Chronicle Journal: Finance

Mon Power and Potomac Edison Customers in West Virginia to Benefit from Lower Electric Rates as a Result of Annual Fuel Filing

FAIRMONT, W.Va., Sept. 29, 2020 /PRNewswire/ -- Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), recently submitted filings with the Public Service Commission (PSC) of West Virginia that are expected to lower electric rates by $50 million in 2021.

Potomac Edison Logo (PRNewsfoto/FirstEnergy Corp.)

Under a cost recovery process established by the PSC in 2007, Mon Power and Potomac Edison customer bills are adjusted annually to reflect increases or decreases in the cost of fuel used to generate electricity and purchased power. This year's filing reflects a $55 million reduction in these costs, a savings passed to customers.

If approved by the PSC, the monthly bill for the companies' typical West Virginia residential customer using 1,000 kilowatt-hours (kWh) of electricity would decrease by 3 percent or $3.24/month, dropping an average bill to $103.62 from the current $106.86.

With the decrease, rates for Mon Power and Potomac Edison's West Virginia residential customers will be about 22 percent below the national average.

The 2021 residential customer bills also would reflect the impact of a second filing seeking to recover about $5 million in costs associated with modernizing the boilers at the companies' Fort Martin and Harrison coal-fired power plants in West Virginia to help ensure continued environmental compliance. The work includes updating existing emissions control equipment, enhancing particulate control systems, and replacing flue-gas removal ductwork and expansion joints.

"These filings continue a trend that has resulted in the rates for our West Virginia utilities being reduced by about $120 million since 2018," said Jim Myers, president of FirstEnergy's West Virginia operations. "With electrical use increasing more from time being spent at home during the coronavirus health emergency, any opportunity to save on electric bills is helpful for our customers. We are committed to providing safe and reliable electricity at an affordable cost."

If approved by the PSC, the new rates would begin Jan. 1, 2021, and remain in place until Dec. 31, 2021.

To help customers manage their bills, Mon Power and Potomac Edison offer budget plans, special payment plans, and access to energy assistance programs. For home energy efficiency tips, customers can go to www.firstenergycorp.com or call the Customer Service Center at 1-800-255-3443 to request information.   

Mon Power serves about 385,000 customers in the northern half of West Virginia and Potomac Edison serves about 140,000 customers in the state's Eastern Panhandle.  Follow the companies on Twitter @MonPowerWV and @PotomacEdison.

FirstEnergy is dedicated to 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 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions.  Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.

Mon Power Logo (PRNewsfoto/FirstEnergy Corp.)

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SOURCE FirstEnergy Corp.

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