For Immediate Release
WASHINGTON, D.C. (May 3, 2018) – Pepco has filed with the Maryland Public Service Commission (PSC) a request for approval of a settlement agreement regarding Pepco's electric delivery rate request and the company's plan to pass along federal tax benefits to its Maryland customers.
Based on the settlement, which includes the impact of the federal tax reductions from the Tax Cut and Job Act, overall energy delivery rates will decrease. Specifically, the total monthly bill for a typical Maryland residential customer using 812 kilowatt hours of electricity would decrease by $1.64 or around 1.31 percent. In addition, the Company is providing a one-time bill credit related to the Tax Cut and Job Act benefits received since January 1, which is approximately $10.09 per residential customer. The settlement provides customers the benefits of the federal tax reduction as quickly as possible and efficiently resolves the pending requests.
"We are pleased to have reached this important agreement providing Pepco with the revenue necessary to allow us to continue to invest in the local energy system and to pass along important tax savings to customers across our Maryland service area," said Dave Velazquez, president and CEO of Pepco Holdings. "We appreciate the hard work and cooperation of all involved as we worked together on this effort."
Pepco filed its January 2018 rate request to help recover capital costs, including those costs necessary to build a smarter energy infrastructure. These efforts have resulted in the most reliable service in the company's history, as well as some of the fastest restoration times ever. During the past five years, the number of electric outages has decreased by 49 percent in Pepco's Maryland service area.
This Maryland agreement comes just days after Pepco filed with the District of Columbia Public Service Commission regarding agreements reached on the company's rate request and tax benefits plan for the District.
Pepco is constantly working to provide customers with valuable information about how to save money and energy, as well as information about programs and arrangements for customers who may be struggling with their energy costs. More information about these programs and initiatives is available at www.pepco.com.
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About Pepco: Pepco, a public utility owned by Exelon Corporation (NYSE: EXC), provides safe and reliable energy to more than 842,000 electric delivery customers in Maryland and the District of Columbia.