DP&L Reaches Settlement in the Electric Security Plan Case with Thirteen Parties & Support of the Public Utilities Commission...
March 14 2017 - 6:00AM
Business Wire
The Dayton Power and Light Company (DP&L), a subsidiary of
The AES Corporation (NYSE:AES), filed an amended stipulation
(Stipulation) to its Electric Security Plan (ESP) with the Public
Utilities Commission of Ohio (PUCO). The proposed settlement
reflects broad support from thirteen parties and the PUCO’s staff,
as well as interests of residential, commercial, industrial and
low-income customers. The stipulation allows DP&L and its
parent, DPL Inc., the opportunity to achieve an investment grade
credit rating and modernize its distribution infrastructure in
order to continue providing customers safe, stable and reliable
service.
To permit additional time for submission of testimony by
parties, the PUCO has granted an extension of the hearing date to
April 3, 2017. A final decision by the PUCO is anticipated
mid-year. If the PUCO agrees to the proposed settlement, the
average residential customer in the DP&L service territory,
using 1,000 kWh on DP&L's Standard Service Offer, can expect a
monthly bill decrease of ($0.25).
“The proposed settlement represents a compromise among the
parties, while allowing DP&L an opportunity to achieve an
investment grade credit rating,” said DP&L President and CEO,
Tom Raga. “For over a century, we have proudly served the customers
in our service territory. The settlement benefits our customers by
positioning us to modernize our distribution infrastructure and at
the end of the term, provide a path for future growth
opportunities.”
The stipulation includes a three-year Distribution Modernization
Rider (DMR) set at $105 million per year that could be extended by
the PUCO for an additional two years. The DMR will be dedicated to
continuing DPL Inc. and DP&L’s debt repayment plan.
A copy of the filed settlement is available
at http://dis.puc.state.oh.us/CaseRecord.aspx?CaseNo=16-0395.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. These statements include, but are not limited
to, statements regarding management’s intents, beliefs and current
expectations and typically contain, but are not limited to, the
terms “anticipate,” “potential,” “expect,” “forecast,” “target,”
“will,” “would,” “intend,” “believe,” “project,” “estimate,” “plan”
and similar words. Such forward-looking statements include, but are
not limited to, the occurrence, timing and effect of events related
to the regulatory settlement, strategic objectives, business
prospects, anticipated economic performance and financial
condition, management’s expectations and other similar matters.
Forward-looking statements are not intended to be a guarantee of
future results, but instead constitute current expectations based
on reasonable assumptions. Forecasted financial information is
based on certain material assumptions. These assumptions include,
but are not limited to, timing of events, accurate projections of
market conditions and regulatory rates, future interest rates,
commodity prices, continued normal levels of operating performance
and electricity volume at distribution companies and operational
performance at generation businesses consistent with historical
levels, as well as achievements of planned productivity
improvements and incremental growth investments at normalized
investment levels and expected rates of return.
Actual results could differ materially from those projected in
our forward-looking statements due to risks, uncertainties and
other factors. Important factors that could affect actual results
are discussed in DPL’s and DP&L’s filings with the Securities
and Exchange Commission, including, but not limited to, the risks
discussed under Item 1A “Risk Factors” in DPL’s and DP&L’s 2016
Annual Report on Form 10-K. Readers are encouraged to read DPL’s
and DP&L’s filings to learn more about the risk factors
associated with DPL’s and DP&L’s businesses. DPL and DP&L
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Any security holder who desires copies of DPL or
DP&L’s periodic reports filed with the Securities and Exchange
Commission may obtain copies (excluding Exhibits) without charge by
addressing a request to the Office of the Secretary, DPL Inc., 1065
Woodman Drive, Dayton, Ohio 45432. Exhibits also may be requested,
but a charge equal to the reproduction cost thereof will be made.
Copies of such reports also may be obtained by visiting DPL’s
website at www.dplinc.com.
About The Dayton Power and Light Company and The AES
Corporation
The Dayton Power and Light Company is the principal subsidiary
of DPL Inc. (DPL), a regional energy provider and an AES company.
DPL’s other significant subsidiaries include AES Ohio Generation,
LLC (AES Ohio Gen), Miami Valley Insurance Company (MVIC), and
Miami Valley Lighting, LLC (MVLt). The Dayton Power and Light
Company, a regulated electric utility, provides service to over
515,000 customers in West Central Ohio; AES Ohio Gen engages in the
operation of merchant peaking generation facilities; MVIC, a
captive insurance company, provides insurance services to DPL and
its subsidiaries, and MVLt maintains outdoor lighting to
governments and businesses. DPL, through its subsidiaries, owns and
operates approximately 3,000 megawatts of generation capacity, of
which 2,000 megawatts are coal-fired units and 1,000 megawatts are
solar, natural gas, battery storage and diesel peaking units. 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.
The AES Corporation (NYSE: AES) is a Fortune 200 global power
company. We provide affordable, sustainable energy to 17 countries
through our diverse portfolio of distribution businesses as well as
thermal and renewable generation facilities. Our workforce of
19,000 people is committed to operational excellence and meeting
the world’s changing power needs. Our 2016 revenues were $14
billion and we own and manage $36 billion in total assets. To learn
more, please visit www.aes.com. Follow AES on Twitter
@TheAESCorp.
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The Dayton Power and Light CompanyMary Ann Kabel,
937-224-5940
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