DAYTON, Ohio - March 14, 2017 - The Dayton Power and Light Company (DP&L), a subsidiary of The AES Corporation (NYSE: AES), filed an amended stipulation (Stipulation) to its Electric Security Plan (ESP) with the Public Utilities Commission of Ohio (PUCO). The proposed settlement reflects broad support from thirteen parties and the PUCO's staff, as well as interests of residential, commercial, industrial and low-income customers. The stipulation allows DP&L and its parent, DPL Inc., the opportunity to achieve an investment grade credit rating and modernize its distribution infrastructure in order to continue providing customers safe, stable and reliable service.
To permit additional time for submission of testimony by parties, the PUCO has granted an extension of the hearing date to April 3, 2017. A final decision by the PUCO is anticipated mid-year. If the PUCO agrees to the proposed settlement, 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 decrease of ($0.25).
"The proposed settlement represents a compromise among the parties, while allowing DP&L an opportunity to achieve an investment grade credit rating." said DP&L President and CEO, Tom Raga. "For over a century, we have proudly served the customers in our service territory. The settlement benefits our customers by positioning us to modernize our distribution infrastructure and at the end of the term, provide a path for future growth opportunities."
The stipulation includes a three-year Distribution Modernization Rider (DMR) set at $105 million per year that could be extended by the PUCO for an additional two years. The DMR will be dedicated to continuing DPL Inc. and DP&L's debt repayment plan.
A copy of the filed settlement is available at http://dis.puc.state.oh.us/CaseRecord.aspx?CaseNo=16-0395.