Additional $56 Million In Benefits Announced For Atlantic City Electric Customers

Gov. Chris Christie and officials from Atlantic City Electric and Exelon said the state will see an additional $56 million in benefits from the Pepco Holdings Inc. merger with Exelon in March on Monday.

Total benefits from the deal approved by the New Jersey Board of Public Utilities (NJ BPU) on Oct. 31 are now $126 million, according to the electric company.

In approving the merger, NJ BPU called for Exelon to increase the benefits related to the merger.

These additional benefits include:

• $7.5 million in spending on energy-efficiency programs for ACE customers, in addition to the $7.5 million in the original merger package, that in total have the potential of creating up to $30 million in savings over the life of the energy-efficiency measures.

• More than $6 million in Workforce Development Initiatives to be paid in installments over six years to develop, fund or expand job training and workforce development efforts to help improve employment opportunities in ACE’s Southern New Jersey service area.

• $4 million Helping Hands program for low-income customer support to be provided over four years to the Affordable Housing Alliance, NJ SHARES, Catholic Charities and People for People Foundation.

• More than $22 million in additional customer rate offsets beginning June 1, 2017.

• A one-time reduction of more than $16 million in the Non-Utility Generator Charge (NGC) and Uncollectible deferred balances, which means customers did not receive a $2.06 per month increase in the NGC and Uncollectible rates that were effective June 16, 2016, through May 31, 2017.

As part of the merger, there were also $62 million in customer bill credits and more than $500,000 in donations to local nonprofits.

The merger combined Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries to form one regional gas and electric utilities company.

Atlantic City Electric maintains its identity, and keeps its headquarters in Atlantic County.

The announcement was made during a press conference in Hamilton Township, Atlantic County, on Monday.

Each Atlantic City Electric customer received a one-time direct credit of $113.16, and $22 million in rate offsets are expected to take effect on June 1, according to nj.com.

More information is available at www.PHItomorrow.com.

The attached image was provided by Atlantic City Electric: New Jersey Governor Chris Christie, surrounded by Atlantic City Electric, Exelon and NJ Board of Public Utilities representatives, addresses attendees at a news conference held Dec. 5 at Atlantic City Electric’s corporate headquarters to announce details of the expanded merger benefits for Atlantic City Electric customers from the Pepco Holdings Inc. merger with Exelon in March 2016. Pictured left to right behind the governor are Vince Maione, Atlantic City Electric region president; Dave Velazquez, Pepco Holdings president and CEO; Rick Mroz, president, NJ Board of Public Utilities; and Chris Crane, Exelon president and CEO.