For Immediate Release
For Immediate ReleaseNovember 24, 1999
Potomac Electric Power Company (NYSE: POM) today said the District of Columbia government has agreed to join with its major customers in a settlement agreement previously filed with the D.C. Public Service Commission that would allow the company to sell its power plants.
The settlement, which requires PSC approval, is similar to settlement agreements pending before the Maryland PSC.
The addition of the District as a settling party resolves any disagreements related to the operation of Pepco`s power plants and the continued provision of reliable electric service to the District after divestiture.
Once Pepco receives approval from both commissions, the company plans to sell its generating assets and purchase-power contracts in an open auction next year.
Pepco and its major customers, including the General Services Administration, the Washington Area Metropolitan Transit Authority and the Apartment and Office Building Association of Metropolitan Washington, filed a non-unanimous agreement with the D.C. PSC Nov. 8.
Under the pending agreement, customer choice of electricity suppliers could begin in the District with a pilot program Jan. 1, 2001, provided the Council of the District of Columbia enacts the necessary tax and enabling legislation by March 31, 2000. Customer choice begins July 1 in Maryland.
Point of Contact:Robert A. Dobkin