# EDGAR Filing Document

**Accession Number:** 0000787250
**File Stem:** 0000950103-25-010274
**Filing Date:** 2025-8
**Character Count:** 43416
**Document Hash:** 212169f8ac175080d00d72b63e26d5a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-010274.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950103-25-010274

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250813

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DPL LLC
- **CENTRAL INDEX KEY:** 0000787250
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 311163136
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09052
- **FILM NUMBER:** 251213803

**BUSINESS ADDRESS:**
- **STREET 1:** 1065 WOODMAN DRIVE
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45432
- **BUSINESS PHONE:** 937 259 7215

**MAIL ADDRESS:**
- **STREET 1:** 1065 WOODMAN DRIVE
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45432

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DPL INC
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAYTON POWER & LIGHT CO
- **CENTRAL INDEX KEY:** 0000027430
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 310258470
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02385
- **FILM NUMBER:** 251213804

**BUSINESS ADDRESS:**
- **STREET 1:** 1065 WOODMAN DRIVE
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45432
- **BUSINESS PHONE:** 937-759-7215

**MAIL ADDRESS:**
- **STREET 1:** 1065 WOODMAN DRIVE
- **CITY:** DAYTON
- **STATE:** OH
- **ZIP:** 45432

?xml version='1.0' encoding='ASCII'?

CIK 0000027430

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): August 13, 2025

**Commission File Number 1-9052**

**DPL LLC**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Ohio** | **31-1163136** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **1065 Woodman Drive** |  |
| **Dayton, Ohio** | **45432** |
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | **(937) 259-7215** |

---

**Commission File Number 1-2385**

![A green and blue letter s Description automatically generated](image_001.jpg)

**THE DAYTON POWER AND LIGHT COMPANY**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Ohio** | **31-0258470** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **1065 Woodman Drive** |  |
| **Dayton, Ohio** | **45432** |
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | **(937) 259-7215** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.** 

On August 13, 2025, The Dayton Power and Light Company, doing business as AES Ohio ("AES Ohio"), a subsidiary of DPL LLC ("DPL") and The AES Corporation, entered into an unopposed Stipulation and Recommendation (the "Settlement") with various intervening parties and the Staff of the Public Utilities Commission of ("PUCO") with respect to AES Ohio's pending rate case for electric distribution service at the PUCO. The Settlement provides for updated base rates for electric distribution service customers in AES Ohio's service territory and is subject to, and conditioned upon, approval by the PUCO. Along with setting updated rates, the Settlement, if approved, would:

&nbsp;&nbsp;&nbsp;&nbsp;· Establish a revenue requirement of $483,057,887
for AES Ohio's base rates for electric distribution service.

&nbsp;&nbsp;&nbsp;&nbsp;· Provide for a return on equity of 9.999% and a
cost of long-term debt of 4.49% on a rate base of $1,252,367,202, inclusive of certain assets that are currently recovered through the
company's existing Distribution Investment Rider and based on a capital structure of 53.87% equity and 46.13% long-term debt.

The PUCO has set the evidentiary hearing to begin on September 9, 2025. The foregoing description of the Settlement is qualified in its entirety by reference to the Settlement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. AES Ohio's distribution rate case docket, which includes a copy of the Settlement, is available at the website of the PUCO at www.puco.ohio.gov by searching Case No. 24-1009-EL-AIR. The information on the website of the PUCO is not incorporated herein.

**Item 9.01 Financial Statements and Exhibits**

*(d) Exhibits*

Exhibit 10.1\* [Stipulation and Recommendation dated August 13, 2025.](dp233039_ex1001.htm) <br>Exhibit 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

\*Pursuant to Item 601(a)(5) of Regulation S-K, exhibits and schedules (and similar attachments) have been omitted. DPL LLC and AES Ohio each agrees to furnish, supplementally, a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request by the Commission.

