Exelon Corp. and Pepco Holdings filed applications seeking approval of their proposed merger with the Delaware Public Service Commission, the Public Service Commission of the District of Columbia and the New Jersey Board of Public Utilities.
In its release dated June 18, the Company said the companies announced their proposed merger on April 30.
The combination of the companies will bring 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 - to create a mid-Atlantic electric and gas utility.
The filings describe the transaction's benefits to customers and the communities that the companies serve. The submission of the filings initiates the regulatory approval process in Delaware, the District of Columbia and New Jersey.
"The filings we are making today describe in detail how our proposed merger will serve the public interest," said Chris Crane, Exelon president and CEO. "We are committed to working with our PHI partners to achieve significantly enhanced reliability and service for PHI customers, to deliver immediate and ongoing financial benefits to PHI customers, and to continue PHI's record of strong community engagement."
Joseph Rigby, PHI chairman, president and CEO, said, "I am very pleased that Exelon has pledged to maintain and enhance service, meet customers' needs reliably and efficiently, and actively engage in the civic and charitable life of our service areas."
Exelon also proposes measures to insulate the PHI utilities from potential financial and credit risks of other Exelon businesses; these measures are described in detail in the filings.
The companies have already made transaction-related filings with the Federal Energy Regulatory Commission and the Virginia State Corp. Commission. The transaction is also subject to the notification and reporting requirements under the Hart-Scott-Rodino Act and other customary closing conditions.
The transaction requires the approval of the stockholders of PHI. The companies plan to file for merger approval with the Maryland Public Service Commission in August, which still allows for the completion of the merger in the anticipated timeframe of the second or third quarter of 2015.
Exelon Corp. is an energy provider.
Pepco Holdings is an energy delivery company.
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