John Matthews
WASHINGTON — (WMAL) This should be the end. Unless it’s not.
The D.C. Public Service Commission has added the $6.8 Billion dollar Pepco/Exelon merger to it’s Wednesday agenda, with plans to make a final ruling on the proposed marriage between the energy utility giants.
Regulators had rejected the merger last month, but left the door open for the deal to be consummated if all sides would agree to revisions made by the Commissioners to the merger agreement. Pepco and Exelon have since submitted their own revisions for regulators to consider.
The main point of contention has been a $78 million dollar money pool that Exelon has promised to provide to the District as part of the merger. D.C. Mayor Muriel Bowser had wanted to use that money to hold the line on rate increases for city residents through 2019, but the commission rejected that proposal. Exelon has since offered its own proposal to set aside $45.6 million for rate protection but move funding away from solar projects and low-income assistance programs.
D.C. officials favor the original deal, but business leaders are pushing for any agreement that will complete the merger. Federal regulators have already given their approval, as have state regulators in Virginia, Maryland, Delaware and New Jersey.
Wall Street is not betting on success. Pepco’s stock hit a 52-week low on Tuesday.
Copyright 2016 by WMAL.com. All Rights Reserved. (PHOTO: Pepco, Exelon)
