Agreement promotes delivery of safe,
reliable & affordable power to West
Virginia customers
FAIRMONT, W.Va., Jan. 23,
2024 /PRNewswire/ -- Mon Power and Potomac Edison,
subsidiaries of FirstEnergy Corp. (NYSE: FE), have filed a
settlement agreement with the West Virginia Public Service
Commission (PSC) that would resolve its base rate review proceeding
and support the companies' continued focus on delivering safe,
reliable and affordable power.
Parties to the rate review settlement include staff of the
Public Service Commission of West
Virginia, the Consumer Advocate Division of the Commission,
the West Virginia Energy Users Group, Longview Power, LLC, West Virginia Citizen
Action Group, Solar United Neighbors and Energy Efficient West
Virginia.
Jim Myers, President of
FirstEnergy's West Virginia Operations: "We're pleased to
have reached an agreement that supports our important investments
that strengthen the energy grid, funds reliability programs
targeting rural communities and offers additional assistance to our
customers facing financial hardship. We consistently explore
avenues for settling cases to streamline processes and minimize
expenses for the state and stakeholders."
Mon Power and Potomac Edison have grown significantly in the
nine years since their last base rate review, now serving
approximately 550,000 customers in West
Virginia – 25,000 more than it did in 2014. In that time,
the companies collectively invested more than $1 billion to enhance and maintain the
distribution, transmission and generation systems.
If approved by the PSC, the $105
million rate adjustment agreement supports:
- Investments that have helped create a more reliable and
resilient electric system for FirstEnergy's customers in West
Virginia.
- An Infrastructure Investment Pilot Program to enhance
reliability in rural areas by funding specific, targeted projects
such as the construction of lines that provide alternative sources
of power from different circuits.
- The launch of an Energy Assistance Outreach Team to enhance the
company's ongoing efforts to increase awareness, education and
participation in energy assistance programs available to eligible,
low-income customers, as well as financial assistance for health
and safety improvements.
- Recovery of costs incurred by Mon Power and Potomac Edison from
the impact of major storms.
- Depreciation rate changes to cover h costs associated with
distribution and transmission facilities and Mon Power's
West Virginia generating plants.
Depreciation rates were last updated in May 2007.
- Recommendations made in the performance management audit
completed at the end of 2023.
The agreement filed on January 23
will be considered by the Commission. If the settlement is
approved, the monthly bill for an average residential customer
using 1,000 kilowatt hours per month would increase by 8% or
$9.94 beginning March 27, 2024.
The settlement agreement also requests that the Commission
decide on a revision to the companies' Net Energy Metering Rider
that would adjust the amount customers are credited for the energy
they generate.
Rising energy costs may cause concern for customers. To help
them manage their bills, Mon Power and Potomac Edison offer budget
plans, special payment plans and access to energy assistance
programs. To apply or learn more about other utility bill
assistance programs, customers are encouraged to visit
firstenergycorp.com/billassist or contact customer service at
1-800-686-0022 (Mon Power) and 1-800-686-0011 (Potomac
Edison).
Investor Note: For additional information on the filing,
visit the new IR - Regulatory Corner in the "Investor Materials"
section of the FirstEnergy website at
https://investors.firstenergycorp.com.
Mon Power serves about 395,000 customers in 34 West Virginia counties. Follow Mon Power at
mon-power.com, on X, formerly known as Twitter, @MonPowerWV, and on
Facebook at facebook.com/MonPowerWV.
Potomac Edison serves about 285,000 customers in seven counties
in Maryland and 155,000 customers
in the Eastern Panhandle of West
Virginia. Follow Potomac Edison at potomacedison.com, on X
@PotomacEdison and on Facebook at
facebook.com/PotomacEdison.
FirstEnergy is dedicated to integrity, safety, reliability and
operational excellence. Its electric distribution companies form
one of the nation's largest investor-owned electric systems,
serving more than six million customers in Ohio, Pennsylvania, New
Jersey, West Virginia,
Maryland and New York. The company's transmission
subsidiaries operate more than 24,000 miles of transmission lines
that connect the Midwest and Mid-Atlantic regions.
Follow FirstEnergy online at firstenergycorp.com and on X,
@firstenergycorp.
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SOURCE FirstEnergy Corp.