Maryland regulators approved a much smaller Pepco rate increase than the utility requested, limiting the average residential increase to about $3.94 per month instead of the $10.24 hike Pepco proposed.
The Maryland Public Service Commission on Friday authorized a $50.9 million revenue increase for Pepco, less than half of the nearly $120 million the utility sought. The new rates took effect Friday.
Regulators also rejected Pepco’s request to recover costs associated with its White Flint infrastructure project, agreeing with arguments from the Maryland Office of People’s Counsel, the Maryland Energy Administration and the Apartment and Office Building Association that the spending was not prudent. The PSC said the decision prevents about $164.9 million in capital costs from being passed on to ratepayers through this case.
Gov. Wes Moore praised the ruling.
“Plain and simple, utilities should not earn unreasonable profits while everyday Marylanders can’t afford to pay their power bills,” Moore said in a statement. “We thank Maryland’s Public Service Commission for their judgment. This news is a major win in our administration’s fight to hold big corporations accountable and protect hardworking families and small businesses against excessive, inefficient utility spending.”
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