For Immediate Release
(Dec. 16, 2015) - More than 40,000 District of Columbia residents have signed
a petition in support of the merger of Pepco Holdings Inc. (NYSE: POM) and
Exelon Corporation (NYSE: EXC). A list of those who signed the petition was
filed yesterday with the Public Service Commission of the District of Columbia
and is available here. These residents join a diverse
group of more than 80 business, community and faith organizations that already
publicly voiced their support for the transaction.
To provide some perspective:
The full text of the petition is
available at PHITomorrow.com. The number of petition signatures continues to
grow daily. In addition, merger supporters in the District have written more
than 6,500 letters and growing. Those letters also are being filed with the
Public Service Commission.
"Tens of thousands of residents
from across the District have clearly stated they want this merger, which will
provide more than $72 million for bill credits, low-income customer assistance,
renewable energy and energy efficiency programs for the District. In addition,
we've committed to promote local jobs in the District and will provide $5.2
million for workforce development," said Melissa Sherrod, vice president of
Corporate Affairs, Exelon. "In fact, at community hearings last month, dozens
of District residents and community groups turned out to say they support our
merger because of these significant benefits."
Pepco Holdings and Exelon in early
October reached a merger settlement agreement with the District of Columbia
government, Office of the People's Counsel, Attorney General and others that
provides substantially enhanced benefits to District residents. The settlement
package was specifically shaped to address the concerns articulated by the
Public Service Commission in its August order.
"Merging with Exelon will make Pepco a
stronger company, both financially and operationally, and that will be good for
customers," said Donna Cooper, region
president, Pepco. "This is a significant opportunity to bring millions of dollars in
long-term, tangible benefits to District residents in terms of energy
affordability, reliability and sustainability."
merger has been approved in Maryland, Delaware, New Jersey and Virginia and by
federal regulators. The D.C. PSC has set a schedule which would allow for
completing the proceeding by the first quarter of 2016.