NEWARK, Del.--(BUSINESS WIRE)--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:
- $8 million for energy efficiency projects in an expansion of the Energy Efficiency Investment Fund program to large industrial and commercial customers in the Delmarva Power territory.
- $8 million for the current Energy Efficiency Investment Fund program for energy efficiency projects with 30 percent initially reserved for minorities, women, veterans, service disabled veterans and individuals with disabilities in the Delmarva territory.
- $2 million for energy efficiency projects for Delmarva Power residential customers, with a focus on low-income renters or those who may be living in public housing.
- $3 million to assist low-income customers who are behind on their bills.
- $6 million to the Delaware Economic Development Office to support economic development in a manner that encourages the expansion of natural gas and seeks to entice energy efficiency and renewable companies to expand in Delaware.
- A commitment to develop 5 megawatts of commercial renewable energy generation.
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.
Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company with the largest number of utility customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2015 revenue of $34.5 billion. Exelon’s six utilities deliver electricity and natural gas to approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 32,700 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Follow Exelon on Twitter @Exelon.