Pepco Holdings and Exelon Corp. finalized their merger this week after the Washington, D.C., Public Service Commission (PSC) approved the deal.
"Today, we join together as one company to play a vital role as a leader in our industry and the mid-Atlantic region," Exelon President and CEO Chris Crane said. "We've made a number of commitments to customers in all of the Pepco Holdings utilities' jurisdictions — the District, Maryland, Delaware and New Jersey — and we look forward to getting to work to deliver those benefits to our customers and communities."
In the newly combined company, Crane will remain in his current position, and Pepco CEO and President Joseph Rigby will retire from this position, with David Velazquez taking his place in both positions.
The company's statement on the transaction said the PSC issued conditions that are in line with an earlier order, all of which have been accepted by both companies. The statement said the integration of both companies is ongoing.
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