Ted Gest, Public Information Officer, Office of the Attorney General
WASHINGTON, D. C. – The District of Columbia government today entered the proceeding considering the $6.8 billion buyout of Pepco Holdings, Inc., by the Chicago-based utility company, Exelon Corporation. The buy-out would permit Exelon to move control of the District’s sole electric utility to its headquarters in Chicago, Illinois.
D.C. Attorney General Irvin B. Nathan filed a petition with the District’s Public Service Commission (PSC) to intervene in the proceeding. While the District does not take a position at this time for or against the merger, the petition states that the District has a significant interest in the outcome of this proceeding and should be a full participant to ensure that the interests of the city’s residents are represented. “Only if we are convinced this merger is in the best interests of the District’s residents will we agree to it,” Nathan stated.
The Attorney General added that, “The District needs to ensure that this merger will be good for our economy and our low-income residents and, equally important, will keep the city on a path to ensure reliable and sustainable electric service.”
On June 18, Potomac Electric Power Company (Pepco) filed an “application” with the PSC for the statutorily-required approval of the buyout. On June 27, the PSC issued an order that gave interested parties until July 11 to request participation as a formal party in the case.