**Forward-Looking Statements**

This current report contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding management's intents, beliefs, and current expectations and typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "would," "intend," "believe," "project," "estimate," "plan" and similar words. Such forward-looking statements include, without limitation, statements with respect to return on and recovery of costs and expenses, the making of regulatory applications and filings, timing of hearings and approvals, strategic objectives, management's expectations, or other anticipated matters in connection with the Settlement and its effects, including those on DPL's or AES Ohio's financial performance and condition. Forward-looking statements are not intended to be a guarantee of future results but instead constitute DPL's and AES Ohio's current expectations based on reasonable assumptions. These assumptions include, but are not limited to, our expectations regarding timing of events, accurate projections of market conditions and regulatory rates, future interest rates, commodity prices, continued operating performance and electricity volume at distribution companies, as well as achievements of planned productivity improvements and growth investments at expected rates of return.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties, and other factors. Important factors that could affect actual results are discussed in DPL's and AES Ohio's filings with the Securities and Exchange Commission (the "<u>SEC</u>"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in DPL's and AES Ohio's 2024 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read DPL's and AES Ohio's filings to learn more about the risk factors associated with DPL's and AES Ohio's businesses. DPL and AES Ohio undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Any security holder who desires a copy of DPL's or AES Ohio's 2024 Annual Report on Form 10-K, or subsequent filings with the SEC, may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Secretary, AES Ohio, 1065 Woodman Drive, Dayton, Ohio 45432. Exhibits also may be requested, but a charge equal to the reproduction cost thereof may be made. A copy of the Annual Report on Form 10-K may also be obtained by visiting AES Ohio's website at www.aes-ohio.com.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **DPL LLC** | **DPL LLC** |
| Date: August 13, 2025 | By: | /s/ Brian Hylander |
|  | Name: | Brian Hylander |
|  | Title: | Vice President, General Counsel and Secretary |

---

---

| | | |
|:---|:---|:---|
|  | **The Dayton Power and Light Company**<br>**d/b/a AES Ohio**  | **The Dayton Power and Light Company**<br>**d/b/a AES Ohio**  |
| Date: August 13, 2025 | By: | /s/ Brian Hylander |
|  | Name: | Brian Hylander |
|  | Title: | Vice President, General Counsel and Secretary |

---

## Exhibit 10.1

**Pursuant to Item 601(a)(5) of Regulation S-K, exhibits and schedules (and similar attachments) have been omitted. DPL LLC and AES Ohio each agrees to furnish, supplementally, a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request by the Commission.**

**Exhibit 10.1** 

BEFORE

THE PUBLIC UTILITIES COMMISSION OF OHIO

---

| | |
|:---|:---|
| In the Matter of the Application of The Dayton Power and Light Company d/b/a AES Ohio for an Increase in its Electric Distribution Rates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case No. 24-1009-EL-AIR |
| In the Matter of the Application of The Dayton Power and Light Company d/b/a AES Ohio for Accounting Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case No. 24-1010-EL-AAM<br>|
| In the Matter of the Application of The Dayton Power and Light Company d/b/a AES Ohio for Approval of Revised Tariffs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case No. 24-1011-EL-ATA<br>|

---

_________________________________________

**STIPULATION AND RECOMMENDATION**

**_________________________________________**

Pursuant to Ohio Adm.Code 4901-1-30, any two or more parties may enter into a written stipulation concerning a proposed resolution of some or all of the issues in a proceeding of the Public Utilities Commission of Ohio ("Commission"). This Stipulation and Recommendation ("Stipulation") sets forth the understanding and agreement of the parties that have signed below ("Signatory Parties"), who recommend that the Commission approve and adopt this Stipulation without modification to resolve all issues in the above-captioned proceedings.

This Stipulation reflects a just and reasonable resolution of the issues in these proceedings. It is the product of serious, arms-length bargaining among the Signatory Parties. All parties were invited to discuss and negotiate this Stipulation, and it was openly negotiated among those parties that chose to participate; no party was excluded from these negotiations. This Stipulation is supported by adequate data and information, and as a package, benefits customers and the public interest. This Stipulation violates no important regulatory principle or practice;

indeed, it complies with and promotes the policies and requirements of Title 49 of the Ohio Revised Code. This Stipulation accommodates the diverse interests represented by the Signatory Parties and is entitled to careful consideration by the Commission.

