Exelon And Pepco Push Their Merger Proposal After D.C. Commission Votes To Block It

Exelon Corp. and Pepco Holdings Inc. said Monday they would continue to push their merger proposal, arguing that it would offer long-term benefits to their customers and is in the public interest. Their comments made in a joint statement came after the D.C. Public Service Commission last week denied their application to merge, saying it was not in the best interests of ratepayers. "Not completing our merger would deny customers in the District of Columbia -- as well as Delaware, Maryland and New Jersey -- hundreds of millions of dollars in direct financial benefits, improved reliability and storm response, renewable energy projects, and commitments that will preserve their local utility's role as a strong community partner and contributor to economic growth," said the statement. Exelon shares were indicating sharply higher in light, premarket trade, while Pepco shares were up less than 1%.