Pepco and Conectiv Merger Receives FERC Approval
Thursday, September 27, 2001
For Immediate Release
September 27, 2001
Potomac Electric Power Company (NYSE: POM) and Conectiv (NYSE: CIV) yesterday received approval of their proposed merger from the Federal Energy Regulatory Commission (FERC), a significant milestone on the path to completing the combination of the two utilities.
Pepco also announced that regulators in Delaware, Maryland, New Jersey, Virginia and the District of Columbia have now established schedules for reviewing the merger which are consistent with the companies` plans to complete the merger in the first quarter of 2002.
The merger will create the largest electricity delivery company in the Mid-Atlantic states with the largest transmission network serving the regional power grid. The new company will deliver power to 1.8 million customers in the District of Columbia, Maryland, Delaware, New Jersey and Virginia.
The Federal Trade Commission and the U.S. Justice Department cleared the merger in August. Shareholders of both companies approved the merger in July.
Pepco is an investor-owned utility that delivers electricity in Washington, D.C., and the Maryland suburbs to more than 700,000 customers. Through its family of subsidiaries, Pepco also operates in the mid-Atlantic region in the competitive arenas of diversified energy products and services and telecommunications.
Conectiv, headquartered in Wilmington, Del., is focused on two core energy businesses. Conectiv Power Delivery provides energy to more than one million customers in N.J., Del., Md., and Va. Conectiv Energy manages a growing portfolio of "mid-merit" power plants that can respond quickly to changes in the demand for power within the PJM power pool.
Except for historical statements and discussions, the statements in this news release constitute "forward-looking statements" within the meaning of federal securities law. These statements contain management`s beliefs based on information currently available to management and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events. They are subject to a number of uncertainties and other factors, many of which are outside the Companies` control. Factors that could cause actual results to differ materially from those in the forward-looking statements herein include general economic, business and financing conditions; weather conditions; competition; governmental actions; and other presently unknown or unforeseen factors. These uncertainties and factors could cause actual results to differ materially from such statements. Pepco and Conectiv disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
|Contacts for Pepco||Contacts for Conectiv|
|Ernie Bourscheid||Bob Marshall|
|(202) 872-2797||(302) 429-3164|
|Bob Dobkin||Tim Brown|
|(202) 872-2680||(302) 283-5803|
Point of Contact: