Pepco Holdings and Exelon Corp. filed a petition this week with the Public Service Commission of the District of Columbia (PSC) for reconsideration of their proposed merger.
Chris Crane, president and CEO of Exelon, said a settlement agreement is currently being discussed between the companies and the District of Columbia in hopes of resolving the matter.
“We remain convinced our merger offers significant benefits to customers and the District, and we continue working to complete it,” Crane said. “Since the Public Service Commission explained why it didn’t approve the merger last month, we’ve worked to learn what’s most important to the District – and we are responding.”
In a statement, D.C. officials confirmed that a settlement is being pursued and added that any settlement agreement would be presented in a new application to the PSC for review, public comment and final determination.
Joseph Rigby, Pepco's chairman, president and CEO, said he expects an agreement to be reached soon.
“We look forward to completing discussions with the district that will allow for a stronger Pepco to provide improved reliability, along with the other significant benefits our merger will deliver to the District,” Rigby said.
Exelon operates three nuclear power plants, 12 fossil power plants, two landfill gas plants and one pumped storage hydroelectric power plant in the state.