Exelon Corporation and Pepco Holdings Inc. announced that the two companies have completed their merger transaction, effective March 24, following D.C. PSC approval of the merger.

The merger brings together Exelon’s three electric and gas utilities -- BGE, ComEd and PECO -- and Pepco Holdings’ three electric and gas utilities -- Atlantic City Electric, Delmarva Power and Pepco, as well as the various non-rate-regulated businesses of each company

Chris Crane retains his current position as president and CEO of Exelon. Joseph M. Rigby, previously chairman, president and CEO of Pepco Holdings, retires as an officer of Pepco Holdings. David M. Velazquez has assumed the role of president and CEO of Pepco Holdings.

In approving the merger in a 2-1 vote, the D.C. PSC generally conditioned the approval on terms previously outlined by the PSC in February, with additional customer rate credit provisions

With respect to competitive issues, the PSC's approval provides that Exelon's designation as developer of the DC Water solar facility as proposed in a settlement is struck. The PSC's order also strikes proposed settlement provisions regarding Pepco's role as a developer of microgrids.

See the PSC's order here

Tags:
Exelon   Pepco   M&A   D.C.  

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