Delmarva Power seeks approval for $700M in long-term debt securities

The Public Service Commission of Maryland convened on September 3, 2025, to discuss key financial matters concerning Delmarva Power. The meeting primarily focused on the company's request for authorization to issue long-term debt securities.

Matt Segers, representing Delmarva Power, clarified a correction in the staff's report regarding the company's financial status. He noted that Delmarva Power has $172 million of unused authority to issue debt from an authorized total of $1.2 billion. This correction was significant as it highlighted the company's current financial flexibility.

Commissioner Whit inquired about the reduced amount of debt Delmarva Power was seeking, which was significantly lower than the previously authorized amount. Segers explained that the requested amount reflects the company's anticipated needs over the next three years, although he did not provide specific reasons for the decrease. He emphasized that the funds would support capital improvements and the overall operation of the company.

Following the discussions, the commission voted unanimously to grant Delmarva Power the authority to issue up to $700 million in long-term secured or unsecured debt securities. This decision is expected to facilitate the company's financial planning and operational capabilities moving forward.