Exelon, Pepco propose enhanced package merger

Exelon Corporation and Pepco Holdings, Inc. (PHI) filed an enhanced merger package with the Maryland Public Service Commission (PSC) on Wednesday that will provide greater benefits for customers of Pepco and Delmarva Power.

The enhanced package includes increasing the customer investment fund from $40 million to $94.4 million. The PSC will ultimately determine how the funds will be used to best benefit customers.  Options include rate credits and assistance for low-income customers.

“Maryland’s utility customers, communities and economy will greatly benefit from the substantial enhancements we have proposed in response to feedback from the public and other stakeholders,” Exelon President and CEO Chris Crane said. “The additional commitments we are making increase the direct financial benefits to customers and strengthen our pledge to deliver significant reliability improvements.”

Exelon and Pepco Holdings also will increase efforts to minimize the frequency and duration of power outages in Maryland

As part of the merger, Exelon’s three electric and gas utilities – BGE, ComEd and PECO – will unite with Pepco Holdings’ three electric and gas utilities – Atlantic City Electric, Delmarva Power and Pepco.

The deal has already been approved by the New Jersey Board of Public Utilities, the Federal Energy Regulatory Commission, the Virginia State Corporation Commission and PHI stockholders. It is expected to be completed by the second or third quarter of 2015.

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