PUCO approves the AES Ohio settlement agreement including Smart Grid
DAYTON, Ohio, June 16, 2021 -- AES Ohio, a subsidiary of The AES Corporation (NYSE: AES), announced a new milestone in its comprehensive settlement agreement that enables the deployment of smart grid technology for customers in the Miami Valley. Today, the Public Utility Commission of Ohio (PUCO) issued an order approving AES Ohio's as filed, nearly unanimous stipulation (Stipulation). The order, which resolves a number of matters, allows AES Ohio to move forward with its plans to invest $249 million in capital projects over the next four years providing direct customer benefits through a modern, robust, efficient electric grid. This is the initial step in AES Ohio's digital transformation designed to enhance reliability and allow our customers to experience personalized, innovative and seamless energy services.
The order approves implementing Phase 1 of the AES Ohio Smart Grid Plan with a commitment to file Phase 2 within three years. AES Ohio now has resolution in other associated matters and a clear path to begin executing the company's plans to modernize its electric grid, providing all customers with benefits such as fewer outages and enhanced communication.
"This is an important moment for our AES Ohio people and the customers we serve, as the order allows us to move forward in our digital transformation to bring all customers innovative grid technologies," said AES Ohio president and CEO Kristina Lund. "We appreciated the opportunity to work with all interested parties to reach balanced and fair settlement agreement to continue our progress toward creating a smarter energy future for our customers."
With the approved Stipulation, AES Ohio customers will benefit from new technology and equipment and will begin:
- Upgrading to an advanced metering infrastructure (AMI) or "Smart Meters", to improve overall customer experience through better system reliability, performance and communication.
- Installation of technology to allow "self-healing" of portions of the grid which isolates problems and automatically re-route power without service interruption to our customers.
- Implementation of rebate programs for electric vehicle supply equipment and smart thermostats.
- In addition, AES Ohio will prioritize installing equipment in the west and northwest areas of the city of Dayton which were the hardest hit locations by the 2019 Memorial Day tornadoes.
AES Ohio maintains the lowest residential rates of the investor-owned utilities in Ohio. The average residential customer in the AES Ohio service territory, using 1,000 kWh on AES Ohio's Standard Service Offer, can expect a monthly bill increase of $0.94.
We are committed to accelerating a safer and greener energy future while providing reliable and affordable energy service to our customers.
This press release contains forward-looking statements. These statements include, but are not limited to, statements regarding management's intents, beliefs and current expectations and typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "would," "intend," "believe," "project," "estimate," "plan" and similar words. Such forward-looking statements include, but are not limited to, plans for capital expenditures and investments in and implementation of equipment, systems and technologies, strategic objectives, business prospects, management's expectations and other similar matters. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute current expectations based on reasonable assumptions. These assumptions include, but are not limited to, timing of events, accurate projections of market conditions and regulatory rates, future interest rates, continued operating performance and electricity volume at distribution companies, as well as achievements of planned productivity improvements and growth investments at expected rates of return.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES Ohio's filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES Ohio's 2020 Annual Report on Form 10-K. Readers are encouraged to read AES Ohio's filings to learn more about the risk factors associated with AES Ohio's business. AES Ohio undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any security holder who desires copies of AES Ohio's periodic reports filed with the Securities and Exchange Commission may obtain copies (excluding Exhibits) without charge by addressing a request to the Office of the Secretary, AES Ohio, 1065 Woodman Drive, Dayton, Ohio 45432. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. Copies of such reports also may be obtained by visiting AES Ohio's website at www.aes-ohio.com.
About AES Ohio
AES Ohio is the principal subsidiary of DPL Inc. (DPL), a regional energy provider and an AES company. AES Ohio, a regulated electric utility, provides service to over 527,000 customers in West Central Ohio. Connect with AES Ohio on Twitter, Facebook, and LinkedIn. Learn more about how AES Ohio is accelerating the future of energy, visit aes-ohio.com/hellofuture.
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.
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