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July 30, 2015 11:11 PM ET

Electric Utilities

Company Overview of The Potomac Edison Company

Company Overview

The Potomac Edison Company provides electric services. The company is engaged in the distribution and retail sale of electricity to residential, commercial, and industrial customers. As of April 11, 2014, it served approximately 250,000 customers in 7 Maryland counties; and 132,000 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

United States

Founded in 1922

Key Executives for The Potomac Edison Company

Chairman and Chief Executive Officer
Age: 73
Principal Financial Officer, Vice President and Director
Age: 56
President of West Virginia Operations
Age: 58
Chief Commercial Officer of Allegheny Energy Supply and Vice President of Strategic Planning of Allegheny Energy
Age: 55
Principal Accounting Officer and Controller
Age: 57
Compensation as of Fiscal Year 2015.

The Potomac Edison Company Key Developments

Mon Power and Potomac Edison Announce Public Service Commission of West Virginia Approves Rate Case Settlement Agreement

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

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.

Potomac Edison Reconstructs Western Maryland Transmission Line in $5.3 Million Project

FirstEnergy Corp. announced its Potomac Edison subsidiary has reconstructed a 138-kilovolt transmission line to help maintain reliable electric service for more than 65,000 customers in parts of Carroll, Frederick, Howard and Montgomery counties in Maryland. The $5.3 million project is part of Potomac Edison's plan to spend $55 million in 2013 to further enhance the electrical system and reliability in its western Maryland and Eastern Panhandle of West Virginia service areas.

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