For Immediate Release
For Immediate ReleaseOctober 19, 2001
The merger of Potomac Electric Power Company (NYSE: POM) and Conectiv (NYSE: CIV) has been approved by the Pennsylvania Public Utility Commission. Each utility owns transmission lines in the Keystone State.
Officials of Pepco and Conectiv expect the $2.2 billion merger to be completed during 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 four states and the District of Columbia also must approve the merger.
The Federal Trade Commission and the U.S. Justice Department cleared the proposed merger in August. Shareholders of both companies approved the merger in July.
Forward-Looking StatementsPepco (www.pepco.com) is an investor-owned company that delivers electricity to more than 700,000 customers in Washington, D.C. and the Maryland suburbs. Through its family of subsidiaries, Pepco also operates in the competitive arenas of telecommunications and energy products and services in the mid-Atlantic region.
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.
Point of Contact:Robert Dobkin