Exelon, Pepco settle with Md. counties over proposed merger

Exelon, Pepco Holdings settle with Maryland counties over merger

Exelon Corp. (NYSE: EXC) and Pepco Holdings (NYSE: POM) have reached a settlement agreement with two Maryland counties over the companies’ proposed merger.

The settlement with Montgomery and Prince George's counties includes commitments to provide benefits to customers and the state through a combination of bill credits, $57.6 million in funding for energy efficiency programs, a $50 million “Green Sustainability Fund” to stimulate investment of solar, energy storage and other distributed generation systems throughout the PHI service territory, and developing 15 MW of solar generation, with 5 MW each in Montgomery and Prince George’s counties and the Delmarva Power territory in Maryland. Prince George’s also signed a power purchase agreement with Exelon that will result in the development of an additional 5 MW of solar electricity.

The two counties represent all of Pepco’s Maryland coverage area and nearly three-fourths of Pepco Holdings total customers in the state. The settlement, subject to approval from the Maryland Public Service Commission, was filed by Exelon and Pepco Holdings and signed by both counties and several housing and recreational trail advocacy groups.

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