DAYTON, Ohio, Oct. 23, 2020 /PRNewswire/ -- Dayton Power & Light Company (DP&L), a subsidiary of the AES Corporation (NYSE:AES), has filed a nearly unanimous stipulation (Stipulation) to invest $249 million in capital projects over the next four years providing direct customer benefits through modernizing the electric grid and building a smarter energy future for customers. This four-year plan is a significant initial step to modernize the electric grid to provide personalized, seamless service that will enhance reliability, efficiency, and customer value.
The Stipulation includes plans to implement Phase 1 of the DP&L's Smart Grid Plan with a commitment to file Phase 2 within three years. The proposed Stipulation is supported by a broad coalition of customers, the City of Dayton, environmental groups, competitive suppliers and the Public Utilities Commission of Ohio (PUCO) Staff. With this comprehensive Stipulation, which resolves a number of other matters, DP&L has a clear path to begin executing the company's plans to modernize its electric grid, providing all customer with benefits such as fewer outages and enhanced communication.
"We appreciate the opportunities to work with all interested parties to reach a balanced and fair settlement agreement to continue our progress toward creating a smarter energy future for our customers," said Lisa Krueger, president of the U.S. strategic business unit for The AES Corporation, the parent company of DP&L. "This marks an exciting step in our digital transformation to provide our customers with personalized, innovative, and seamless energy services."
The Stipulation allows DP&L to invest in new technology, equipment and systems to better serve its customers, such as:
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, DP&L 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.
DP&L maintains the lowest residential rates of the investor-owned utilities in Ohio. If the Stipulation is approved by the PUCO, the average residential customer in the DP&L service territory, using 1,000 kWh on DP&L's Standard Service Offer, can expect a monthly bill adjustment of $0.94.
This Stipulation allows DP&L to invest in technology to help achieve its vision that customers will experience personalized, innovative and seamless energy services enabled by transformative technologies. DP&L intends to achieve this vision by leveraging the use of technology to provide customers information, choices, and engaging in new ways to interact with their utility.
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, 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, the making of regulatory applications and filings, investments in and implementation of equipment, systems and technologies, strategic objectives, business prospects, anticipated economic performance and financial condition, 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 consistent with historical levels, 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 DP&L's filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in DPL's and DP&L's 2019 Annual Report on Form 10-K and 2020 Quarterly Reports on 10-Q. Readers are encouraged to read DPL's and DP&L's filings to learn more about the risk factors associated with DPL's and DP&L's businesses. DPL and DP&L 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 or DP&L'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, 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 such reports also may be obtained by visiting DPL's website at www.dpandl.com.
About The Dayton Power and Light Company The Dayton Power and Light Company is the principal subsidiary of DPL Inc. (DPL), a regional energy provider and an AES company. DPL's primary subsidiaries include The Dayton Power and Light Company. The Dayton Power and Light Company, a regulated electric utility, provides service to over 527,000 customers in West Central Ohio. For more information about the company, please visit www.dpandl.com. Connect with DP&L at www.twitter.com/dpltoday, www.linkedin.com/company/dayton-power-and-light, and at www.facebook.com/DPLToday.
About AES The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 14 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world's changing power needs. Our 2019 revenues were $10 billion and we own and manage $34 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp