FAIRMONT, W.V., Feb. 16, 2024 /PRNewswire/ — Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: FE), have filed a settlement agreement with the Public Service Commission (PSC) of West Virginia to resolve the outstanding net energy metering portion of its base rate review. The agreement helps ensure that new net energy metering customers – those who offset their power needs with wind, rooftop solar or other forms of on-site energy – pay a portion of the fixed costs related to the distribution, transmission and capacity facilities they use by adjusting the credit amount that new net energy metering customers receive for the energy they generate beginning Jan. 1, 2025.
If the agreement is approved by the PSC, existing net energy metering customers will continue to receive the current retail rate offset for 25 years. Beginning Jan. 1, 2025, any new residential net energy metering customers would receive a credit rate of about 9 cents per kilowatt hour. The settlement also establishes new net energy metering credit rates for non-residential customers, which can be found in the settlement filing.
Parties to the newly filed settlement include staff of the PSC, the Consumer Advocate Division of the Commission, West Virginia Citizen Action Group, Solar United Neighbors, Energy Efficient West Virginia, Solar Holler LLC and Mon Power/Potomac Edison.
Mon Power serves about 395,000 customers in 34 West Virginia counties. Follow Mon Power at mon-power.com, on X, formerly known as Twitter, @MonPowerWV, and on Facebook at facebook.com/MonPowerWV.
Potomac Edison serves about 285,000 customers in seven counties in Maryland and 155,000 customers in the Eastern Panhandle of West Virginia. Follow Potomac Edison at potomacedison.com, on X @PotomacEdison and on Facebook at facebook.com/PotomacEdison.
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation’s largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at firstenergycorp.com and on X, @firstenergycorp.
SOURCE FirstEnergy Corp.
