Gas

Exelon, Pepco Holdings file merger application with FERC

Exelon Corp. (NYSE: EXC) and Pepco Holdings Inc. (NYSE: POM) filed an application with the Federal Energy Regulatory Commission (FERC) for approval of the proposed merger of the companies.

The transaction would combine Exelon’s three electric and gas utilities – BGE, ComEd and PECO – and Pepco’s three electric and gas utilities – Atlantic City Electric, Delmarva Power and Pepco – to create one Mid-Atlantic electric and gas utility.

The deal was first announced in April for Exelon to buy the utilities for $6.83 billion. The companies have requested FERC to review the transaction and issue an order within 90 days due to the lack of competitive generation overlap. The companies must also file applications with state and District of Columbia public utility and corporation commissions. The sale is expected to close in the second or third quarter of 2015.