Company Overview of The Potomac Edison Company
The Potomac Edison Company provides electric services. The company engages in the distribution and retail sale of electricity to residential, commercial, and industrial customers in Maryland and West Virginia. As of October 22, 2015, it served approximately 257,000 customers in seven Maryland counties; and approximately 137,000 customers in the Eastern Panhandle of West Virginia. The company was founded in 1922 and is headquartered in Williamsport, Maryland. The Potomac Edison Company is a subsidiary of FirstEnergy Corp.
10802 Bower Avenue
Williamsport, MD 21795
Founded in 1922
Key Executives for The Potomac Edison Company
Chairman and Chief Executive Officer
Principal Financial Officer, Vice President and Director
President of West Virginia Operations
Chief Commercial Officer of Allegheny Energy Supply and Vice President of Strategic Planning of Allegheny Energy
Principal Accounting Officer and Controller
Compensation as of Fiscal Year 2015.
The Potomac Edison Company Key Developments
Potomac Edison Completes New Workforce Development Training Facility at its Williamsport Headquarters
Oct 22 15
Potomac Edison has completed a new training facility at its Williamsport, Md., headquarters, which includes an outdoor pole climbing yard and new classrooms. The new areas will be used to train students studying to become line workers through the company's Power Systems Institute (PSI) program and by current Potomac Edison personnel for on-going training and instruction. As part of this $800,000 project, indoor storage areas were converted to a 5,000 square foot training facility and an outdoor area was transformed into the climbing yard. Work began in February and was completed in August. The PSI program is a utility training partnership with Blue Ridge Community and Technical College in Martinsburg, W.Va. The students split their week learning hands-on utility skills at the new Potomac Edison facility along with technical coursework at Blue Ridge College classrooms. The outdoor climbing yard provides a realistic learning environment for instructors to teach students how to climb poles, tie knots for rigging, string conductor and work as a team. The yard has 17 poles of varying heights to test students as their skills progress. For example, some poles have cross arms attached near the ground so instructors can stand directly behind students and talk them through tasks. Other poles have equipment positioned near the top, allowing students to practice repairs high off the ground. In the near future, a steel transmission tower will be added to the yard for additional training opportunities. A second yard is planned, and will feature full-scale utility equipment that can be energized to mimic conditions in the field. The new classrooms are separated by a folding wall, contain numerous white boards, and feature 12-foot ceilings and double doors to accommodate large pieces of electrical equipment, such as transformers. PSI is a two-year educational program originally developed by FirstEnergy in 2000 to help train new utility line and substation workers. Currently, more than 300 students are enrolled in PSI programs at 12 schools in FirstEnergy'sOhio, Pennsylvania, New Jersey and West Virginia service areas, including 15 students enrolled in the program at Blue Ridge College.
Mon Power and Potomac Edison Announce Public Service Commission of West Virginia Approves Rate Case Settlement Agreement
Feb 4 15
FirstEnergy Corp. subsidiaries Mon Power and Potomac Edison announced that the Public Service Commission (PSC) of West Virginia has approved the companies' rate case settlement agreement, which will help ensure continued service reliability and customer service for electric customers in West Virginia. The rate case agreement includes the recovery of expenses associated with storm repairs from the 2012 Derecho and Hurricane Sandy, increased operating and environmental compliance investments at coal-fired power plants, and service reliability enhancements to the distribution system, including a more extensive tree-trimming program to help reduce the number and duration of power outages. The rate case settlement agreement results in the recovery of about $63 million in additional revenues. Under the terms of the approved settlement, the companies also will increase their shareholder contributions by $150,000 annually to the Dollar Energy Fund or a similar agency to assist low-income customers with paying their electric bills, raising the total contribution to the Dollar Energy Fund to $500,000 per year. The PSC also issued a separate order regarding an annual fuel rate adjustment settlement filed in December 2014. As a result, residential customers will see a 1% increase in their monthly bills to cover the cost of coal for power plants and purchased power. The utilities do not profit from fuel and purchased power costs, but just recover their actual costs. Incorporating both rate changes, typical Mon Power and Potomac Edison residential customers using 1,000 kilowatt hours per month can expect their bill to increase from $92.38 to $100.49. The new rates will take effect February 25, 2015. Even with this increase, rates for Mon Power and Potomac Edison residential customers will be nearly 20% below the national average.
Potomac Edison Rebuilds 500 Kilovolt Line in Frederick County, Maryland
Apr 11 14
Potomac Edison announced that is rebuilding a major 500-kilovolt (kV) transmission line in Frederick County, Md., to enhance service reliability for existing customers and accommodate future electrical load growth in Maryland and West Virginia. The project will replace equipment that is more than 40 years old along a three-mile section of the existing transmission line, using new conductors to increase the line's capacity by more than 60%. The total cost of the project is approximately $18 million, with $13 million expected to be spent in 2014. Existing transmission structures also will be replaced with 14 new lattice steel structures from the Virginia/Maryland border to a Potomac Edison substation in Frederick County, Md. Crews are erecting the new structures within the existing right-of-way in close proximity to the structures they replace. The new structures will average 130 feet in height.
Similar Private Companies By Industry
Recent Private Companies Transactions
June 30, 2015