DP&L Reaches Settlement in its Distribution Rate Case with 15 Parties and the PUCO Staff
DAYTON, Ohio – June 19, 2018 – The Dayton Power and Light Company (DP&L), a subsidiary of The AES Corporation (NYSE: AES), announced that it has filed a stipulation (Stipulation) in its distribution rate case with the Public Utilities Commission of Ohio (PUCO). The proposed Stipulation was signed by a broad coalition of 15 parties and PUCO Staff, balancing the interests of residential, commercial, and industrial customers. The Stipulation allows DP&L the opportunity to meet the needs of its customers and support the company’s investments to maintain reliability and customer service. In addition, DP&L resolves issues associated with the national tax reform act. The resolution includes an agreement to return the tax savings associated with the act and makes a commitment to return to its customers no less than $4 million per year for five years.
DP&L maintains the lowest residential rates of the investor-owned utilities in Ohio. If the Stipulation is approved by the PUCO, the average residential customer in the DP&L service territory, using 1,000 kWh on DP&L's Standard Service Offer, can expect a monthly bill adjustment of $2.64.
"This proposed settlement represents a compromise among the parties, while allowing DP&L to provide ongoing, essential system maintenance to the poles, wires, transformers, substations and other infrastructure that safely deliver electricity to our customers,” said DP&L President and CEO, Craig Jackson. “We take pride in serving our customers and if approved by the Commission, this settlement is critical to ensuring our customers continue to have the safe, reliable service they have known and come to expect.”
About The Dayton Power and Light Company and AES
The Dayton Power and Light Company is the principal subsidiary of DPL Inc. (DPL), a regional energy provider and an AES company. DPL’s significant subsidiaries include The Dayton Power and Light Company, AES Ohio Generation, LLC (AES Ohio Gen), Miami Valley Insurance Company (MVIC), and Miami Valley Lighting, LLC (MVLt). The Dayton Power and Light Company, a regulated electric utility, provides service to over 520,000 customers in West Central Ohio; MVIC, a captive insurance company, provides insurance services to DPL and its subsidiaries, and MVLt maintains outdoor lighting to governments and businesses. AES Ohio Gen co-owns merchant generation facilities. For more information about the company, please visit www.dplinc.com. Connect with DP&L at www.twitter.com/dpltoday, www.linkedin.com/company/dayton-power-and-light, and at www.facebook.com/DPLToday.
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2017 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding management’s intents, beliefs and current expectations and typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “forecast,” “target,” “will,” “would,” “intend,” “believe,” “project,” “estimate,” “plan” and similar words. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute current expectations based on reasonable assumptions.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in DPL’s and DP&L’s filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A “Risk Factors” in DPL’s and DP&L’s 2017 Annual Report on Form 10-K. Readers are encouraged to read DPL’s and DP&L’s filings to learn more about the risk factors associated with DPL’s and DP&L’s businesses. DPL and DP&L undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any security holder who desires copies of DPL or DP&L’s periodic reports filed with the Securities and Exchange Commission may obtain copies (excluding Exhibits) without charge by addressing a request to the Office of the Secretary, DPL Inc., 1065 Woodman Drive, Dayton, Ohio 45432. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. Copies of such reports also may be obtained by visiting DPL’s website at www.dplinc.com.