Maryland Public Service Commission

Exelon Reports Fourth Quarter and Full Year 2023 Results and Initiates 2024 Financial Outlook

Retrieved on: 
Wednesday, February 21, 2024

Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2023.

Key Points: 
  • Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2023.
  • Adjusted (non-GAAP) Operating Earnings for the fourth quarter of 2023 increased to $0.60 per share from $0.43 per share in the fourth quarter of 2022.
  • ComEd's fourth quarter of 2023 GAAP Net Income increased to $268 million from $211 million in the fourth quarter of 2022.
  • PHI’s fourth quarter of 2023 GAAP Net Income increased to $101 million from $90 million in the fourth quarter of 2022.

Skipjack Wind to be repositioned for future offtake opportunities

Retrieved on: 
Tuesday, January 30, 2024

Today, Ørsted announced that it will reposition Skipjack Wind, a combined 966 MW project under development off the coast of the Delmarva peninsula in the US, for future offtake opportunities.

Key Points: 
  • Today, Ørsted announced that it will reposition Skipjack Wind, a combined 966 MW project under development off the coast of the Delmarva peninsula in the US, for future offtake opportunities.
  • Following consultation with the State of Maryland, Ørsted has withdrawn from the Maryland Public Service Commission orders approving the Skipjack 1 and 2 projects.
  • “Today’s announcement affirms our commitment to developing value creating projects and represents an opportunity to reposition Skipjack Wind, located in a strategically valuable federal lease area and with a state that’s highly supportive of offshore wind, for future offtake opportunities,” said David Hardy, Executive Vice President and CEO of Region Americas at Ørsted.
  • “As we explore the best path forward for Skipjack Wind, we anticipate several opportunities and will evaluate each as it becomes available.

PJM Appoints Former Maryland Regulator Jason Stanek to New Governmental Services Role

Retrieved on: 
Monday, January 22, 2024

VALLEY FORGE, Pa. , Jan. 22, 2024 /PRNewswire/ -- PJM announces the appointment of Jason Stanek, former chair of the Maryland Public Service Commission, to the new role of Executive Director – Governmental Services.

Key Points: 
  • VALLEY FORGE, Pa. , Jan. 22, 2024 /PRNewswire/ -- PJM announces the appointment of Jason Stanek, former chair of the Maryland Public Service Commission, to the new role of Executive Director – Governmental Services.
  • Stanek will report to Sr. Vice President Asim Haque, whose department has been renamed Governmental & Member Services, emphasizing the importance of state and federal governments to PJM.
  • "Jason brings a wealth of experience to PJM that will benefit both PJM and its stakeholders," Haque said.
  • "He was a thoughtful, knowledgeable and independent regulator who will further bolster the depth and breadth of our engagement."

Proposed Electric School Bus Pilot Program Aimed to Help Maryland Achieve Climate Goals and Help Public Schools Meet Transportation Needs

Retrieved on: 
Thursday, January 18, 2024

WILLIAMSPORT, Md., Jan. 18, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) subsidiary Potomac Edison has submitted a five-year Electric School Bus Pilot Program proposal to the Maryland Public Service Commission (PSC) intended to help the state reach its climate goals. The pilot supports Maryland's Climate Solutions Now Act of 2022, which requires any new school buses contracted or purchased by public school systems in the state to be zero emissions.

Key Points: 
  • WILLIAMSPORT, Md., Jan. 18, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) subsidiary Potomac Edison has submitted a five-year Electric School Bus Pilot Program proposal to the Maryland Public Service Commission (PSC) intended to help the state reach its climate goals.
  • Our pilot program is also intended to help the state meet climate goals by reducing greenhouse gas emissions, which will create cleaner air and improve overall health in local communities we serve."
  • To aid in the electric school bus (ESB) transition across Potomac Edison's Maryland service territory, the company will provide:
    Financial incentives for school districts to acquire and deploy ESBs.
  • The public school districts that opt to participate in the pilot program, will receive funding that reduces the cost difference between an electric school bus and an equivalent diesel-fueled bus.

Mon Power and Potomac Edison Improve Wastewater Treatment Process at West Virginia Power Plants

Retrieved on: 
Monday, September 11, 2023

FAIRMONT, W.V., Sept. 11, 2023 /PRNewswire/ -- As a part of their commitment to minimizing the environmental impact of operations, FirstEnergy (NYSE: FE) subsidiaries Mon Power and Potomac Edison have begun construction on two projects that will improve the wastewater treatment process at the companies' regulated power plants in West Virginia.

Key Points: 
  • FAIRMONT, W.V., Sept. 11, 2023 /PRNewswire/ -- As a part of their commitment to minimizing the environmental impact of operations, FirstEnergy (NYSE: FE) subsidiaries Mon Power and Potomac Edison have begun construction on two projects that will improve the wastewater treatment process at the companies' regulated power plants in West Virginia.
  • Currently, water from nearby streams is used to wash coal ash from the bottom of the plants' furnaces for disposal.
  • The new process will create less wastewater, which must undergo careful treatment before it can be safely discharged back into the river to ensure the protection of aquatic ecosystems.
  • Potomac Edison serves about 275,000 customers in seven counties in Maryland and 155,000 customers in the Eastern Panhandle of West Virginia.

Corruption in South Africa: whistleblower protection law is being reformed - but it may not go far enough

Retrieved on: 
Thursday, July 20, 2023

South Africa is on the path to reforming its law on whistleblowing to provide improved protection for individuals who expose corruption and illegal activity.

