For Immediate Release
Robust Competition for Favorable Prices
WILMINGTON, DE - Delmarva Power, a subsidiary of Pepco Holdings, Inc. (NYSE: POM) has distributed a request for proposals to more than 20 wind power developers in an effort to meet its aggressive renewable energy requirements. Delmarva Power is seeking bids for renewable energy to serve Delmarva Power's nearly 300,000 customers in Delaware.
"We have received significant interest in this competitive process from developers across the industry," said Gary Stockbridge, President of Delmarva Power. "This shows that the market for wind power development is robust and should result in favorable prices for our customers."
Thus far in Delaware only one offshore wind proposal has been evaluated as a means of meeting Delmarva Power's Renewable Portfolio Standards, which require that 20 percent of its electricity supply be generated by renewable resources by the year 2019. The offshore proposal has been tabled.
Based on several sources, including a study by the Independent Consultant representing several State agencies, Delmarva Power believes it can save its Delaware customers more than $50 million each year, when compared to the existing 25-year proposal, through this competitive bidding process.
"We have a responsibility to provide all the benefits of renewable energy at the least cost to our customers," Stockbridge said. "We look forward to obtaining the expected savings and moving forward with contracts that will make Delaware one of the leading states in the nation to promote the use of renewable energy at the least cost."
Delmarva Power, a public utility owned by Pepco Holdings, Inc. (NYSE: POM), provides safe and reliable energy to nearly 500,000 electric delivery customers in Delaware, Maryland and 121,000 natural gas delivery customers in northern Delaware .