WASHINGTON — Pepco and Exelon are offering up a new proposal to gain approval of the proposed $6.8 billion merger of the two power companies.
In a filing Monday with the Public Service Commission, Pepco and Exelon presented different options for keeping the deal alive.
The companies would still provide $78 million in benefits to D.C. and Pepco customers, but offered to change how the money in allocated. A statement from the companies says they would provide and immediate credit of more than $50 on the bills of D.C. utility customers.
“This alternative proposal provides flexibility in determining a path forward for the merger, addressing the guidance the Commission provided in its order and the desire to protect District residents, including those most in need, from rate increases,” Exelon President and CEO Chris Crane said in a news release. “And it maintains the full $78 million in benefits for the District and Pepco customers agreed to in the original settlement.”
Last month, the PSC voted down the original proposal, but left open the possibility the deal could still move forward with various changes. PSC then gave Exelon and Pepco until March 11 to respond. The companies’ proposal Monday was in response to the March 11 deadline.
The companies have requested the PSC reach a decision by April 7.
Exelon’s proposed $6.8 billion acquisition of Pepco has been approved by regulators in four states — including Maryland and Virginia — and by the federal government, but it has hit numerous snags in D.C.
WTOP’s Kate Ryan contributed to this report.
