Pepco Credits Plant Sale Profits to D.C. Customers
Thursday, October 18, 2001
For Immediate Release
October 18, 2001
Potomac Electric Power Company soon will distribute $51.9 million in bill credits to its 220,000 customers in the District of Columbia. The credits are part of the customers` share of the profits from the sale of Pepco`s power plants.
Residential customers will receive a one-time credit of $75.39 on their first bill after Oct. 22, the equivalent of about six weeks` electric service for the average customer. Commercial customers will receive credits based on electric usage over a 12-month period ending March 31, 2001.
"With customer choice now available, Pepco customers not only have the opportunity to shop for the best price and services, they benefit from lower electric rates and now a significant bill credit," said Group Vice President Robert C. Grantley.
The $51.9 million in bill credits are in addition to $146 million that Pepco`s D.C. customers were relieved of having to pay to reimburse the company for past energy conservation costs. It brings total monetary benefits to more than $196 million for D.C. customers through Pepco`s plant-divestiture sharing plan.
Pepco`s Maryland customers received comparable benefits earlier this year.
Customers also are benefiting from a four-year, 7 percent reduction in Pepco`s electric rates that began with the onset of electricity deregulation in the District on Jan. 1, 2001, and in Maryland on July 1, 2000. Pepco received permission to sell its major power plants and agreed to share the net proceeds from the sale with customers.
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