to lower its generation supply service rate by 6.5 percent in the first quarter of 2013. Customers will now pay 6.834 cents per kilowatt-hour, compared with the average 7.309 cents in the fourth quarter of 2012. This translates to an average monthly bill of about $62.60 for a customer who uses 500 kilowatt-hours of electricity per month – a 3.66 percent decrease.

Jeff Fetzer, vice president of communications for Wellsboro Electric, said the quarterly filing was a part of Pennsylvania Law.

“We have a quarterly filing and the generation charges are based on the price of power we have to purchase,” he said.

The lower prices are a part of a competitive energy market that has developed in Pennsylvania after an energy deregulation law was passed in 1995, which did away with monopolies and allowed residents to switch electricity providers.