Pepco-Exelon merger gets Delaware's green light
Delmarva Power is one step closer to new ownership.
The Delaware Public Service Commission has approved a merger between Exelon and Pepco, which owns Delmarva Power. It would create what the companies call "the leading mid-Atlantic electric and gas utility" in a statement.
Under the terms of the deal, Delaware and Delmarva Power customers are set to receive over $42 million in direct benefits, like bill credits, along with funding for energy efficiency and workforce development programs, and increased reliability standards.
The $6.8 million merger is more than a year in the making and would unite six utilities in as many states, from Illinois to D.C. The two companies have about 10 million customers between them, with a rate base of about $26 billion.
Pepco and Exelon say they expect the merger to wrap up in the next few months. It still needs approval from Washington DC's public service commission.