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NJ board OKs merger of Exelon, Pepco Holdings

The New Jersey Board of Public Utilities staff has reached a settlement approving Exelon Corp.'s $6.8 billion merger with Pepco Holdings Inc., the parent company of Atlantic City Electric (ACE).

The New Jersey Board of Public Utilities staff has reached a settlement approving Exelon Corp.'s $6.8 billion merger with Pepco Holdings Inc., the parent company of Atlantic City Electric (ACE).

The settlement, which requires the approval of the BPU, would provide $62 million in bill credits for ACE customers, a $15 million energy-efficiency program, and commitments to improve the utility's reliability performance to levels that exceed current BPU requirements.

Exelon would also maintain ACE's operational headquarters in Mays Landing and match for 10 years the utility's 2013 level of $709,000 in charitable contributions and community support.

The merger, proposed last April, still requires approvals of regulators in Delaware, the District of Columbia and Maryland. The Federal Energy Regulatory Commission and Virginia regulators have already approved it.