Exelon-Pepco: Regulators failed to see merger's 'substantial' customer benefits

Exelon-Pepco release statement, say D.C. Public Service Commission failed to see merger's 'substantial' customer benefits

Despite a unanimous rejection from regulators in the nation’s capital, power companies Exelon and Pepco say they are determined to complete their proposed $6.8 million merger.

After the vote last week, D.C. Public Service Commission Chairwoman Betty Ann Kane said the companies failed to show the merger was in the public’s best interest.  Company leaders, however, disagree.

In a statement released Monday, Exelon Corporation and Pepco Holdings Inc. say the commission failed “to recognize the substantial immediate and long-term benefits” when members denied the proposal.

The complete statement is below:

“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.”

Several other states had already approved the conditions of the merger, which would have created the largest electric and gas utility in the region with about 10 million customers.

Exelon and Pepco have 30 days from the date of the commission’s decision to ask the members to reconsider.

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