, a subsidiary of
, said Friday that it asked Maryland Public Service Commission to authorize an increase in electricity distribution rates.
The Washington, D.C.-based company said that this would be the first delivery rate increase in Maryland in nearly a decade.
If approved, the increase would add $55.7 million to the company's revenue, and about 3.9% to monthly residential electric bills. The typical bill for a standard offer service residential customer using 1,000 kilowatt-hours a month would increase $5.33 from $135.94 to $141.27.
The company added that the increase would be used to meet the ever increasing costs of poles, wires and critical high-tech equipment, as well as improve reliability and support technology.
If approved by the PSC, the new delivery rate would become effective in the middle of June 2007, said the company.
The shares of Pepco Holdings were down 5 cents, or 0.19%, at $25.61 Friday.
This story was created through a joint venture between TheStreet.com and IRIS.