WHEREAS, The Dayton Power and Light Company d/b/a AES Ohio ("AES Ohio" or the "Company") is a public utility engaged in the business of supplying electric distribution service to more than 500,000 customers in West Central Ohio;

WHEREAS, AES Ohio's current base rates for electric distribution service were approved by the Commission in Case No. 20-1651-EL-AIR, *et al.* using a date certain of June 2020 and a test year of June 1, 2020 through May 31, 2021;

WHEREAS, AES Ohio filed the Application of The Dayton Power and Light Company d/b/a AES Ohio to Increase Its Rates for Electric Distribution together with supporting schedules and other information pursuant to R.C. Chapter 4909 and Ohio Adm.Code 4901-7-01 on November 29, 2024 and supporting testimony on December 13, 2024 in these proceedings (collectively, the "Application");

WHEREAS, the Application proposes new base rates for electric distribution service using a date certain of September 30, 2024 ("Date Certain"), and a test period of June 1, 2024 to May 31, 2025 ("Test Period");

WHEREAS, on June 27, 2025, the Staff of the Commission, pursuant to R.C. 4909.19(C), submitted the findings of its investigation regarding the facts set forth in the Application and of the matters connected therewith ("Staff Report");

WHEREAS, the Signatory Parties agree that this Stipulation represents a just and reasonable resolution of all of the issues in these proceedings; and

WHEREAS, the terms and conditions of this Stipulation satisfy the policies of the State of Ohio as set forth in R.C. 4928.02.

NOW, THEREFORE, to resolve all of the issues raised in these proceedings, the Signatory Parties stipulate, agree, and recommend that the Commission issue an Opinion and Order in these proceedings accepting and adopting this Stipulation without modification.

**I.**  **<u>APPROVAL OF APPLICATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Application shall be approved, subject
 to the recommendations in the Staff Report, except as provided in this Stipulation.

**II.**  **<u>REVENUE REQUIREMENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to Section II(G), the base revenue
 requirement for AES Ohio's electric distribution service shall be $483,057,887 ("Stipulated
 Revenue Requirement"), which results in a revenue deficiency of $167,901,593 as shown
 in Stipulated Schedule A-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Stipulated Revenue Requirement reflects
 a valuation, as of the Date Certain, of the property that is used and useful in rendering
 public utility service for which rates are to be fixed and determined in these proceedings
 of $1,252,367,202 ("Stipulated Rate Base"), as shown in Stipulated Schedules
 A-1 and B-1, B-2.1 and B-2.2. The Stipulated Rate Base

reflects the following adjustments to the rate base recommended in the Staff Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Staff's adjustments related to
 Lacking Support (Staff Report page 10) shall be adopted, but the amount of the adjustment
 shall be changed from $2,347,203 as reflected in the Staff Report to $269,103.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Staff's adjustment related Data
 Request Support (Staff Report page 12) shall not be adopted. This results in an addition
 of $1,279,507 to reflect additional support provided by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Staff's adjustment related to Transactions
 with Affiliates, not Competitively Sourced (Staff Report page 10) shall be adopted, but the
 amount of the adjustment shall be changed from $10,857,735.66 as reflected in the Staff Report
 to $5,451,311.66. For the avoidance of doubt, costs relating to those transactions are not
 reflected in the Stipulated Rate Base or the Stipulated Revenue Requirement. [1](#note_ftn1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. An addition of $124,507 to include property
 used and useful as of the Date Certain that were not retired.

