Delaware OKs Exelon-Pepco Holdings merger

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The Delaware Public Service Commission (PSC) has approved the merger of Exelon Corp. and Pepco Holdings, Exelon said on Tuesday.

The approval is contingent on the terms outlined in the parties’ application, amended on April 7 by an  Amended Settlement Agreement on file with the PSC. The terms indicate that over $42 million will be exchanged in direct benefits.

The companies announced the merger plan in April 2014 and submitted their merger application to the PSC two months later.

The commission discussed the merger two weeks prior to approval. During this meeting, the members of the commission held a vote that approved the Amended Settlement Agreement. PHI, Delmarva Power and Exelon filed the Amended Settlement Agreement. Representatives from the Delaware Public Advocate, the Department of Natural Resources and Environmental Control (DNREC), the Mid-Atlantic Renewable Energy Coalition, the Clean Air Council, the Delaware Sustainable Energy Utility and the PSC staff all signed the Amended Settlement Agreement.

With the issue of today’s order, the merger is now free to proceed. An additional order that contains the specific grounds that the PSC used for its approval is required and will be released at a later time.

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