Exelon Joins Gov. Christie in Announcing More Than $56 Million in Expanded Merger Benefits for Atlantic City Electric Customers
December 05 2016 - 10:13AM
Business Wire
Additional funding for economic development,
energy efficiency and assistance for customers in need approved by
New Jersey Board of Public Utilities
Atlantic City Electric and Exelon executives joined New Jersey
Gov. Chris Christie today to announce an additional $56 million in
benefits from the Pepco Holdings Inc. merger with Exelon in March
2016. The additional benefits, recently approved by the New Jersey
Board of Public Utilities (NJ BPU), bring the total benefits to
customers and the state to $126 million.
The expanded benefits include more funds to support energy
efficiency programs to help New Jersey customers save money,
workforce development initiatives to fund or expand job training,
and additional assistance to help residents in need pay their
utility bills.
“With this merger, we have combined the best customer and
operational practices in the utility industry,” said Chris Crane,
Exelon president and CEO. “We are able to offer customers and the
communities we serve more reliable energy delivery, innovative
programs and bill savings. We are also pleased to partner with
workforce development and community agencies in the economic
development of southern New Jersey.”
“A modern, efficient energy grid that is affordable for all of
our businesses and residents is an essential ingredient to a strong
and growing economy in New Jersey,” said Gov. Christie. “Through
their merger, Exelon and Atlantic City Electric are delivering on
their commitment to invest in our people and communities so that we
can continue making progress.”
“These new benefits will have a positive impact on individual
families, as well as communities and the local economy,” said Dave
Velazquez, Pepco Holdings president and CEO. “As part of the Exelon
family, Atlantic City Electric is stronger and better equipped to
power the communities it serves with reliable, affordable and
sustainable energy.”
As part of the merger approval, the order of the NJ BPU provided
that Exelon would increase the value of the state’s merger benefits
to make them commensurate with other jurisdictions that approved
the merger after New Jersey.
These additional benefits include:
- $7.5 million in spending on
energy-efficiency programs for ACE customers, in addition to the
$7.5 million in the original merger package, that in total have the
potential of creating up to $30 million in savings over the life of
the energy-efficiency measures.
- More than $6 million in Workforce
Development Initiatives to be paid in installments over six years
to develop, fund or expand job training and workforce development
efforts to help improve employment opportunities in ACE’s Southern
New Jersey service area.
- $4 million Helping Hands program for
low-income customer support to be provided over four years to the
Affordable Housing Alliance, NJ SHARES, Catholic Charities and
People for People Foundation.
- More than $22 million in additional
customer rate offsets beginning June 1, 2017.
- A one-time reduction of more than $16
million in the Non-Utility Generator Charge (NGC) and Uncollectible
deferred balances, which means customers did not receive a $2.06
per month increase in the NGC and Uncollectible rates that were
effective June 16, 2016, through May 31, 2017.
In addition to the new benefits approved October 31, 2016, ACE
customers are already experiencing benefits from the merger,
including new and higher standards for reliability, $62 million in
customer bill credits for all Atlantic City Electric customers and
more than $530,000 in charitable giving to local nonprofits.
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.
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