For Immediate Release
NEWARK, Del. (Oct 18, 2016) - 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:
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.