<sup>1</sup> As part of the Stipulation, RESA agrees to withdraw its Objection 'C' without prejudice and reserves the right to raise any corporate separation issues related to the Objection in a future proceeding. AES Ohio also acknowledges and agrees that, in addition to any other applicable requirement, that transactions with affiliates offering a competitive retail electric service or a nonelectric product or service will be undertaken in a manner that complies with R.C. 4928.17 and the Commission's rules promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Stipulated Revenue Requirement reflects
 an operating income during the Test Year for which rates are to be fixed and determined in
 these proceedings of $129,178,752 ("Stipulated Operating Income Deficiency"),
 as shown in Stipulated Schedules A-1 and C-1. The Stipulated Operating Income Deficiency
 reflects the following adjustments to the operating income recommended in the Staff Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An addition of $2,823,349 resulting from
 the use of latest known property valuation percentages and the latest known average property
 tax rate, to reflect property tax expense for used and useful property that was placed in
 service from January 1, 2024 through the Date Certain, and to account for a correction relating
 to use of the latest known average property tax rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An addition of $2,974,082 to labor expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. An addition of $2,304,697 to include
 in the test year 37.5% of short-term compensation expenses, which are not related to metrics
 for financial and non-AES Ohio performance. These costs include incentives not including
 associated payroll taxes for direct employees and shared services employees. For the avoidance
 of doubt, short-term compensation expense relating to metrics for financial and non-AES Ohio
 performance and all long-term compensation expense are not reflected in the Stipulated Operating
 Income Deficiency or the Stipulated Revenue Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. An addition of $2,766,827 to reflect
 surge staffing and hypercare expense relating to supporting the transition to the AES Customer
 Ecosystem, which includes a new billing system, representing a four-year amortization of
 the total one-time cost of $11,067,308.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. AES Ohio's depreciation rates shall
 be the rates set forth in Schedule B-3.2 in the Staff Report, except that the depreciation
 rate for all AES Customer Ecosystem assets shall be 6.67%, which reflects asset lives of
 15 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Stipulated Revenue Requirement reflects
 a fair and reasonable rate of return of 7.46%, which reflects a capital structure of 46.13%
 long-term debt to 53.87% common equity, a return on equity of 9.999%, and a cost of long-term
 debt of 4.49%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Stipulated Revenue Requirement, Stipulated
 Rate Base, and Stipulated Operating Income Deficiency shown on Stipulated Schedules A-1,
 B-1, and C-1 incorporate all flow-through effects of the adjustments in Section II(B) through
 (E).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Signatory Parties agree that revised
 tariffs shall be filed, within ten days of the date the briefing is complete, as a late-filed
 exhibit to the Stipulation reflecting all the terms within this Stipulation. These updated
 tariffs shall be reviewed by the Signatory Parties prior to being filed. The Signatory Parties
 agree and recommend that the Commission approve final tariffs to go into effect on a services-rendered
 basis within 30 days

after the Commission approves this Stipulation. The late-filed exhibits shall include final rate case expense relating to this proceeding in the form of an updated Schedule C-3.21. Such expense shall be amortized over four years and incorporated into an updated Stipulated Revenue Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. To ensure that AES Ohio does not over-collect
 rate case expense, the Company will create separate regulatory liabilities to credit to customers
 any amounts for rate case expense relating to this proceeding to the extent such amounts
 exceed the balances presented in the updated Schedule C-3.21 to be filed under Section II(G),
 above.

**III.**  **<u>RATES AND TARIFFS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. AES Ohio shall charge customers the base
 rates set forth in the summary sheet for new rates in Stipulation Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. As reflected in Stipulation Exhibit 1,
 the customer charge for residential customers shall be $9.75.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. AES Ohio shall phase out and eliminate
 the Low-Load Factor (LLF) Charge for customers taking service under the Company's Primary
 and Secondary rate class tariffs. The phase out will move the LLF to 5% with the implementation
 of rates approved in this case and will fully eliminate the rate on 1/1/2027. As the LLF
 rate gets updated, the Secondary and Primary demand rates shall also need to be adjusted
 to reflect the movement of customers and revenue collection between the rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distribution Investment Rider ("DIR")
 shall reflect qualifying incremental investments, as described in the Stipulation and Recommendation
 approved by the Commission in Case No. 22-900-EL-SSO, *et al.*, that are placed in service
 since the Date Certain. The DIR annual revenue caps shall be cumulatively $1,341,667 per
 month in 2025 and $2,516,667 per month beginning in 2026 and until the end of AES Ohio's
 current ESP term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The energy charge in the Public DC Fast
 Electric Vehicle Charging Station Tariff shall be equal to the secondary class average rate
 calculated at a 15% load factor. In no event shall any costs or delta revenue resulting from
 customers taking service under the Public DC Fast Electric Vehicle Charging Station Tariff
 be recovered from any tariff class, except that participants taking service under this tariff
 shall be charged as provided in the tariff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. AES Ohio shall withdraw, without prejudice,
 the proposed "High Voltage Rate Provision" from Tariff Sheet No. D22 (Electric
 Distribution Service - High Voltage).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. AES Ohio shall eliminate its reconnection
 charges for residential consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Within three months of a decision of the
 Supreme Court of Ohio in S. Ct. Case No. 2024-0207, AES Ohio will commence a proceeding to
 update its tariffs to incorporate any applicable directives of the Commission in Case

No. 21-990-EL-CSS. AES Ohio agrees to meet with interested parties following the Court's decision to discuss this issue before commencing the tariff proceeding. Signatory Parties reserve all rights to take any position whatsoever in any such proceeding.

