Resolution Regarding PSC Formal Case No. 1139, Application for Pepco Rate Increase
WHEREAS, the Public Service Commission of the District of Columbia (“Commission”) will make a decision this year on Formal Case No. 1139, the Potomac Electric Power Company’s (“Pepco”) application to increase its distribution rates by over $76 million.
WHEREAS, this is the largest increase Pepco has sought in at least 30 years, and the increase Pepco seeks comes soon after a merger which it justified in substantial part on supposed cost savings to consumers,
WHEREAS, the Office of the People’s Counsel (“OPC”) has advised ANC 3E regarding their position and the background of the rate case,
WHEREAS, Pepco seeks a 10.6% return on equity for shareholders,
WHEREAS, OPC asserts that the rate of return Pepco seeks is excessive and not supported by current market conditions,
NOW THEREFORE BE IT RESOLVED, ANC 3E support’s OPC’s request to the Commission to reduce the rate increase sought by Pepco.
The resolution passed by a vote of 4-0-0 at a properly noticed meeting held on April 13, 2017, at which a quorum was present, with Commissioners Bender, McHugh, Quinn, and Wallace in attendance.
ANC 3E
By Jonathan Bender, Chairperson