BALTIMORE (AP) — Maryland regulators have granted conditional approval for a proposed $6.8 billion merger between Exelon Corp. and Pepco Holdings Inc.
The Maryland Public Service Commission voted 3-2 to approve the merger on Friday with 46 conditions, including higher reliability standards. The conditions also include $66 million for residential rate credits to Delmarva and Pepco customers and $43.2 million for energy efficiency programs in Prince George’s and Montgomery Counties and the Delmarva Maryland service territory.
The PSC says in a release that a major condition of approval is a requirement that Delmarva and Pepco meet aggressive reliability performance standards from 2016 through 2020 with projected budget targets, subject to penalties for noncompliance.
The merger still requires approval from regulators in Delaware and Washington, D.C.
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