On February 26, 2016, the Public Service Commission of the
District of Columbia ("DCPSC") issued an order rejecting
the Nonunanimous Full Settlement Agreement and Stipulation
("Settlement"), which proposed to amend the terms of the
proposed merger between Exelon Corporation ("Exelon") and
Pepco Holdings, Inc. ("Pepco" and together with Exelon,
"Joint Applicants"). In the order, the DCPSC determined
that the Settlement was not in the public interest. Instead, the
DCPSC proposed a Revised Settlement that would, among other things,
defer its decision on the allocation of a proposed $25.6 million
for Customer Base Rate Credit in the Settlement.
On June 18, 2014, the Joint Applicants filed their initial
merger application, which the DCPSC denied in an August 27, 2015
order. On October 6, 2015, the Joint Applicants filed a motion to
reopen the record after the District of Columbia ("D.C.")
government and the Joint Applicants negotiated the Settlement
(see October 28, 2015
