On March 23, 2016, the Public Service Commission of the District
of Columbia ("DCPSC") issued an order approving the
proposed $6.8 billion merger between Exelon Corporation
("Exelon") and Pepco Holdings, Inc. ("Pepco"
and together with Exelon, "Joint Applicants"). The DCPSC
2-1 vote approving the merger follows two previous orders in which
the DCPSC denied the proposed merger on grounds that it was not in
the public interest (see March 8, 2016, edition of the
WER). Upon consummation of the merger, Exelon will
become the largest electric utility in the United States by
customer base.
On June 18, 2014, the Joint Applicants filed their initial
merger application, which the DCPSC denied on August 27, 2015.
Following that order, the District of Columbia ("D.C.")
government and the Joint Applicants negotiated a proposed
settlement ("Settlement") by which D.C. Mayor Muriel
Bowser's administration would endorse the merger proposal and
recommend approval by the DCPSC. The
