Allegheny Energy, Inc. (NYSE: AYE) today announced that the
Virginia State Corporation Commission has issued an order concerning the
April 29 request by its subsidiary, The Potomac Edison Company, to
recover purchased power costs to serve its Virginia customers.
The Commission’s order grants an interim rate increase of approximately
$19.4 million, subject to refund, effective July 1, 2009. As a result,
the average residential customer’s electric bill in Virginia will
increase by $5.47, or 6 percent, to approximately $96 a month. The
interim rate is temporary and subject to refund until the Commission
issues a final order setting the company’s purchased power factor. The
Commission also has established a procedural schedule which includes a
public hearing on September 16, 2009.
On April 29, Allegheny filed for an increase of approximately $19.4
million over current rates for the 12-month period beginning July 1,
2009. The request adheres to a November 2008 settlement agreement that
permits recovery of purchased power expenses. It also reflects of the
results of a power auction announced in December 2008.
Even with the proposed increase, the monthly bill for a residential
customer in Virginia using 1,000 kilowatt-hours would be less than the
state average of $98, and well below the national average of $124.
Allegheny provides approximately 102,000 customers in Virginia with 3
million megawatt-hours of power per year.
Allegheny Energy
Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned
electric utility with total annual revenues of over $3 billion and more
than 4,000 employees. The company owns and operates generating
facilities and delivers low-cost, reliable electric service to 1.6
million customers in Pennsylvania, West Virginia, Maryland and Virginia.
For more information, visit the company’s Web site at www.alleghenyenergy.com.
Forward-Looking Statements
In addition to historical information, this release contains a number
of "forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Words such as anticipate, expect,
project, intend, plan, believe, and words and terms of similar substance
used in connection with any discussion of future plans, actions, or
events identify forward-looking statements.
