For Immediate Release
Pepco has asked the District of Columbia and Maryland Public Service Commissions for approval to distribute $48 million in bill credits to its 750,000 customers as a result of an earlier legal settlement with Mirant Corp., the company that purchased Pepco's power plants in 2000. This equates to $23 million for District customers and $25.1 million for Maryland customers.
If approved, the typical residential customer in Maryland would receive a one-time bill credit of $20. A typical residential customer in the District would receive a $16 credit.
In filings Friday with both commissions, Pepco also sought permission to fund a special account with money from the Mirant settlement to pay the above market cost of a power-purchase agreement that runs until 2021.
In 2001, Pepco customers were credited with a share of the profits from the sale of its power plants. The additional $48 million proposed credit is based on the same divestiture sharing formula originally approved.
Pepco, a subsidiary of Pepco Holdings, Inc. (NYSE: POM), delivers safe, reliable and affordable electric service to more than 750,000 customers in Maryland and the District of Columbia.