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New Jersey Utility Regulator Clears Pepco, Exelon Merger.

M2 EQUITYBITES-February 11, 2015-New Jersey Utility Regulator Clears Pepco, Exelon Merger

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11 February 2015 - The New Jersey board of Public Utilities Commissioners has approved a USD 6.8bn merger between US utility operators Exelon Corp. (NYSE: EXC) and Pepco Holdings Inc. (NYSE: POM), the companies said on Wednesday.

The companies announced their proposed merger on 30 April 2014 and submitted their application to merge to the BPU on June 18, 2014.

The merger will bring together Exelon's three electric and gas utilities BGE, ComEd and PECO and Pepco Holdings' three electric and gas utilities Atlantic City Electric, Delmarva Power and Pepco to create the leading mid-Atlantic electric and gas utility.

In an order on 11 February, the BPU commissioners approved a 14 January settlement agreement, signed by Exelon, PHI, ACE, BPU staff, and the Independent Energy Producers of New Jersey.

The two companies' merger was previously approved by the Federal Energy Regulatory Commission in November, the Virginia State Corp. Commission in October and the PHI stockholders in September. The merger also requires approvals by the Delaware Public Service Commission, Public Service Commission of the District of Columbia and Maryland Public Service Commission.

Following the expiration of the US Department of Justice's review period on Dec. 22, 2014, the Hart-Scott-Rodino Act no longer precludes completion of the merger.

Headquartered in Chicago, Exelon does business in 48 states, the District of Columbia and Canada. Exelon is one of the largest competitive US power generators, with more than 35,000 mw of owned capacity.

The company's Constellation business unit provides energy products and services to more than 2.5m residential, public sector and business customers.

Pepco Holdings is an energy delivery company operating in the Mid-Atlantic region, serving about 2m customers in Delaware, the District of Columbia, Maryland and New Jersey.

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Publication:M2 EquityBites (EQB)
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Date:Feb 11, 2015
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