Pepco Holdings, Exelon Update District of Columbia Leaders on Merger Benefits
July 13 2016 - 1:00PM
Business Wire
First 100 days as a combined company has
already yielded millions of dollars in benefits to customers
Exelon and Pepco Holdings executives appeared before the Council
of the District of Columbia today to update District leaders on the
millions of dollars in benefits delivered to District residents in
the first 100 days since the completion of the merger.
At the hearing of the Business, Consumer and Regulatory Affairs
Committee, chaired by Councilmember Vincent Orange, Exelon and
Pepco Holdings executives spoke of the companies’ enhanced
commitment to solar and other forms of clean energy, customer bill
credits, improved reliability and charitable giving.
“Today, as promised, Pepco is a stronger, better resourced, and
more forward-looking utility because of the merger with Exelon,”
said Dave Velazquez, president and CEO, Pepco Holdings. “Our
customers in the District of Columbia have already begun to benefit
through bill credits, faster and easier solar installation and
through our new ability to share resources across all of the Exelon
utilities responding more quickly to storms and outages.”
“Together as one company, we are playing a vital role as a
leader in our industry and in the District, providing important
economic, community and customer service benefits to Pepco
customers,” said Chris Crane, president and CEO, Exelon. “Our focus
remains on operational excellence, environmental sustainability,
customer service and support for the communities we serve.”
Merger benefits delivered to District customers in the last
three months include:
- Affordability assistance, including $14
million for a one-time direct bill credit – $54.59 per residential
customer in the District and $25 million set aside to absorb rate
increases
- One-time elimination of residential
customer unpaid bills more than two years past due
- Faster and easier solar
installations
During the next 10 years, the merger will also deliver $51
million in savings that will be passed on to District customers
through rates lower than they would be without the merger, and more
than $8 million per year, every year thereafter.
Other forthcoming merger benefits for the District of Columbia.
include:
- Higher reliability performance, with
fewer and shorter power outages for customers, with significant
financial penalties if the goals are not met.
- $19 million in contributions over 10
years to nonprofit organizations that serve District residents
- $11.25 million for energy efficiency
programs, with an emphasis on low-income households
- More than $5 million for District
workforce development programs
- Development of 7 megawatts of solar
energy in the District
- $5 million in loans for development of
renewable energy
- $21.55 million directed to electric
grid modernization projects
- Our ongoing promise to deliver
workforce and supplier diversity.
In addition, as a result of the merger, Pepco has improved the
way it assists customers and contractors in navigating through the
process of installing home-based generation, including solar, and
connecting it to the electric grid. Under the company’s ‘Green
Power Connection’ brand, a dedicated team of Pepco professionals
work directly with customers to ensure a seamless experience. The
new online portal at pepco.com/gpc streamlines the application
process and provides customers and contractors new tools and
information.
The full text of the prepared testimony, along with other
information, is available at www.PHItomorrow.com.
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