Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp., have reached a settlement agreement with the West Virginia Public Service Commission (PSC) regarding their base rate review proceeding. The settlement agreement, filed on January 23, aims to support the companies' commitment to providing safe, reliable, and affordable power to their customers.
The parties involved in the rate review settlement include staff of the Public Service Commission of West Virginia, the Consumer Advocate Division of the Commission, the West Virginia Energy Users Group, Longview Power, LLC, West Virginia Citizen Action Group, Solar United Neighbors, and Energy Efficient West Virginia.
Jim Myers, President of FirstEnergy's West Virginia Operations, expressed his satisfaction with the agreement, stating, "We're pleased to have reached an agreement that supports our important investments that strengthen the energy grid, funds reliability programs targeting rural communities, and offers additional assistance to our customers facing financial hardship."
Mon Power and Potomac Edison have significantly expanded their customer base in the nine years since their last base rate review, now serving approximately 550,000 customers in West Virginia. During this time, the companies have invested over $1 billion to enhance and maintain their distribution, transmission, and generation systems.
If approved by the PSC, the $105 million rate adjustment agreement will support various initiatives, including investments in improving the reliability and resilience of the electric system. It also includes the launch of an Energy Assistance Outreach Team to increase awareness and participation in energy assistance programs for eligible, low-income customers.
Additionally, the settlement agreement seeks to recover costs incurred by Mon Power and Potomac Edison from the impact of major storms and proposes changes to depreciation rates for distribution and transmission facilities and Mon Power's West Virginia generating plants.
The agreement is currently under consideration by the Commission. If approved, the average monthly bill for a residential customer using 1,000 kilowatt hours per month would increase by 8% or $9.94 starting from March 27, 2024.
The settlement agreement also includes a request for a revision to the companies' Net Energy Metering Rider, which would adjust the amount customers are credited for the energy they generate.
To assist customers in managing their bills, Mon Power and Potomac Edison offer budget plans, special payment plans, and access to energy assistance programs. Customers can visit the FirstEnergy website or contact customer service for more information.
Mon Power serves approximately 395,000 customers in 34 West Virginia counties, while Potomac Edison serves around 285,000 customers in seven Maryland counties and 155,000 customers in the Eastern Panhandle of West Virginia.
FirstEnergy Corp. is one of the nation's largest investor-owned electric systems, serving over six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The company's transmission subsidiaries operate more than 24,000 miles of transmission lines.
For more information on the filing, interested parties can visit the "Investor Materials" section of the FirstEnergy website.
Contact:
- Hannah Catlett (News Media) - (440) 554-5346
- Irene Prezel (Investors) - (330) 384-3859