Councilmember Berliner “Deeply Dissapointed” With Exelon-Pepco Merger Approval
It’s official, PEPCO and Exelon have now completed a multi-billion dollar merger. Exelon received the final green light to purchase PEPCO after the Washington D.C. Public Service Commission (PSC) voted two to one in favor of the deal on Wednesday. Key leaders in the District, including Washington D.C. Mayor Muriel Bowser and Attorney General Karl Racine have previously stated their disapproval of the merger.
Montgomery County Councilmember Roger Berlier, who is the chair of the Transportation, Infrastructure, Energy and Environment Committee, released a statement on his Facebook page in response to the PSC’s ruling.
“Yesterday’s reversal by the DC Public Service Commission to approve Exelon’s purchase of PEPCO was deeply disappointing. It’s approval now means that Exelon will totally dominate the Maryland market, including ours. Environmental and consumer interests were needlessly sacrificed. The only winners are PEPCO shareholders and Exelon’s bottom line, a bottom line that has been hammered by its huge investment in nuclear power,” Councilmember Berliner said in a statement.
“Getting a steady and more predictable flow of revenue generated by ratepayers was Exelon’s driving motivation. Those of us who are fighting for a new, 21st century utility are working to significantly reduce that revenue stream for the benefit of ratepayers and our planet. We want non-utility players to invest in solar, microgrids, and other clean distributed generation, and we want to stop compensating utilities on how much they invest and instead on how well they serve us.
“This will be a harder fight now given Exelon’s dependence on a predictable flow of ratepayer dollars. But it is a fight that we will be taking on in the year ahead now that this merger appears to be a done deal. Hope we will have your support.”
PEPCO officially changed the name of it’s headquarters in the District on Thursday.
— Vincent Morris (@VincentMorris) March 24, 2016
It’s official, PEPCO and Exelon have now completed a multi-billion dollar merger. Exelon received the final green light to purchase PEPCO after the Washington D.C. Public Service Commission (PSC) voted two to one in favor of the deal on Wednesday. Key leaders in the District, including Washington D.C. Mayor Muriel Bowser and Attorney General Karl Racine have […]
PEPCO and Exelon filed a new agreement with the Washington D.C. Public Service Commission (PSC) on Monday that could save the merger between the utility companies. The PSC previously voted against the merger of PEPCO and Exelon, but allowed the both companies to come up with an alternate agreement that would address the concerns of the commission. […]
The Washington D.C. metropolitan region was expecting to hear about one of the largest utility mergers in the country today but the D.C. Public Service Commission (PSC) says the deal is not that simple. The PSC rejected the merger between PEPCO and Exelon in a room packed with media and but will still keep the lights […]
Montgomery County Council President George Leventhal met with the media Monday and talked about the recent developments in the Purple Line, the Exelon-Pepco merger and the search for the next superintendent of the county’s school system. You can watch that news briefing in its entirety here.