The District of Columbia’s public utility commission on Wednesday approved Exelon’s $6.8 billion purchase of regional power provider Pepco to create the largest electric utility in the country.
The D.C. Public Service Commission’s 2-1 approval of the Exelon-Pepco merger ends a two-year roller coaster ride of deal-making between city officials and the companies to overcome some of city officials’ reservations.
The commission had given the companies a list of requirements it had to fix in the last version of the merger proposal, including a proposal on renewable energy and energy efficiency and providing enough money to a citizen fund that would help with infrastructure development and keeping utility rates low for residents.
Exelon sweetened the pot in Wednesday’s proposal, agreeing to put up to $100 million in benefits for Pepco customers.
All other states affected by the merger had already signed off on the deal, giving D.C. the special role of casting final approval.
Stock of Pepco’s parent company shot up more than 30 percent in mid-day trading after the deal was approved.
