Exelon-Pepco to keep working on merger approval

Pepco Exelon logos

Exelon and Pepco Holdings released another joint statement after the Public Service Commission of the District of Columbia last week voted to deny their merger application as filed.

“We have now received the Commission’s order, and we remain convinced the decision fails to recognize the substantial immediate and long-term benefits of our merger proposal to citizens, businesses and communities in the District of Columbia. We believe our merger proposal is in the public interest, and we will continue working to complete the merger, which all other jurisdictions have approved. Not completing our merger would deny customers in the District of Columbia – as well as Delaware, Maryland and New Jersey – hundreds of millions of dollars in direct financial benefits, improved reliability and storm response, renewable energy projects, and commitments that will preserve their local utility’s role as a strong community partner and contributor to economic growth. We want to deliver these benefits to customers and will strive to make that happen,” according to a joint statement by Pepco and Exelon.

PSC Chairman Betty Ann Kane, along with Commissioners Joanne Doddy Fort and Willie Phillips, in an Aug. 25 open meeting, voted in favor of a motion, which noted that the commission finds that the merger application, as filed, is not in the public interest and is denied.

In a separate vote on a motion to approve the actual order that denies the application as filed, Kane and Fort voted in favor of adopting the order denying the application as filed, while Phillips voted against it; the order was approved by a vote of 2-1.

As noted in an Aug. 25 PSC statement, regulators in Virginia, New Jersey, Delaware and Maryland, as well as FERC have approved the application for the merger. The District of Columbia is the only jurisdiction to deny the application, the PSC said, adding that Pepco and Exelon have 30 days to ask the PSC to reconsider its decision.

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