**IV.**  **<u>CUSTOMER SUPPORT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant to R.C. 4905.331(C)(5) (effective
 August 14, 2025), AES Ohio shall propose to continue the Disadvantaged Communities Energy
 Initiative ("DCEI") and the Weatherization and Bill Payment Assistance Program
 ("WBPAP") that were approved in Case No. 22-900-EL-SSO in the Company's
 next rate case. Signatory Parties reserve all rights regarding any such proposal in AES Ohio's
 next rate case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To provide clarity to the funding recipients
 for the DCEI and WBPAP and customers who benefit from those programs, in the event that AES
 Ohio's next rate case is not decided by May 31, 2027, then the Company will fund the
 DCEI and WBPAP for 2027 at their existing annual budget levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. AES Ohio shall contribute $1,000,000 annually
 to its Gift of Power program for bill payment assistance with shareholder funds while the
 rates in this case are effective. Any unused funds shall roll over to the next year.

**V.**  **<u>DATA SHARING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Signatory Parties recommend, for good
 cause shown, that the Commission waive Ohio Adm.Code 4901:1-10-24(D)(3) to allow AES

Ohio to disclose to Competitive Retail Electric Service ("CRES") the hourly interval data of the CRES providers' own residential customers who have Advanced Metering Infrastructure installed, without obtaining additional permission from the Commission or the customer to share such interval data. Such interval data shall be provided using System to System-Historical Interval Usage, System to System-Rolling 10 day, or transaction type Electronic Data Interchange 867IU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Through the Company's customer portal,
 AES Ohio shall provide non-residential customers with access to their own customer peak load
 contribution (PLC) and network service peak load (NSPL) data, to the extent such information
 is available.

**VI.**  **<u>SUPPLIER BILLING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. AES Ohio agrees to convene a Billing Resolution
 Group that shall meet weekly beginning the week of August 18, 2025. The Billing Resolution
 Group shall be a forum for interested parties to discuss concerns of suppliers and customers
 regarding customer bills since the implementation of the AES Customer Ecosystem, as well
 as the expected timing to resolve those issues. Meetings of the Billing Resolution Group
 shall be attended by a senior leader of AES Ohio who leads the implementation of the AES
 Customer Ecosystem. AES Ohio shall meet with the Billing Resolution Group until October 31,
 2025 or until 99% of customers have been invoiced in the preceding three months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. AES Ohio further agrees to meet with representatives
 of RESA members, IGS, and any other interested parties and suppliers in January 2026 to discuss
 the status of any outstanding receivables relating to service provided between September
 2024 and October 2025. AES Ohio also commits to analyzing and discussing any CRES provider
 uncollectible amount that was caused by any delayed billing from the implementation of the
 AES Customer Ecosystem, and which could include AES Ohio agreeing to propose certain changes
 or accounting authority as potential remedies. To be clear, the Signatory Parties are not
 recommending at this time any specific outcome as a result of this discussion, and to the
 extent agreement were reached on any specific proposal, such agreement or tariff change will
 be filed with the Commission for review and approval, and all interested parties would reserve
 the right to take any position whatsoever on the issue.

**VII.**  **<u>OTHER PROVISIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Stipulation addresses a variety of
 complex issues that, absent this agreement, would have been resolved through potentially
 complex litigated proceedings. The Stipulation contains the entire agreement among the Signatory
 Parties and reflects a complete settlement of all proposals, issues, comments, and objections
 raised by Signatory Parties in these proceedings. The Signatory Parties will support this
 Stipulation, if it is contested, and no Signatory Party shall oppose an application for rehearing
 designed to defend the terms of the original unmodified

