Atlantic City Electric customers can expect a limited amount of rate relief, and about 60 skilled union workers can expect to join the labor force, through the merger of Exelon with Pepco Holdings, according to a joint statement released by Governor Chris Christie's office and the heads of all three companies.

Grove Pashley, Getty Images
Grove Pashley, Getty Images
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The final settlement calls for $126,000,000 in benefits for customers, by virtue of October's final approval by the New Jersey Board of Public Utilities (BPU). A portion of it has already been allotted in a one-time $113.61 per customer, pursuant to the original settlement approved in March 2015.

That agreement contained a figure of about $70,000,000. However, the BPU's insertion of a Most Favored Nation clause, which calls for protection of AC Electric ratepayers in the event of a more lucrative agreement in another jurisdiction, brought all parties back to the table to rework the figures.

A typical customer, officials said, would see a monthly savings of about $3.43 for the next seven or eight months, until the dollar amount is met. Customers also were not charged $2.06 a month for charges related to the Non-Utility Generator Charge and uncollectible deferred balances.

"This job-creation deal provides many financial benefits to the company's customers, the regional economy and the state," the Governor said in prepared comments. "The settlement also will mean millions of dollars will be invested in support of low-income customers, customer energy efficiency improvements and work force development and training."

State regulators also stipulated improved reliability standards and reduction of the number and length of outages.

Atlantic City Electric is required to hire and train at least 60 union employees, and spend $6,000,000 in workforce development in the next six years, aimed at broadening job opportunities in the company's service area, much of which has been hard hit since Superstorm Sandy, and slammed again by the shrinking of Atlantic City's gaming sector.

The company is also required to contribute $4,000,000 to low-income customer support in the next four years. The donations will be managed by the Affordable Housing Alliance, Catholic Charities, NJ SHARES and the People for People Foundation.

Atlantic City Electric agreed to spend about $3,000,000 annually for the next five years on consumer-oriented energy-efficiency programs, support solar installations and improve online application procedures for solar connections.

Exelon, Atlantic City Electric's parent company, also owns and operates the Oyster Creek Nuclear Generating Station in Forked River, scheduled to begin decommissioning in 2019, toward eventual closure.

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