Customers will continue to pay the
lowest electric rates among state's investor-owned regulated
electric companies
WILLIAMSPORT, Md., Oct. 23,
2023 /PRNewswire/ -- To help prevent lengthy service
disruptions during severe weather and meet the energy demands of a
rapidly growing population, the Maryland Public Service Commission
(PSC) has reviewed and approved new base distribution rates for
Maryland customers of Potomac
Edison, a FirstEnergy Corp (NYSE: FE) subsidiary.
The $28 million rate adjustment
will build upon service reliability enhancements made in recent
years by providing:
- Ongoing tree trimming to help prevent tree-related equipment
damage, which is a leading cause of power outages.
- Thorough inspections of lines, poles and substations, including
the use of helicopters and technology to identify issues that
cannot be seen from the ground or by eye.
- Critical maintenance of newly installed equipment that helps
prevent or minimize the impact of power outages, particularly
during severe weather. By the end of 2023, the company will have
installed dozens of reclosers that allow crews to isolate a
problem on one portion of a power line while keeping electricity
flowing through the rest of the line.
Don McGettigan, acting president of FirstEnergy's
Maryland operations: "As the
population has grown across our Maryland service area, so has the demand for
electricity, especially as customers adopt electrification tactics
in their homes and businesses. Our company's continued investments
in the energy distribution system will help us deliver on our
commitment to providing dependable and affordable electricity to
homes, businesses and communities."
Potomac Edison customers will continue to pay the lowest
electric rates among Maryland's
investor-owned regulated electric distribution companies. The
updated rates in the Oct. 18 order
from the PSC went into effect and are now active. The bill impact
of the newly approved rates will be partially offset at the
beginning of 2024 by a decrease in the Electric Distribution
Investment Surcharge (EDIS), resulting in a 3.5 percent overall
increase – or $4.62 monthly – for the
average Potomac Edison residential customer using 1,000 kilowatt
hours per month.
Potomac Edison has grown significantly in the last five years,
now serving approximately 20,000 more Maryland customers than it did during its last
base distribution rate review in 2018. Prior to that rate update,
the company did not increase its base rate for nearly 25 years. The
company currently provides power to about 285,000 customers in all
or parts of Allegany, Carroll, Frederick, Garrett, Howard, Montgomery and Washington counties. Potomac Edison also
serves about 151,000 customers in the Eastern Panhandle of
West Virginia who are unaffected
by the rate review.
Potomac Edison continues efforts to keep costs manageable for
customers. To help customers manage their bills, Potomac Edison
offers an average payment plan, special payment plans and access to
energy assistance programs. For more information, please
visit www.firstenergycorp.com/billassist. To learn more about
energy efficiency products and programs to help save money,
visit www.energysavemd.com.
Investor Note: For additional information on the
filing, visit the new IR - Regulatory Corner in the "Investor
Materials" section of the FirstEnergy website at
www.investors.firstenergycorp.com.
Follow Potomac Edison at www.potomacedison.com, on
Twitter @PotomacEdison, and on Facebook at
facebook.com/PotomacEdison.
FirstEnergy is dedicated to integrity, safety, reliability and
operational excellence. Its 10 electric distribution companies form
one of the nation's largest investor-owned electric systems,
serving customers in Ohio,
Pennsylvania, New Jersey, West
Virginia, Maryland and
New York. The company's
transmission subsidiaries operate approximately 24,000 miles of
transmission lines that connect the Midwest and Mid-Atlantic
regions. Follow FirstEnergy online at www.firstenergycorp.com and
on Twitter @FirstEnergyCorp.
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SOURCE FirstEnergy Corp.