Delmarva Power owner Pepco Holdings Inc. and Exelon Corporation have filed a petition for reconsideration of their merger with the Public Service Commission of the District of Columbia. The companies are working with the District of Columbia government to reach a settlement agreement.
"We remain convinced our merger offers significant benefits to customers and the District, and we continue working to complete it," said Chris Crane, CEO of Exelon. "Since the Public Service Commission explained why it didn't approve the merger last month, we've worked to learn what's most important to the District and we are responding."
The District of Columbia government issued a statement confirming that it is engaged in substantive discussions with the companies on a settlement agreement. It added that any settlement agreement would be presented in a new application to the PSC for review, public comment and a vote.
Joseph Rigby, chairman, president and CEO of Pepco Holdings, said, "We look forward to completing discussions with the District that will allow for a stronger Pepco to provide improved reliability along with the other significant benefits our merger will deliver to the District."
Other states in the Pepco territory, including Delaware, have approved the merger with conditions that include payments to customers.
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