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Wednesday, August 27, 2008

Oncor begins $72 million payout to consumers

By Pegasus News wire

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DALLAS — Oncor announced today that it has begun the first distributions of a $72 million credit for eligible consumers on their electric bills. The $12.58 credit will be available to any eligible residential consumer who was taking delivery service from the company at the end of December 2007.

Don't spend all that money in just one place

Photo not provided by Oncor

Don't spend all that money in just one place

All active Retail Electric Providers (REPs) in Oncor’s service area that expect to have customers in September have signed an agreement that requests that the one-time $72 million credit be passed on directly to consumers. The agreement stated that all REPs would pay or credit in full to its customers within 45 days of receipt of the credit from Oncor.

“Now that the REPs in Oncor’s service area have agreed to the request, consumers will be able to take advantage of this credit when it’s most needed,” said Don Clevenger, Vice President, External Affairs. “Oncor promised consumers they would make the credit, and now we’re fulfilling that promise.”

Commercial and industrial customers also will receive a credit, although it will be based on their individual usage during calendar year 2007.

Oncor has collected data from the agreeing REPs to determine the number of qualifying consumers served by each REP. To qualify, a consumer’s premise must have existed in the Oncor territory during December 2007. Oncor agreed in October 2007 to give the $72 million credit to REPs with the intention that it be passed on to consumers. The agreement was made as part of Oncor’s merger review filing.

Source: Oncor

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