Key Points: 
  • South Africa is on the path to reforming its law on whistleblowing to provide improved protection for individuals who expose corruption and illegal activity.
  • The country’s Department of Justice and Constitutional Development recently published a discussion document on the proposed reforms.
  • This first step in reforming the country’s law on whistleblowers is to be welcomed.
  • I am a company law professor with many years of research in corporate governance – including corruption and whistleblowing – in South Africa.

Financial incentives

    • The discussion document rejects the idea of providing financial rewards to whistleblowers.
    • It opts instead for a fund to assist those who are dismissed and who face severe financial hardship for blowing the whistle.
    • While the fund may provide some relief to unemployed whistleblowers, it does not go far enough to give whistleblowers an incentive to come forward.
    • Without adequate incentives, whistleblowers may hesitate to come forward and expose corruption.

Other proposals for reform

    • This proposal is commendable because of the risks whistleblowers face in South Africa.
    • Legal Aid South Africa should provide legal assistance to whistleblowers at the justice minister’s discretion.
    • It is, however, crucial to establish effective processes and to avoid prolonged delays in addressing complaints.

Consolidated legislative framework


    The main statutes governing whistleblowing in South Africa are the Protected Disclosures Act of 2000 and the Companies Act of 2008. But there are at least nine other statutes governing whistleblowing. These include:
    • The complexity and vagueness may also discourage people from disclosing wrongdoing.
    • The proposed reforms focus at this stage on enhancing the Protected Disclosures Act, but not the other statutes related to whistleblowing.
    • Given South Africa’s staggering and escalating corruption levels, a strong legal framework is needed which both encourages whistleblowing and effectively protects whistleblowers.
    • Hopefully, the final reforms will provide stronger encouragement and incentives for whistleblowers, considering the risks they face while bravely serving society.

AES Reports Positive Momentum in First Quarter; Reaffirms 2023 Guidance; Introduces New Strategic Business Units

Retrieved on: 
Thursday, May 4, 2023

ARLINGTON, Va., May 4, 2023 /PRNewswire/ -- The AES Corporation (NYSE: AES) today reported financial results for the quarter ended March 31, 2023.

Key Points: 
  • "Our first quarter results put us on track to meet our 2023 guidance and longer-term growth rates," said Andrés Gluski, AES President and Chief Executive Officer.
  • I am also pleased to announce our four new Strategic Business Units, which better reflect the greatly simplified company that AES is today."
  • First quarter 2023 Net Income was $189 million, an increase of $18 million compared to first quarter 2022.
  • This increase is the result of favorable contributions from the Energy Infrastructure and New Energy Technology Strategic Business Units (SBU), partially offset by lower contributions from the Utilities and Renewables SBUs.

AES Announces Next Decarbonization Milestone

Retrieved on: 
Tuesday, April 18, 2023

ARLINGTON, Va., April 18, 2023 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced an agreement to terminate the Power Purchase Agreement (PPA) for its 205 MW Warrior Run coal-fired power plant in Maryland.  The offtaker, Potomac Edison, a subsidiary of FirstEnergy Corp., agreed to terminate the PPA for a total consideration of $357 million, subject to approval by the Maryland Public Service Commission (PSC).  If approved, the early termination of the PPA is forecasted to save Potomac Edison's customers nearly $80 million over the next seven years, and will help the State of Maryland achieve its decarbonization targets.

Key Points: 
  • ARLINGTON, Va., April 18, 2023 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced an agreement to terminate the Power Purchase Agreement (PPA) for its 205 MW Warrior Run coal-fired power plant in Maryland.
  • "This agreement is another milestone in our journey toward decarbonization," said Andrés Gluski, AES President and Chief Executive Officer.
  • Under the terms of the agreement, AES will continue to operate the Warrior Run plant through at least May 2024.  AES will work with existing employees to manage a responsible transition.
  • AES will maintain full operational control of the site following decommissioning.

New Substation Energized to Deliver Safe, Reliable Power to Potomac Edison Customers in Frederick County

Retrieved on: 
Thursday, March 16, 2023

Population growth and new housing developments in Frederick County have driven an increase in the demand for electricity in the area.

Key Points: 
  • Population growth and new housing developments in Frederick County have driven an increase in the demand for electricity in the area.
  • "We continually invest in system enhancements such as this as part of our commitment to delivering safe, reliable power to all of our customers."
  • Potomac Edison invested $9.9 million in 2022 to complete other service reliability projects that will help enhance electric service and minimize the impact of power outages for thousands of customers in Maryland.
  • Potomac Edison serves approximately 280,000 customers in all or parts of Allegany, Carroll, Frederick, Garrett, Howard, Montgomery, and Washington counties.

West Virginia American Water Receives Approval of 2023 Distribution System Improvement Charge

Retrieved on: 
Friday, December 30, 2022

In an order entered today, the Public Service Commission of West Virginia (PSC) approved a joint agreement reached last month in West Virginia American Water’s request for approval of its 2023 infrastructure replacement program, referred to as a Distribution System Improvement Charge (DSIC).

Key Points: 
  • In an order entered today, the Public Service Commission of West Virginia (PSC) approved a joint agreement reached last month in West Virginia American Water’s request for approval of its 2023 infrastructure replacement program, referred to as a Distribution System Improvement Charge (DSIC).
  • The joint agreement was reached between West Virginia American Water, PSC staff, and the PSC’s Consumer Advocate Division.
  • “West Virginia’s infrastructure recently received a ‘D’ grade from the American Society of Civil Engineers.
  • The purpose of a DSIC is to address the national challenge of aging water infrastructure by directing additional investment to areas where improvements are most needed,” said Robert Burton, president of West Virginia American Water.