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Pepco-Exelon Merger Provides $25 Million to Montgomery and Prince George's Counties for Jobs, Energy Efficiency, Sustainability

Washington, D.C. (June 9, 2016) - Continuing to deliver on their merger commitments, Pepco and Exelon announced today they have provided $25 million to Montgomery and Prince George's counties in Maryland to support workforce development, job creation, energy efficiency and sustainability programs. 

Included in the $25 million are funds to stimulate public and private investment in community solar, electricity storage, microgrids, water conservation in buildings, clean transportation and similar emerging energy technologies. 

"We're investing in our community to create jobs and develop skilled workers to fill them," said Dave Velazquez, president and CEO of Pepco Holdings. "From an energy and environmental perspective, these programs will help lay the groundwork for a more sustainable future." 

Velazquez offered his remarks at a news conference in Silver Spring with Prince George's County Executive Rushern L. Baker, III, and Montgomery County Executive Isiah Leggett. 

"I'm pleased that Prince George's County residents are already seeing real and tangible benefits from the merger agreement that my Administration negotiated,  and I want to commend Exelon and Pepco for partnering with us on initiatives to provide energy assistance to our most vulnerable residents, promote job creation, retrofit many of our commercial properties to ensure their competitiveness and accelerate a green economy that will reduce carbon emissions and create more sustainable communities," Baker said. "I'm particularly pleased that these funds will help bring these benefits to all areas of the county, including those identified by my Transforming Neighborhoods Initiative." 

Leggett said the funds will help the county meet its sustainability objectives. We know that energy technology is rapidly evolving, and the threat of climate change requires that we seek new ways to produce and deliver energy. We must continue to work in partnership with our utility to find ways to promote investment in clean energy and other innovative technologies. These funds will help us move forward collaboratively in achieving those goals," said Leggett. "I also look forward to working with Pepco on establishing a pilot program for recreational use of Pepco's transmission corridor, continuing its charitable contributions and local community support, and on other programs that contribute to the quality of life that makes Montgomery County a great place to work, live, and raise a family." 

The funding, allocated based on the number of customers in each county, is broken down as follows: 
·        $10.6 million for energy efficiency. This includes $4.4 million to Prince George's County, the first of three annual installments totaling $13.2 million, and $6.1 million to Montgomery County, the first of three annual installments totaling $18.3 million. 

·        $14.4 million for a Green Sustainability Fund to stimulate public and private investment in sustainability projects. This includes $6 million to Prince George's County and $8.4 million to Montgomery County. 

·        $735,000 for workforce development. This includes $310,000 to Prince George's County, the first of four annual installments totaling $1.24 million, and $425,000 to Montgomery County, the first of four annual installments totaling $1.7 million. 

The funding is the direct result of the merger between Exelon and Pepco Holdings and is part of a wide-ranging package of benefits worth $133 million for Pepco Maryland customers.   

Pepco's Maryland residential customers have already received the first of two $50 bill credits and the company has forgiven past-due amounts more than two years old for Maryland residential customers. 

The Maryland benefits are commensurate with those provided to customers in the District of Columbia and other jurisdictions. DC benefits include bill credits for residential customers, a fund to provide rate relief, 100 new jobs, improved solar access and investments in energy efficiency, and much more. 

For more information about the Pepco Holdings-Exelon merger and related benefits, visit PHITomorrow.com. 
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