AES Ohio files Electric Security Plan to improve reliability, customer price protection and future economic growth

Rhea-AI Summary

AES Ohio filed its Electric Security Plan (ESP) with the Public Utilities Commission of Ohio on September 26, 2022. The ESP aims to enhance service reliability, stabilize prices, and invest in local economic development. The plan proposes increased investments in distribution infrastructure and vegetation management. If approved, the average impact on residential customers would be less than $1.00. AES Ohio also plans to implement energy efficiency programs and pricing incentives to foster job growth in the region. The company is committed to maintaining its low distribution rates while supporting community development.

Positive

• AES Ohio proposes increased investments in distribution infrastructure.
• The plan aims to stabilize customer prices with an estimated increase of less than $1.00 for residential customers using 750 kWh.
• Introduces energy efficiency programs and pricing incentives to enhance customer savings and stimulate local job growth.

Negative

• None.

DAYTON, Ohio, Sept. 26, 2022 /PRNewswire/ -- Today, AES Ohio, a subsidiary of The AES Corporation (NYSE: AES), filed its latest Electric Security Plan (ESP) with the Public Utilities Commission of Ohio (PUCO).

The company's ESP is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide greater safeguards for price stability and continue investments in local economic development. AES Ohio intends to increase investments in the distribution infrastructure and deploy a proactive vegetation management program.

"We understand, first and foremost, our customers want reliable service while maintaining affordable rates," said AES Ohio President and Chief Executive Officer Kristina Lund. "With the lowest distribution rates in Ohio, this plan provides a mechanism to strengthen reliability well into the future and protect our customers from volatile market-driven cost impacts."

If approved as proposed, the initial impact for an AES Ohio residential customer using 750 kilowatt hours per month would be less than $1.00. 

Beyond the various requirements of the ESP, AES Ohio is proposing new and innovative programs to help customers save money while meeting their ever-changing energy needs driven by new smart technologies. The plan has energy efficiency programs for residential and low-income customers, which include ways to save by utilizing smart thermostat technology.

Lastly, the plan includes new pricing incentives to promote the growth and expansion of companies in the region, helping to foster a strong local job market.

"AES Ohio remains committed to providing reliable energy at competitive prices, while investing and supporting the communities where we live and work," Lund said. "This plan is thoughtfully designed to best serve our customers, reaffirms our commitment to the community and accelerates the future of energy."

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. During its long history, AES Ohio has served its customers with the lowest distribution rate in Ohio among investor-owned utilities. 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.

About AES 
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.

Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements include declarations regarding management's intents, beliefs and current expectations and typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan," "seek" and similar words. Such forward-looking statements include, without limitation, statements with respect to infrastructure improvements, strategic objectives, business prospects, management's expectations, and AES Ohio's proposed Electric Security Plan and its effects, including those on AES Ohio's financial performance and condition.  Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES Ohio's current expectations based on reasonable assumptions.  Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, timing of events, accurate projections of market conditions and regulatory rates, future interest rates, commodity prices, and 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 DPL's and AES Ohio's filings with the Securities and Exchange Commission (SEC), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in DPL's and AES Ohio's Annual Report on Form 10-K and in subsequent reports filed with the SEC.  Readers are encouraged to read DPL's and AES Ohio's filings to learn more about the risk factors associated with DPL's and AES Ohio's businesses. DPL and AES Ohio undertake 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 DPL's and AES Ohio's periodic reports filed with the SEC may obtain copies (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, DPL Inc., 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 the periodic reports may also be obtained by visiting AES Ohio's website at aes-ohio.com/sec-filings.  

View original content to download multimedia:https://www.prnewswire.com/news-releases/aes-ohio-files-electric-security-plan-to-improve-reliability-customer-price-protection-and-future-economic-growth-301633488.html

SOURCE AES CORP.

FAQ

What is AES Ohio's Electric Security Plan filed on September 26, 2022?

AES Ohio's Electric Security Plan (ESP) is a comprehensive initiative to enhance service reliability, stabilize prices, and promote economic development.

How will AES Ohio's ESP impact residential customers?

If approved, the initial impact for a residential customer using 750 kilowatt hours per month would be less than $1.00.

What new programs are included in AES Ohio's ESP?

The ESP includes energy efficiency programs for residential and low-income customers, and incentives to support local economic growth.

Why is AES Ohio increasing investments in distribution infrastructure?

Increasing investments in distribution infrastructure is aimed at enhancing service reliability and protecting customers from market-driven cost volatility.

What are the objectives of AES Ohio's Electric Security Plan?

The objectives include improving service reliability, providing price stability, and investing in local economic development.