For Immediate Release
WASHINGTON, D.C. - Pepco, a subsidiary of Pepco Holdings Inc., has invested hundreds of millions of dollars to improve service reliability in Maryland and today asked the Maryland Public Service Commission (PSC) to authorize a $43.3 million increase in base distribution rates to help pay for the reliability investments it has made.
If approved, this would mean a $4.80 per month, or 3.26 percent, increase on a typical residential customer's total bill. This equates to 16 cents a day in increased electric rates and a new average monthly bill of $152.16 for a typical residential customer. A PSC decision is anticipated in early July 2014.
"Pepco has been focused on meeting and exceeding our customers' expectations," said Donna Cooper, president, Pepco Region. "For more than three years, we have been working to upgrade our system and enhance the reliability of service for our customers. We are achieving that goal, and our work continues."
In 2012, Pepco met or exceeded all of the Service Quality and Reliability Standards prescribed by the Maryland Public Service Commission, and Pepco is on track to meet or exceed those standards in 2013. Customers are experiencing fewer outages, and the outages that do occur have shorter durations. Since 2010, the frequency of outages has improved by 38.5 percent, and the duration has improved by 40 percent.
Pepco expects further improvements as it continues its reliability work. From October 2012 through September 2013, Pepco has spent $238.5 million for its Maryland distribution construction program and plans to spend an additional $234 million in 2014.
"Because of this level of investments for our customers, today's filing is necessary for us to meet and exceed customer expectations and also meet the responsibilities to our investors. Although we had a rate decision this summer, we have continued investments. Today's request for a rate adjustment addresses work we have done since the last filing," Cooper said.
Pepco distributes electricity to 534,000 customers in Montgomery and Prince George's counties in Maryland and 262,000 customers in the District of Columbia.
Maryland Rate Filing Fact Sheet
Pepco, a subsidiary of Pepco Holdings, Inc. (NYSE: POM), delivers safe, reliable and affordable electric service to more than 793,000 customers in Maryland and the District of Columbia.