Stipulation. The Signatory Parties agree that this Stipulation advances the public interest and urge the Commission to adopt this Stipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Signatory Parties agree that the Stipulation
 is a product of serious bargaining among capable, knowledgeable parties. This Stipulation
 is the product of an open process in which all parties were represented by able counsel.
 The Stipulation represents a comprehensive compromise of issues raised by parties with diverse
 interests. The Signatory Parties believe that the Stipulation that they are recommending
 for Commission adoption presents a fair and reasonable result.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. AES Ohio will rely on the Staff Report
 and may offer its Application and supporting testimony and exhibits as evidentiary support
 of this Stipulation, where they are consistent with the Stipulation, and where they are not
 consistent, they may be offered to show that good faith bargaining occurred that resulted
 in a lawful and reasonable outcome. AES Ohio will file supplemental testimony in support
 of this Stipulation. Nothing in this subsection prohibits any Signatory Party from filing
 testimony or submitting evidence in support of the Stipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Stipulation is a consensus among the
 Signatory Parties of an overall approach to ratemaking in this proceeding. It is submitted
 for the purposes of this case alone and should not be understood to reflect the positions
 that an individual Signatory Party may take as to any individual provision of the Stipulation
 standing alone, nor the position a Signatory Party may have

taken if all of the issues in this proceeding had been litigated. Nothing in this Stipulation shall be used or construed for any purpose to imply, suggest, or otherwise indicate that the results produced through the compromise reflected herein represent fully the objectives of any Signatory Party. This Stipulation is submitted for purposes of this proceeding only, and is not deemed binding in any other proceeding, except as expressly provided herein, nor is it to be offered or relied upon in any other proceeding, except as necessary to enforce the terms of this Stipulation. The willingness of Signatory Parties to sponsor this document currently is predicated on the reasonableness of the Stipulation taken as a whole. The Signatory Parties will support this Stipulation if it is contested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Stipulation is expressly conditioned
 upon its adoption by the Commission in its entirety and without material modification. Each
 Signatory Party has the right in its sole discretion to determine whether the Commission's
 approval of this settlement contains a material modification. If the Commission rejects or
 materially modifies all or any part of this Stipulation, any Signatory Party shall have the
 right, within thirty days of issuance of the Commission's Order, to file an application
 for rehearing. The Signatory Parties agree that they will not oppose or argue against any
 other Signatory Party's application for rehearing that seeks to uphold the original
 unmodified Stipulation. If the Commission does not adopt the Stipulation without material
 modification upon any rehearing ruling, then within thirty days of such Commission rehearing

ruling any Signatory Party may terminate its Signatory Party status and withdraw from the Stipulation by filing a notice with the Commission. No Signatory Party shall file a Notice of Withdrawal without first negotiating in good faith with the other Signatory Parties to achieve an outcome that substantially satisfies the intent of the Stipulation. If a new agreement achieves such an outcome, the Signatory Parties will file the new agreement for Commission review and approval. If the discussions to achieve an outcome that substantially satisfies the intent of the Stipulation are unsuccessful, and a Signatory Party files a Notice of Withdrawal, then the Commission will convene an evidentiary hearing to afford that Signatory Party the opportunity to contest the Stipulation by presenting evidence through witnesses, to cross-examine witnesses, to present rebuttal testimony, and to brief all issues that the Commission shall decide based upon the record and briefs. If the discussions to achieve an outcome that substantially satisfies the intent of the Stipulation are successful, then some or all of the Signatory Parties shall submit the amended Stipulation to the Commission for approval after a hearing if necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Unless a Signatory Party exercises its
 right to withdraw from the Stipulation and terminate its status as a Signatory Party, each
 Signatory Party agrees to and will support the reasonableness of the Stipulation before the
 Commission, and to cause its counsel to do the same, and in any appeal from the Commission's
 adoption or enforcement of the Stipulation in which it participates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Signatory Parties agree that the settlement,
 as a package, benefits AES Ohio's customers and is in the public interest. The Signatory
 Parties agree that the settlement package does not violate any important regulatory principle
 or practice.

