Delmarva Power customers to see $27 million for energy efficiency and economic development from Exelon
Written By: Stratton Report
October 18, 2016
On October 18, Exelon announced that as part of its merger with Delmarva Power parent Pepco Holdings, the utility’s residential and business customers will be granted an additional $27.1 million in benefits decision by state regulators.
According to Exelon, 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.
Pepco Holdings President Dave Velazquez remarked: “These new benefits will have a positive impact on customers, communities and the economy. 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.”
Chris Crane, president and CEO, Exelon commented:
“Through the merger, we’re bringing a higher level of performance and innovation to customers and the communities we serve. 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.”
The order from the Delaware Public Service Commission provided $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 are the result.