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DPL REACHES AGREEMENT ON OHIO TRANSITION PLAN WITH MAJOR GROUPS
-- Plan Provides for $13 Million in Annual Savings for Residential
Customers and Rapid Transition to Competitive Market --
DAYTON, Ohio, June 1, 2000 - DPL Inc. (NYSE: DPL) today announced
that it has reached a comprehensive agreement with major groups on
its transition plan for competing in the deregulated Ohio electric
utility industry. The plan was filed with the Public Utilities
Commission of Ohio (PUCO) in December 1999. The agreement
guarantees savings for residential consumers of approximately
$13 million per year. The agreement also provides for a rapid
transition to a competitive market by the end of 2003.
"This comprehensive agreement generates consumer savings on their
energy costs, allows DPL customers to participate in a fully
competitive market, and ends the transition period well in advance
of the other Ohio utilities," said Allen Hill, President and CEO of
DPL Inc.
DPL expects approval by the PUCO of the agreement in the third
quarter of 2000.
Significant provisions of the agreement include:
- Guaranteed 5% discount for residential customers on the
electric energy part of their bill.
- Through 2003, the opportunity for additional savings through
choice in generation supply or guaranteed fixed prices for those
staying with DPL.
- Ends the transition period after 2003.
- Fixed prices for energy delivery service for six years.
- An additional $1 million dedicated to consumer information programs.
- Provisions for low income and energy efficiency programs.
The following groups have signed the agreement: The Staff of the
PUCO; The Office of the Ohio Consumers' Counsel; The Industrial
Energy Users of Ohio; The Ohio Manufacturers Association; The Ohio
Council of Retail Merchants; The Association for Hospitals and
Health Systems, dba The Ohio Hospital Association; New Energy
Midwest, L.L.C. and WPS Energy Services, Inc.; and Exelon Energy.
Other groups are expected to sign shortly.
Based in Dayton, Ohio, DPL Inc. is a diversified energy company
supplying energy services to customers in the Midwest. DPL's
principal subsidiary is The Dayton Power and Light Company (DP&L).
The mission of DP&L's employees is to provide reliable energy and
quality customer service throughout West Central Ohio. With annual
sales of more than $1.2 billion, DP&L ranks among the nation's top
500 service companies. The Company sells electricity to 500,000
residential, commercial, industrial and governmental customers in a
6,000 square-mile area of West Central Ohio. For the last ten
years, DP&L has ranked among the top ten energy companies in
generation efficiency and productivity. Further information can be
found at www.dplinc.com.
This press release may contain certain forward-looking statements
regarding plans and expectations for the future. Investors are
cautioned that actual outcomes may vary materially from those
projected due to various factors beyond DPL's control. Such
matters are described in the Company's 1999 Annual Report and Form
10-K and Form 10-Q for the quarter ending March 31, 2000.
