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m_l. orders
rates dropped
RICHMOND- Virginia customers of The Potomac Edison Company will benefit from a reduction in the fuel factor rate portion of their monthly electric bill. The State Corporation Commission (SCC) has ordered the company’s fuel rate be lowered from 1.159 cents per killowatt-hour to 1.039 cents per killowatt-hour effective Sept. 1.
The decrease in the fuel factor will lower the monthly bill of a residential customer using 1,000 killowatt-hours of electricity by $1.20, from $61.39 to $60.19, or 1.9 percent.
The company’s fuel rate reflects the cost of fiiel used for the generation of electricity, including the cost of purchased power, and the benefits associated with sales of electricity to other utilities.
Virginia law requires the Commission to continuously review the recovery of fuel expenses by the utility. If the utility is in an over-recovery position by more than five percent, the Commission may reduce the utility’s fuel factor to correct the over-recovery.
The Commission found that under the current fuel factor, the company’s over-recovery totaled approximately $1.4 million as of July 31. The primary reason for the overrecovery was higher than projected revenue from the sale of power to other electric utilities.
94.8%