Dallas-based Oncor to refund $72 million to residential customers

by PegNews wire

DALLAS — Oncor announced today that it will begin the process of refunding approximately $72 million, or about $12.58 for each residential consumer taking delivery service from the company at the end of December 2007. Eligible consumers should receive the credit on their September electric bills.

In a process approved by the Public Utility Commission of Texas, Oncor will send notice to all Retail Electric Providers (REPs) in its service area, requesting that the one-time $72 million credit be passed on directly to consumers. REPs that do not agree to pass on the refunds to consumers will not receive any money, and funds allocated to those REPs’ customers will be redistributed to the other customers served by REPs agreeing to pass on the refund, to ensure that the entire $72 million is refunded.

“We’re pleased the plan was approved by the PUC and that we can expedite the process so consumers will receive the credit during the summer when electric bills have historically been at their highest,” said Don Clevenger, Vice President, External Affairs.

Over the next two weeks, Oncor will collect data from the agreeing REPs to determine the number of qualifying consumers served by each REP. To qualify, a consumer must have been an electricity customer in the Oncor territory during December 2007 and still be served at the same location by an REP that agrees to pass on the refund.

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