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Tag Archive: merger

DC Public Service Commission Rejects Exelon-Pepco merger

On Friday, February 26, 2016, the District of Columbia Public Service Commission (the “Commission”) denied approval to Exelon’s $6.8 billion acquisition of Pepco Holdings, which would have made Exelon the largest electric utility in the United States.  Commissioners Betty Ann Kane and Joanne Dotty Ford rejected the proposed settlement on four grounds, while Commissioner Willie Phillips dissented by arguing that the settlement was in the public interest.  In a separate 2-1 vote, the Commission provided certain changes to the settlement that, should the parties adopt, would result in the Commission’s approval.  Pepco and Exelon have 14 days to consider such changes to the settlement.