BGE, Delmarva Power and Pepco announced they will seek regulatory approval to provide approximately $160 million in tax refund benefits to Maryland customers. The Companies’ decade-long pursuit of these refunds reflects the companies’ shared commitment to The Exelon Promise which outlines our dedication to providing meaningful customer relief.
The total expected benefit includes approximately $110 million for BGE customers, $20 million for Delmarva Power customers and $30 million for Pepco customers. This move is pending collaboration with the State of Maryland and will be reviewed by the Public Service Commission (PSC). The companies will work through the appropriate regulatory process with Maryland leaders and the PSC to determine the timing, structure and customer allocation of the refund benefits.
The proposed customer benefits are tied to a recent Maryland court decision involving state taxes previously collected from utilities. As a result of that decision, the State of Maryland is expected to return tax overpayments and related interest to utilities. BGE, Delmarva Power and Pepco are working to ensure their portion of those funds is passed along to customers.
“We know many Maryland families and businesses are feeling pressure from higher energy costs, and we are committed to doing everything we can to help,” said Valencia McClure, Exelon’s SVP of Governmental, Regulatory and External Affairs. “Providing these tax savings to customers is another example of The Exelon Promise in action, taking practical steps today to provide relief, protect customers and work with policymakers and regulators on long-term solutions that keep energy safe, reliable and affordable.”
Each utility will provide additional customer information after the regulatory process determines how and when the benefits will appear on customer bills. Customers do not need to take any action at this time.
