For Immediate Release
WILMINGTON, DEL. - Delmarva Power filed a plan with the Delaware Public Service Commission on December 1st that proposes to meet the company's long-term energy supply needs through a combination of energy efficiency measures, transmission system upgrades, renewable generation, and power purchased from the wholesale power market. The company was required to file such an "integrated resource plan" by legislation passed by the Delaware General Assembly in April, 2006.
Delmarva Power Regional President Gary Stockbridge said, "We believe the plan filed today, subject to the approval of the Delaware Public Service Commission, will enable us to get the best possible price for our customers by taking advantage of the full range of options available. Our hope is that energy supply diversity will help shield customers from price volatility in any one segment of the market and advance the efficiency and environmental goals of the legislation. If market conditions or our customers' energy supply needs change, we will adjust the plan accordingly."
In addition to requiring the development of the long-term plan, the legislation also required the company to seek bids for power from new generation resources located in Delaware. The company filed a Request for Proposals (RFP) last month that reflected an order from the Delaware PSC regarding maximum bid size, length of contracts, and other similar provisions.
Stockbridge said, "The plan gives us a framework against which to evaluate any bids that we receive through the ongoing RFP process. In both cases, our goal is to get the lowest possible price while limiting price volatility for our customers over the long term. We look forward to the results of the RFP and plan to incorporate any new information and adjust our plan should it be necessary."
The legislation calls for the Delaware Public Service Commission and several state agencies to review and approve the results of the RFP process by February 28, 2007.
Delmarva Power, a subsidiary of Pepco Holdings, Inc. (NYSE: POM), provides safe, reliable and affordable regulated electric and natural gas delivery services to more than one-half million customers in Delaware, Maryland, and Virginia.