$27.1 Million in New Merger Benefits Approved for Delmarva Power Customers and the Public
October 18 2016 - 4:33PM
Business Wire
Additional funding for energy efficiency,
economic development and low-income customer assistance approved by
Delaware regulators
Delmarva Power residential and business customers will gain an
additional $27.1 million in benefits from the company’s completed
merger with Exelon under a decision by state regulators, bringing
the total value of benefits to more than $72 million.
The additional benefits in Delaware include more funds to
support energy efficiency programs to help customers save money,
economic development initiatives to spark business growth and
assistance for low-income residents in paying their utility
bills.
“These new benefits will have a positive impact on customers,
communities and the economy,” said Pepco Holdings President Dave
Velazquez. “As part of the Exelon family, Delmarva Power - led by
Region President Gary Stockbridge - is stronger and better equipped
to power the business community with reliable, affordable and
sustainable energy. And this is on top of the previously
agreed-upon package of merger benefits.”
“Through the merger, we’re bringing a higher level of
performance and innovation to customers and the communities we
serve,” said Chris Crane, president and CEO, Exelon. “The
additional benefits in Delaware are further proof that we will
deliver on our commitments, and that together we can deliver a
leading-edge, modern energy system for our customers.”
Today’s order from the Delaware Public Service Commission
provides $27.1 million in benefits to Delmarva Power customers and
the public, in addition to the more than $45 million in benefits in
the original merger package.
As part of the approval of the merger, Exelon, Delmarva Power
and other parties including the Staff of the Public Service
Commission, the Division of Public Advocate, and the Division of
Natural Resources and Environmental Control agreed to increase the
value of the state’s merger benefits to make them commensurate with
other jurisdictions. The Public Service Commission approved that
agreement, and the additional benefits announced today are the
result.
The specific benefits approved today include:
- $8 million for energy efficiency
projects in an expansion of the Energy Efficiency Investment Fund
program to large industrial and commercial customers in the
Delmarva Power territory.
- $8 million for the current Energy
Efficiency Investment Fund program for energy efficiency projects
with 30 percent initially reserved for minorities, women, veterans,
service disabled veterans and individuals with disabilities in the
Delmarva territory.
- $2 million for energy efficiency
projects for Delmarva Power residential customers, with a focus on
low-income renters or those who may be living in public
housing.
- $3 million to assist low-income
customers who are behind on their bills.
- $6 million to the Delaware Economic
Development Office to support economic development in a manner that
encourages the expansion of natural gas and seeks to entice energy
efficiency and renewable companies to expand in Delaware.
- A commitment to develop 5 megawatts of
commercial renewable energy generation.
In addition to the new benefits approved today, Delmarva Power
customers are already experiencing other benefits from the merger,
including new and higher standards for reliability, nearly $40
million in residential customer bill credits, and charitable giving
to local nonprofits that serve Delaware communities. Other benefits
previously agreed to in Delaware include $2 million for workforce
development, $2 million for energy efficiency, $1 million in
forgiveness of past due residential customer bills and a faster and
easier process for customers to install solar power.
More information is available at www.PHItomorrow.com.
Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company
with the largest number of utility customers in the U.S. Exelon
does business in 48 states, the District of Columbia and Canada and
had 2015 revenue of $34.5 billion. Exelon’s six utilities deliver
electricity and natural gas to approximately 10 million customers
in Delaware, the District of Columbia, Illinois, Maryland, New
Jersey and Pennsylvania through its Atlantic City Electric, BGE,
ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one
of the largest competitive U.S. power generators, with more than
32,700 megawatts of nuclear, gas, wind, solar and hydroelectric
generating capacity comprising one of the nation’s cleanest and
lowest-cost power generation fleets. The company’s Constellation
business unit provides energy products and services to
approximately 2.5 million residential, public sector and business
customers, including more than two-thirds of the Fortune 100.
Follow Exelon on Twitter @Exelon.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161018006725/en/
ExelonPaul Adams312-394-7417orPepco HoldingsVincent
Morris202-872-2991
Exelon (NYSE:EXC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exelon (NYSE:EXC)
Historical Stock Chart
From Apr 2023 to Apr 2024