Pepco, Exelon report millions in benefits since merger

Chris M. Crane

Exelon and Pepco Holdings provided an update on the progress the companies have made in delivering benefits to customers, communities and local economies since the completion of the merger six months ago.

In total, the combined companies are delivering a package of direct benefits worth more than $440 million across the Pepco Holdings territories including Atlantic city Electric in New Jersey, Delmarva Power in Delaware and Maryland, and Pepco in Maryland and the District of Columbia. The benefits include steps to make energy more affordable, reliable and sustainable, as well as investments in local jobs and economies.

“As promised, our customers are benefiting from more affordable, reliable and sustainable energy since we joined the Exelon family of companies,” said Dave Velazquez, president and CEO, Pepco Holdings. “Together with Exelon, we are stronger, more innovative and better-resourced and we plan to continue that progress for our customers.”

“Since Exelon and Pepco Holdings became one company, our focus has been on delivering our customer service, community and economic commitments,” said Chris Crane, president and CEO, Exelon. “Working together, we are providing world-class service, reliability, environmental sustainability and philanthropic support to the customers and communities we serve.”

Exelon and Pepco Holdings have already delivered millions of dollars in direct benefits to customers and communities since becoming one company, including customer bill credits, improved reliability, charitable giving and an enhanced commitment to clean energy.

Specifically, the companies have:

·      Delivered bill credits to residential customers across all the Pepco Holdings territories, amounting to more than $153 million.

·      Committed $71.4 million in energy efficiency program funding.

·      Forgiven $2.3 million of residential customer debt.

·      Began to hire more than 340 new employees and committed $11 million to workforce development programs.

·      Spent more than $91 million with local, diverse suppliers.

·      Provided faster and easier solar installations, including an improved online application for solar interconnection.

·      Continued charitable giving, donating more than $2.8 million to local nonprofits.

·      Begun sharing best practices and resources across Exelon’s six utilities to improve reliability, storm response and customer service.

Over time, additional benefits will include:

·      Higher reliability performance, with fewer and shorter power outages for customers.

·      $50 million in total contributions over 10 years to nonprofit organizations that serve local communities.

·      More funding for energy efficiency and grid modernization programs that benefit customers.

·      Development of new solar energy sources and additional support for renewable energy.

·      An ongoing commitment to foster workforce and supplier diversity.

 

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