D.C. utility regulators reject Exelon-Pepco merger, propose alternative plan
Washington, D.C., utility regulators on Friday rejected Exelon Corp.'s $6.8 billion bid to take over Pepco Holdings Inc., but they proposed an alternative plan to combine the companies and gave the parties 14 days to approve.
Washington, D.C., utility regulators on Friday rejected Exelon Corp.'s $6.8 billion bid to take over Pepco Holdings Inc., but they proposed an alternative plan to combine the companies and gave the parties 14 days to approve.
The District of Columbia's Public Service Commission voted, 2-1, to reject a settlement that was approved by the two companies and the city's mayor.
In August, the commission voted down the merger plan, and Exelon responded by boosting its financial commitment to District ratepayers from $14 million to $78 million.
Exelon would need to match its D.C. offer in the states that have signed off, including New Jersey, where Pepco owns Atlantic City Electric, and Delaware, where Pepco operates Delmarva Power.