IN WITNESS THEREOF, the undersigned Signatory Parties agree to this Stipulation and Recommendation this <u>13th</u> day of August, 2025. The undersigned Signatory Parties request that the Commission issue an Opinion and Order approving and adopting this Stipulation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE DAYTON POWER AND LIGHT COMPANY D/B/A AES OHIO<br>By: <u>/s/ Jeffrey S. Sharkey</u> <br> Jeffrey S. Sharkey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAFF OF THE COMMISSION<br>By: <u>/s/ Janet Gregory (per the 8/13/25 email authorization)</u><br> Janet Gregory |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFFICE OF THE OHIO CONSUMERS' COUNSEL<br>By: <u>/s/ Donald J. Kral (per the 8/13/25 email authorization)</u> <br> Donald J. Kral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHIO ENERGY GROUP<br>By: <u>/s/ Michael L. Kurtz (per the 8/13/25 email authorization)</u><br> Michael L. Kurtz |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNIVERSITY OF DAYTON<br>By: <u>/s/ Stephanie M. Chimel (per the 8/13/25 email authorization)</u><br> Stephanie M. Chmiel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE CITY OF DAYTON<br>By: <u>/s/ Robert Dove (per the 8/13/25 email authorization)</u><br> <u>(Subject to City Commission approval, which is</u><br> <u>expected by September 3, 2025)</u><br> Robert Dove |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHIO ENERGY LEADERSHIP COUNCIL<br>By: <u>/s/ David F. Proaño (per the 8/13/25 email authorization)</u><br> David F. Proaño | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WALMART INC. <br> By: <u>/s/ Carrie H. Grundmann (per the 8/13/25 email authorization)</u><br> Carrie H. Grundmann |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERSTATE GAS SUPPLY, LLC<br>By: <u>/s/ Stacie Cathcart (per the 8/13/25 email authorization)</u><br> Stacie Cathcart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NATIONWIDE ENERGY PARTNERS, LLC<br>By: <u>/s/ Brian A. Gibbs (per the 8/13/25 email authorization)</u><br> Brian A. Gibbs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RETAIL ENERGY SUPPLY ASSOCIATION<br>By: <u>/s/ Mathew R. Prichard (per the 8/13/25 email authorization)</u><br> Matthew R. Pritchard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHIO PARTNERS FOR AFFORDABLE ENERGY<br>By: <u>/s/ Robert Dove (per the 8/13/25 email authorization)</u><br> Robert Dove |

---

IN WITNESS THEREOF, the undersigned Non-Opposing Parties agree not to challenge this Stipulation and Recommendation as of this 13th day of August, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE POWER COMPANY<br>By: <u>/s/ James D. Dunn (per the 8/13/25 email authorization)</u><br> James D. Dunn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHIO MANUFACTURERS' ASSOCIATION ENERGY GROUP<br>By: <u>/s/ Kimberly W. Bojko (per the 8/13/25 email authorization)</u><br> Kimberly W. Bojko |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE KROGER CO. <br>By: <u>/s/ Angela Paul Whitfield (per the 8/13/25 email authorization)</u><br> Angela Paul Whitfield |  |

---

<u>**CERTIFICATE OF SERVICE**</u>

I certify that a copy of the foregoing Stipulation and Recommendation has been served via electronic mail upon the following counsel of record, this 13th day of August, 2025:

---

| | |
|:---|:---|
| Janet Gregory, Esq.<br>Amy Botschner O'Brien, Esq.<br> OFFICE OF THE OHIO ATTORNEY GENERAL <br> 30 East Broad Street, 26th Floor<br> Columbus, OH 43215<br> Janet.Gregory@OhioAGO.gov<br> Amy.BotschnerOBrien@OhioAGO.gov<br>*Counsel for Staff of the Commission*<br>| Donald Kral, Esq.<br> John Steinhart, Esq. T<br> homas Zuehlke, Esq.<br> Alex Hickey, Esq.<br>OFFICE OF THE OHIO CONSUMERS' COUNSEL <br> 65 East State Street, Suite 700<br>Columbus, OH 43215<br> donald.kral@occ.ohio.gov<br> john.steinhart@occ.ohio.gov<br> thomas.zuehlke@occ.ohio.gov<br> alex.hickey@occ.ohio.gov<br>*Counsel for Office of the Ohio Consumers' Counsel*  |

