Dive Brief:
- Maryland regulators have again extended the deadline to consider the proposed acquisition of Pepco Holdings by Exelon Corporation after the companies asked for more time to address the state's concerns.
- A decision had been expected in April, but the Public Service Commission extended the schedule until May 8, Argus Media reports.
- The companies have reached settlements in two important Maryland counties, but still face competitive concerns and opposition from the Maryland Attorney General's office, which believes the merger offers few benefits to the state's consumers.
Dive Insight:
The Maryland PSC has issued a notice extending the time to consider the merger, a deal which would combine 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.
Settlement hearings will be held April 15 and 16, possibly extending into a third day if necessary. Regulators are now targeting a decision in the second week of May. The companies have reached two settlements already, boosting the merger benefits to consumers and reaching an agreement with solar advocates.
Earlier this month the companies filed a settlement that included commitments to designate a portion of a proposed $94.4 million customer investment fund to provide $36.8 million in bill credits, or approximately $50 per Pepco and Delmarva Power customer in Maryland. The remainder — $57.6 million — would go toward funding energy-efficiency programs designated by Montgomery County, Prince George’s County and the PSC.
The merger must still be approved by utility regulators in Washington, D.C., where the deal has faced its stiffest opposition, and in Delaware.
