The Delaware Public Service Commission (PSC) issued an order approving the merger between Exelon Corp. (NYSE: EXC) and Pepco Holdings Inc. (NYSE: POM) as amended by the Amended Settlement Agreement filed with the PSC on April 7, 2015.
The Amended Settlement Agreement was filed by Exelon, PHI and Delmarva Power on April 7, 2015, and signed by PSC Staff, the Delaware Public Advocate, the Department of Natural Resources and Environmental Control (DNREC), the Delaware Sustainable Energy Utility, the Mid-Atlantic Renewable Energy Coalition and the Clean Air Council.
The merger will bring together Exelon’s three electric and gas utilities – BGE, ComEd and PECO – and Pepco Holdings’ (PHI) three electric and gas utilities – Atlantic City Electric (ACE), Delmarva Power and Pepco.
A further order with the PSC’s specific grounds for approval will follow at a later date.
The companies announced the proposed merger on April 30, 2014, and submitted their application to merge to the PSC on June 18, 2014. The merger requires approval by the Public Service Commission of the District of Columbia.