Exelon, Pepco File For Merger Approval With Maryland Public Service Commission

(RTTNews) - Exelon Corp. (EXC) and Pepco Holdings Inc. (POM) Tuesday filed an application seeking approval of their proposed merger with the Maryland Public Service Commission. The companies announced their proposed merger on April 30.

The combination of the companies 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.

The filing highlights merger-driven reliability commitments and expected economic benefits of $542 million to $623 million and about 6,300 to 7,000 new jobs in Maryland.

The Maryland filing describes Exelon's commitment to significantly improve reliability, maintain charitable contributions at increased levels from 2013 for at least 10 years following closing of the merger.

It also includes provision of immediate economic benefits to Pepco and Delmarva Power customers in Maryland.

Pepco serves approximately 537,000 customers in Montgomery and Prince George's counties; and Delmarva Power serves approximately 231,000 customers on Maryland's Eastern Shore. Submission of the filings initiates the regulatory approval process in Maryland.