Mon Power proposes net metering credit adjustments
Investing.com | Editor Lina Guerrero
Published Feb 16, 2024 05:43PM ET
FAIRMONT, W.V. - Mon Power and Potomac Edison, subsidiaries of FirstEnergy Corp. (NYSE: NYSE:FE), have proposed a settlement to the Public Service Commission (PSC) of West Virginia concerning net energy metering rates. If approved, the settlement will affect new net energy metering customers starting January 1, 2025, altering the credit they receive for self-generated energy.
The agreement is designed to balance costs between net energy metering customers and the utilities. New residential customers who generate their own energy through wind, solar, or other on-site methods will be credited at approximately 9 cents per kilowatt-hour for excess energy supplied to the grid. This adjustment aims to fairly distribute the fixed costs of distribution, transmission, and capacity facilities amongst all users.
Existing net energy metering customers will not be affected by this change and will continue to receive the current retail rate offset for 25 years from their initial enrollment. The settlement also sets new credit rates for non-residential customers, details of which are specified in the settlement filing.
The settlement has been filed following negotiations with various parties including the PSC staff, the Consumer Advocate Division of the Commission, West Virginia Citizen Action Group, Solar United Neighbors, Energy Efficient West Virginia, Solar Holler LLC, and the utilities involved.
Mon Power provides electric service to approximately 395,000 customers across 34 counties in West Virginia. Potomac Edison serves around 285,000 customers in Maryland and 155,000 in West Virginia's Eastern Panhandle. Both companies are part of FirstEnergy Corp., which operates one of the nation's largest investor-owned electric systems.
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