DAYTON, Ohio--(BUSINESS WIRE)--The Dayton Power and Light Company (DP&L), a subsidiary of The AES Corporation (NYSE: AES), announced today that the Public Utilities Commission of Ohio (PUCO) issued an opinion and order invalidating a critical part of DP&L’s previously approved October 2017 Electric Security Plan (ESP).
The 2017 ESP included language authorizing a three-year Distribution Modernization Rider (DMR), with the ability to continue the DMR for an additional two years at a level subject to PUCO approval. The ESP and DMR put DP&L on a path to achieve sustainable financial integrity while investing in projects to modernize our distribution infrastructure benefiting customers through the continued delivery of safe, reliable and affordable service. Today’s PUCO action directs DP&L to terminate the DMR.
“DP&L is disappointed with this decision because it negatively impacts our ability to move forward with investments in the distribution system that allow us to meet customer needs. DP&L customers deserve safe, reliable service and today’s order challenges our capacity to continue meeting those expectations. We will work with the PUCO to resolve their concerns to reach a constructive outcome that will allow DP&L to meet our customers’ expectations,” said Vince Parisi, DP&L President and CEO.
DP&L already maintains the lowest residential rates among Ohio’s investor owned utilities and some of the lowest residential rates in the country. Elimination of the distribution modernization charge stops the progress of DP&L’s successful strategy to transform its distribution grid, reduce its debt, and provide its customers the service quality and experience they expect of their electric utility.
DP&L had the next phase of its investment pending at the PUCO. The Company will continue to evaluate the ESP order to determine the full impact that today’s decision has on our ability to continue with this vital, long-term customer-focused modernization.
About The Dayton Power and Light Company
The Dayton Power and Light Company is the principal subsidiary of DPL Inc. (DPL), a regional energy provider and an AES company. DPL’s primary subsidiaries include The Dayton Power and Light Company, AES Ohio Generation, LLC (AES Ohio Gen), and Miami Valley Insurance Company (MVIC).The Dayton Power and Light Company, a regulated electric utility, provides service to more than 524,000 customers in West Central Ohio; AES Ohio Gen co-owns generation facilities; and MVIC, a captive insurance company, provides insurance services to DPL and its subsidiaries. For more information about the company, please visit www.dplinc.com. Connect with DP&L at www.twitter.com/dpltoday, www.linkedin.com/company/dayton-power-and-light, and at www.facebook.com/DPLToday.
About The AES Corporation
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 14 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2018 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.