Exelon-Pepco Asks DC Regulators to Reconsider Merger Vote

Exelon-Pepco Asks DC Regulators to Reconsider Merger Vote

Exelon Corp. (NYSE: EXC) and Pepco Holdings (NYSE: POM) filed a petition asking District of Columbia regulators to reconsider their rejection of the proposed $6.8 billion merger.
 
The D.C. Public Service Commission unanimously rejected the merger in August, saying the companies failed to show how the merger was in the public’s best interest. The companies have been working with the PSC to reach a settlement agreement, and the government issued a statement confirming that it is engaged in talks to broker a deal.
 
“We agree with the Public Service Commission that Exelon and Pepco did not demonstrate an adequate commitment to affordability, reliability and sustainability in their pending merger application,” said City Administrator Rashad Young, who is lead negotiator in talks with Exelon and Pepco.
 
The mayor’s office said any settlement would be presented in a new application to the commission for review, public comment and final determination. Several other states - including Maryland, New Jersey, Virginia and Delaware - and government agencies have already approved the merger, which was first announced in April.
 
“We remain convinced our merger offers significant benefits to customers and the District, and we continue working to complete it,” said Chris Crane, president and CEO of Exelon. “Since the Public Service Commission explained why it didn’t approve the merger last month, we’ve worked to learn what’s most important to the District - and we are responding.”



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