---

---

| | |
|:---|:---|
| Stephanie M. Chmiel, Esq.<br> Vanessa N. Boddy, Esq.<br>THOMPSON HINE LLP <br> 41 South High Street, Suite 1700<br>Columbus, OH 43215<br> stephanie.chmiel@thompsonhine.com<br> vanessa.boddy@thompsonhine.com<br>*Counsel for University of Dayton*  | Michael L. Kurtz, Esq.<br> Jody Kyler Cohn, Esq.<br>BOEHM, KURTZ & LOWRY <br> 425 Walnut Street, Suite 2400<br>Cincinnati, OH 45202<br> mkurtz@bkllawfirm.com<br> jkylercohn@bkllawfirm.com <br>*Counsel for Ohio Energy Group*<br>|

---

---

| | |
|:---|:---|
| David F. Proaño, Esq.<br> Paul M. M. Willison, Esq.<br> Benjamin A. Kurtz, Esq.<br>BAKER & HOSTETLER LLP <br> 200 Civic Center Drive, Suite 1200<br>Columbus, OH 43215<br> dproano@bakerlaw.com<br> bkurtz@bakerlaw.com<br>*Counsel for Ohio Energy Leadership Council*<br>| Robert Dove, Esq.<br>KEGLER BROWN HILL + RITTER CO., L.P.A. <br> 65 East State Street, Suite 1800<br>Columbus, OH 43215<br> rdove@keglerbrown.com<br>*Counsel for The City of Dayton*<br>|

---

---

| | |
|:---|:---|
| Carrie H. Grundmann, Esq.<br> Hikmat N. Al-Chami, Esq.<br>SPILMAN THOMAS & BATTLE, PLLC <br> 110 Oakwood Drive, Suite 500<br>Winston-Salem, NC 27103<br> cgrundmann@spilmanlaw.com<br> hal-chami@spilmanlaw.com<br>*Counsel for Walmart Inc.*<br>| James D. Dunn, Esq.<br>Katie Johnson Treadway, Esq.<br> ONE POWER COMPANY <br> 12385 Township Road 215<br>Findlay, OH 45840<br> jdunn@onepower.com<br> ktreadway@onepower.com<br>*Counsel for One Power Company*<br>|

---

---

| | |
|:---|:---|
| Kimberly W. Bojko, Esq.<br> Emma Y. Easley, Esq.<br>CARPENTER LIPPS LLP <br> 280 North High Street, Suite 1300<br>Columbus, OH 43215<br> bojko@carpenterlipps.com<br> easley@carpenterlipps.com<br>*Counsel for the Ohio Manufacturers' Association Energy Group*<br>| Stacie Cathcart, Esq.<br> Natalia Messenger, Esq.<br> IGS ENERGY<br>6100 Emerald Parkway <br> Dublin, OH 43016<br> stacie.cathcart@igs.com<br> natalia.messenger@igs.com<br>*Counsel for IGS Energy*<br>|

---

---

| | |
|:---|:---|
| Angela Paul Whitfield, Esq.<br> CARPENTER LIPPS LLP<br>280 North High Street, Suite 1300 <br> Columbus, OH 43215<br> paul@carpenterlipps.com<br>*Counsel for The Kroger Co.*<br>| Matthew R. Pritchard, Esq.<br> Rachael N. Guastella, Esq.<br> BRICKER GRAYDON LLP<br>100 South Third Street<br> Columbus, OH 43215-4291<br> mpritchard@brickergraydon.com<br> rguastella@brickergraydon.com<br>*Counsel for Retail Energy Supply Association*<br>|

---

---

| | |
|:---|:---|
| Brian A. Gibbs, Esq.<br> Kathleen M. McManus, Esq.<br>NATIONWIDE ENERGY PARTNERS <br> 230 West Street, Suite 250<br>Columbus, OH 43215<br> brian.gibbs@nationwideenergypartners.com<br> kmcmanus@nationwideenergypartners.com<br>*Counsel for Nationwide Energy Partners*<br>| Robert Dove, Esq.<br>KEGLER BROWN HILL + RITTER CO., L.P.A. <br> 65 East State Street, Suite 1800<br>Columbus, OH 43215<br> rdove@keglerbrown.com<br>*Counsel for Ohio Partners for Affordable Energy*<br>|

---

---

| |
|:---|
| /s/ Jeffrey S. Sharkey |
| Jeffrey S. Sharkey |

---