During Governor Matt Meyer's monthly press briefing, he stood firmly against potential rate increases coming to Delmarva customers in Delaware.
He said after the snow and ice storms last month, "the bills, particularly of Delmarva customers are skyrocketing."
The company filed a request for a $67.8 million rate increase with the Public Service Commission in December, which Meyer wants to see rejected.
Meyer said he isn’t in favor of controlling business. But he said testimony in Delmarva's rate increase reports a nine-and-a-half percent return on equity annually for its shareholders, which he considers excessive.
"Delmarva's shareholders – Exelon their parent company– primarily out of state shareholders, are making an awful lot of money on the backs of Delaware working families," Meyer said. "So the Public Service Commission must scrutinize every penny of delivery and transmission charges to make sure customers are not getting ripped off."
On Exelon's fourth quarter investor call for 2025, the Fortune 200 company's CEO Calvin Butler said the company's earnings per share delivered above expectations for the year, "and since 2021, we've achieved a 7.4% annual earnings growth rate and an 8% rate based growth through 2025, highlighting our ability to navigate changes and consistently execute."
According to its website, Delmarva's parent company serves almost 11 million customers through Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco.
Delmarva Power can implement the new rate on an interim basis in July according to Delaware law.
Delmarva’s Vice President of Government and External Affairs Marcus Beale said his company’s request is a response to nationwide energy shortages and needed improvements to aging infrastructure. And Delmarva operates the grid energy is delivered on but can't control supply.
Beale added Delmarva wants more energy supply and is willing to get involved with generation if lawmakers support it.
"So if that means that we have to get involved in building utility generated energy, we're regulated, so we can do that at a managed cost," Beale said. "So that would be something that the Public Service Commission would oversee."
Delaware lawmakers passed a law against Delmarva generating its own power in 1999, to prevent a monopoly. But Meyer said he’s willing to revisit this if it lowers costs.
"We're open to it," Meyer said. "Some states, in Virginia, you can be vertically integrated like that. There are concerns. As long as the consumer is protected... We're certainly open to it.
The Public Service Commission met Wednesday. The rate increase was not on the docket, but some people wanted to offer public comment. PSC officials said they will have a public hearing on it but no date has been set yet.