A proposed merger that would create the largest utility service in the country hit the skids after D.C. Mayor Muriel Bowser dropped support for the revised proposal, causing activists to celebrate, but the companies will still attempt to keep the merger alive.
Pepco, which services the Washington, D.C., metro area still plans to merge with Chicago based nuclear energy giant Exelon. The two companies will ignore a March 4 self imposed deadline and continue to work together to get a deal approved by the city, reports Washington Business Journal.
“The companies are now operating under the timeline set forth in the Commission’s Feb. 26 order, which requires a filing by March 11,” Exelon spokesman Paul Adams said in a statement representing both companies. “We continue to have conversations with the settling parties about the order and the new provisions, and will provide an update at the appropriate time.”
The D.C. Public Service Commission (PSC) voted down the $6.8 billion dollar proposed merger February 26 which the Bowser administration fought hard to negotiate. The PSC then voted to approve a counterproposal, which defenders of the merger argue opens residents up to rate hikes and other risks.
Click here to read the rest of the article written by Steve Birr over at The Daily Caller