Exelon Corp. and Pepco Holdings have reached a deal with District of Columbia officials on the $6.8 billion proposed merger of the two power companies.
Mayor Muriel Bowser called a news conference Tuesday afternoon to announce a settlement, which includes a $78 million investment into D.C. by Exelon – a steep jump from the $14 million initially proposed by the company.
Other conditions of the settlement, now backed by former opponents D.C. People’s Counsel and the Attorney General, include a jobs package as Exelon moves 100 positions to the city; the conservation of natural resources, sustainability and improved power reliability; and a $25 million fund to keep residential rates frozen through 2019.
Next up, approval from the D.C. Public Service Commission – the last hurdle before the merger clears.
The OK had already been given by the Federal Energy Regulatory Commission and regulators in Delaware, Maryland, New Jersey and Virginia when, in August, the commission unanimously rejected the proposal, saying the companies failed to show how the merger was in the public’s best interest.
Exelon appealed the commission’s decision, asking them to reconsider in a Sept. 28 petition.
If approved, the Exelon-Pepco merger would create the largest utility in the country, serving an estimated 9.8 million customers.