For Immediate Release
Pepco will distribute $25 million in bill credits to its nearly 250,000 customers in the District of Columbia as a result of an earlier legal settlement with Mirant Corp., the company that purchased Pepco's power plants in 2000.
Residential customers will receive a one-time credit of $16.84 on their April bills. Non-residential customers also will receive credits under a tariff change approved by the District Public Service Commission.
"This is the third time we have been able to provide our customers with bill credits as the result of the sale of our power plants," said Thomas Graham, President of the Pepco region.
A similar credit for Pepco's Maryland customers is awaiting approval by the state's Public Service Commission. A hearing on the issue is scheduled in May.
In 2001, Pepco customers were credited with a share of the profits from the sale of its power plants. The additional credit to be paid out this year is based on the same divestiture sharing formula originally approved by the two commissions.
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.