Peco's parent inks deal with D.C. mayor to clear path for $6.8B utility buyout
Peco Energy Co.'s parent company Exelon Corp. reached an agreement with Washington Mayor Muriel Bowser on its proposed $6.8 billion merger Pepco Holdings Inc., resurrecting a deal that District of Columbia regulators nixed in August.
Peco Energy Co.'s parent company Exelon Corp. reached an agreement with Washington Mayor Muriel Bowser on its proposed $6.8 billion merger Pepco Holdings Inc., resurrecting a deal that District of Columbia regulators nixed in August.
Exelon agreed to invest $78 million in the nation's capital, up from the $14 million it had previously proposed, according to the mayor's office. The District of Columbia Public Service Commission has scheduled a Wednesday vote. The merger already passed muster in New Jersey, where Pepco operates Atlantic City Electric Co., and in Delaware and Maryland, where it owns Delmarva Power.
Exelon would become the nation's biggest utility by customer count if the merger is approved.
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