New Jersey BPU approves Exelon And Pepco Holdings mergerStaff writer ▼ | February 14, 2015
The New Jersey Board of Public Utilities (BPU) Commissioners approved the merger between Exelon Corporation (EXC) and Pepco Holdings (POM). The companies announced their proposed merger on April 30, 2014 and submitted their application to merge to the BPU on June 18, 2014.
New Jersey Green light for EXC and Pepco
"We are excited that the Commissioners have approved our merger," said Chris Crane, Exelon president and CEO.
"We are appreciative of the time and dedication of the BPU staff and other stakeholders who worked collaboratively with us throughout this process to deliver a robust package of benefits for New Jersey."
"Our combined company will bring significant value to New Jersey and to ACE customers, and we are thankful to the Board for their approval," said Joseph M. Rigby, PHI chairman, president and CEO.
In an order the BPU commissioners approved a January 14, 2015, settlement agreement, signed by Exelon, PHI, ACE, BPU staff, and the Independent Energy Producers of New Jersey. ■