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For Immediate Release
Funds Will be Credited to August Bills
Pepco today announced that it will distribute $39 million in bill credits to its 500,000 Maryland customers as a result of an earlier legal settlement with Mirant Corp., the company that purchased Pepco's power plants in 2000.
Residential customers who use an average 1,000 kWh of electricity a month will receive a one-time credit of $30.36 on their August bills. The exact amount will depend on their usage. Non-residential customers also will receive credits under a tariff change approved by the Maryland Public Service Commission on July 2.
"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.
In 2001, all 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 to Pepco's Maryland customers is based on a settlement that was recently approved by the Maryland Public Service Commission.
Pepco's District of Columbia customers received a similar credit in March following approval by the D.C. Public Service Commission.
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.