For Immediate Release
For Immediate ReleaseJanuary 4, 2000
Pepco and its customers paid more than $144 million in taxes for the 1998 tax year, to seven Maryland counties, dozens of municipalities in Prince George's and Montgomery counties, and the state of Maryland. Next to the cost of fuel, taxes are the second highest component of a Pepco customer's electric bill. Federal, state and local taxes currently account for about 18 percent of a Maryland customer's bill.
Pepco was the single largest taxpayer in Prince George's, Montgomery and Charles counties, the jurisdictions in which three of Pepco's six power plants are located. These tax payments cover Pepco`s operating, real estate and personal property taxes as well as fuel/energy, gross receipts and sales and use taxes. These tax dollars contribute significantly to supporting public services in these jurisdictions. The following is a breakdown of the 1998 Maryland taxes paid:
Property Taxes (total) $67,200,161Prince George's County $31,225,233 Montgomery County 26,938,319 Charles County 7,748,778 St. Mary's County 82,790 Frederick County 29,833 Howard County 280,300Calvert County 165,393 25 Prince George's County Municipalities 618,982 3 Montgomery County Municipalities 110,533
County Fuel/Energy Taxes (total) $37,963,037 Prince George's County $22,350,391 Montgomery County 15,612,646
Maryland Sales and Use Taxes $17,246,783Maryland Gross Receipts Tax $22,335,240
GRAND TOTAL $144,745,221
Pepco provides electric service to about 473,000 residential and commercial customers in Maryland.
Pepco (NYSE:POM) is an investor-owned utility that provides electricity in Washington, D.C. and the Maryland suburbs, serving nearly 700,000 customers. Pepco, through its family of unregulated subsidiaries, also offers electric energy, natural gas, high-speed Internet access, local and long distance telephone, cable television and energy management services in the mid-Atlantic region.
Point of Contact:David L. Morehead