For Immediate Release
WASHINGTON, D.C. and CHICAGO (Sept. 17, 2015) -Pepco Holdings and Exelon today reaffirmed they will continue to pursue the merger to deliver its significant benefits to residents, businesses and communities in the District. Representatives from a broad group of organizations across the District - including business, nonprofit, environmental, labor and faith groups - have voiced support for the merger.
"Supporters in D.C. continue to believe this merger is good for the District, and so do we," said Chris Crane, president and CEO of Exelon. "It would be a missed opportunity to deny Pepco customers the merger's benefits, such as bill relief for customers and funding for green energy projects."
Pepco Holdings and Exelon said they welcome further discussion with District leaders about how the merger can best address the needs of D.C. families and businesses. Other states with jurisdiction over the merger - Delaware, Maryland, New Jersey and Virginia - have approved it.
"The District needs a strong and financially healthy electric utility for continued economic growth," said Joseph M. Rigby, chairman, president and CEO of Pepco Holdings. "Without this merger, Pepco will be less able to invest in a 21st century electric grid, renewable energy or provide support for charitable giving for customers and communities in the District."
Supporters of the merger represent a diverse group of organizations:
Businesses and Associations:• Abrams, Foster, Nole & Williams, P.A. • ADA Inc.• Allied Telecom • BConstrux • Bottomline Associates, Inc. • Corenic Construction Group • DC Chamber of Commerce • District of Columbia Building Industry Association • Dynamic Concepts Inc.• Federal City Council • First Street Film• Fort Myer Construction Corporation• Greater Washington Board of Trade• Greater Washington Hispanic Chamber of Commerce• Heritage Technology• Ideal Electric • Industrial Bank• Lorenzo Construction• Mahogany, Inc.• McKissack & McKissack• Planned Power Systems, Inc.• Restaurant Association Metropolitan Washington• Smith and Sons• SRB Communications• Tecknomic, LLC • The Economic Club of Washington, DC • The President's Roundtable • The Temple Group• Volt Energy • Washington, DC Economic Partnership Diverse Suppliers and Associations:• American Association of Blacks in Energy • Maryland-Washington Minority Contractors Association Healthcare:• Children's National Medical Center• District of Columbia Hospital Association• Mary's CenterUniversities:• United Negro College Fund, Inc., Washington DCEnvironmental Interests:• Alice Ferguson Foundation• Living Classrooms National Capital RegionFaith Community:• Rev. Dr. Michael Bell, Sr. (Allen Chapel AME Church)• Rev. Charles Brown, Jr.• Rev. Michael JohnsonCharitable/Not-for-Profit Organizations:• 100 Black Men• American Diabetes Association - National Capital Area• American Heart Association• Anacostia Community Outreach Center• B'nai B'rith International • Ben's Chili Bowl Foundation• Boys & Girls Clubs of Greater Washington • Building Bridges Across the River at THEARC• Capital Area Foodbank • Careerstone Group • Catalogue for Philanthropy: Greater Washington• Catholic Charities of the Archdiocese of Washington Inc. • Center for Nonprofit Advancement• CityBridge Foundation • City Year Washington, DC• Columbia Lighthouse for the Blind• Covenant House Washington• Don Bosco Cristo Rey• Economic Growth DC Foundation • Friends of the National Zoo• Girl Scouts of the National Capital Area • Goodwill of Greater Washington • Greater Washington Urban League, Inc. • Heroes, Inc. • Imagination Stage • Junior Achievement of Greater Washington • Latin American Youth Center• Leadership Greater Washington • Leukemia and Lymphoma Society • Life Pieces To Masterpieces • National Congress of Black Women • Posse D.C. • Recreation Wish List Committee • Samaritan Inns • Special Olympics D.C. • Special Olympics Maryland• Studio Theatre • The Leadership Sanctuary • The Salvation Army National Capital Area Command • Trust for the National Mall • United Way of the National Capital Area • Washington Area Women's Foundation • Washington DC Police Foundation• Washington Performing Arts • Women's Wing Organization • YearUp • YWCA National Capital Area
About Exelon CorporationExelon Corporation (NYSE: EXC) is the nation's leading competitive energy provider, with 2014 revenues of approximately $27.4 billion. Headquartered in Chicago, Exelon does business in 48 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with approximately 32,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. The company's Constellation business unit provides energy products and services to more than 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Exelon's utilities deliver electricity and natural gas to more than 7.8 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on Twitter @Exelon.
About Pepco Holdings Inc.Pepco Holdings Inc. is one of the largest energy delivery companies in the Mid-Atlantic region, serving about 2 million customers in Delaware, the District of Columbia, Maryland and New Jersey. PHI subsidiaries Pepco, Delmarva Power and Atlantic City Electric provide regulated electricity service; Delmarva Power also provides natural gas service. PHI also provides energy efficiency and renewable energy services through Pepco Energy Services. For more information, visit online: www.pepcoholdings.com.
Cautionary Statements Regarding Forward-Looking InformationExcept for the historical information contained herein, certain of the matters discussed in this communication constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "could," "anticipate," "estimate," "expect," "predict," "project," "future," "potential," "intend," "seek to," "plan," "assume," "believe," "target," "forecast," "goal," "objective," "continue" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed merger, integration plans and expected synergies, the expected timing of completion of the transaction, anticipated future financial and operating performance and results, including estimates for growth. These statements are based on the current expectations of management of Exelon Corporation (Exelon) and Pepco Holdings, Inc. (PHI), as applicable. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, (1) the uncertainty surrounding reconsideration of the denial of the Merger application by the DC Public Service Commission may delay the merger or cause the companies to abandon the merger; (2) conditions to the closing of the merger may not be satisfied; (3) problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; (4) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; (5) the merger may involve unexpected costs, unexpected liabilities or unexpected delays, or the effects of purchase accounting may be different from the companies' expectations; (6) the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; (7) the businesses of the companies may suffer as a result of uncertainty surrounding the merger; (8) the companies may not realize the values expected to be obtained for properties expected or required to be sold; (9) the industry may be subject to future regulatory or legislative actions that could adversely affect the companies; and (10) the companies may be adversely affected by other economic, business, and/or competitive factors. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the combined company. Therefore, forward-looking statements are not guarantees or assurances of future performance, and actual results could differ materially from those indicated by the forward-looking statements. Discussions of some of these other important factors and assumptions are contained in Exelon's and PHI's respective filings with the Securities and Exchange Commission (SEC), and available at the SEC's website at www.sec.gov, including: (1) Exelon's 2013 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 22; (2) Exelon's Second Quarter 2015 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 19; (3) the definitive proxy statement that PHI filed with the SEC on August 12, 2014 and mailed to its stockholders in connection with the proposed merger (as supplemented by PHI's Form 8-K filed with the SEC on September 12, 2014); (4) PHI's 2014 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 15; and (5) PHI's Second Quarter 2015 Quarterly Report on Form 10-Q in (a) PART I, ITEM 1. Financial Statements, (b) PART I, ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this communication may not occur. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Neither Exelon nor PHI undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this communication. New factors emerge from time to time, and it is not possible for Exelon or PHI to predict all such factors. Furthermore, it may not be possible to assess the impact of any such factor on Exelon's or PHI's respective businesses or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any specific factors that may be provided should not be construed as exhaustive.