According to the company, due to the recent decline in the market price of power, upcoming changes in customer bills will be substantially less than previously expected.
Potomac Edison requested bids to provide generation service for June 1, 2009, through June 30, 2011. The contracts awarded via the competitive bidding process mature at varying times during this 25-month period.
As a result of the auction, the monthly bill for a Potomac Edison residential customer using 1,000kWh will increase by approximately 5.8% or $5.20 on July 1, 2009. On July 1, 2010, customer rates will increase a modest 0.2% or $0.22 based on auction results.
Potomac Edison has been awarded 13 supply contracts for approximately 6.9 million megawatt-hours of generation service for the 25-month period.
Headquartered in Greensburg, Allegheny Energy is an investor-owned electric utility which claims to have total annual revenues of over $3 billion and more than 4,000 employees. The company owns and operates generating facilities and delivers electric service to 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia.
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