Pepco Holdings and Exelon file testimony to support merger settlement

On 29 October, the Public Service Commission of the District of Columbia (PSC) reopened the record to consider Pepco Holdings and Exelon Corp.’s merger settlement and set a schedule that would allow the commission to issue a decision in 1Q16.

To support settlement, Pepco Holdings and Exelon have filed a testimony with the PSC that describes a set of benefits of the merger settlement for district residents.

The benefits include US$72.8 million in direct benefits to customers, commitments to provide bill credits, low-income customer assistance, fewer and shorter outages, a cleaner and greener D.C., and investment in local jobs and the local economy.

The mayor and the director of the Department of Energy and Environment of the District of Columbia both sigend the settlement agreement, as well as the Office of the People’s Counsel and the Office of the Attorney General of the District of Columbia, the Apartment and Office Building Association of Metropolitan Washington, the District of Columbia Water and Sewer Authority, the National Consumer Law Center and the National Housing Trust.

“We look forward to the opportunity to discuss the new commitments, which more than double direct benefits to customers in the District of Columbia,” stated David M. Velazquez, Executive Vice President of Power Delivery for Pepco Holdings, who submitted testimony and will become CEO of Pepco after the merger. “The new package has broad support from community and government leaders, including a majority of the District Council.”

Carim Khouzami, Senior Vice President of Exelon and Chief Integration Officer for the merger, commented: “The increase in the absolute size of the Customer Investment Fund … together with other forms of direct financial support, such as the commitment to furnish US$5.2 million for workforce development and US$19 million over 10 yr in guaranteed charitable giving, ensures that Pepco’s customers in the District will receive a direct and tangible benefit from the completion of the merger.”

Edited from press release by Harleigh Hobbs

Read the article online at: https://www.worldcoal.com/power/03112015/pepco-holdings-and-exelon-file-testimony-to-enhance-support-of-merger-settlement-3106/