CitizenVox - April 21, 2016
On March 23, the D.C. Public Service Commission (PSC) approved Exelon’s takeover of Pepco in a contentious 2-1 vote. Within hours, Exelon dissolved Pepco by suspending the trading of Pepco stock. This move resulted in $1.6 billion windfall for shareholders – a nice chunk of which went to Pepco executives – and allowed Exelon to claim that the deal was done.
Pepco’s CEO Joe Rigby, cashed out nearly $25 million in Pepco stock before retiring and turning the Pepco (a company of Exelon) reigns over to David Velazquez (who made $5 million on the sale).
But in Exelon’s haste to make it rain for Pepco shareholders, it cast aside one important detail: Exelon’s takeover of Pepco still has two hurdles to clear. Read more.
Washington Times - April 25, 2016
Utilities regulators in two states that have signed off on the Pepco-Exelon merger are authorized to make such decisions without agreement among all of the parties involved in negotiations — authority that is not clearly delineated for the D.C. Public Service Commission, which faces a challenge from city officials for its approval of the $6.8 billion merger.
D.C. Attorney General Karl Racine and D.C. People’s Counsel Sandra Mattavous-Frye both have filed a motion for the PSC to reconsider its decision, giving the commission 30 days to respond. If the decision is upheld, the city officials can take their case to the D.C. Court of Appeals.
USA Today - April 4, 2016
Having just completed a $6.8 billion acquisition,Exelon CEO Chris Crane is as convinced as ever that consolidation is critical to electric power companies in the U.S. But he’s not in a hurry to make another deal.
...[Exelon's] reputation was tarnished by strong opposition from citizen groups and elected officials in D.C. who contended that the Chicago-based power company was more interested in raising rates and benefiting its large fleet of nuclear plants than in providing affordable and green energy to the nation’s capital. Read more.
Washington Post - March 23, 2016
District regulators approved a $6.8 billion merger between Pepco Holdings and Exelon on Wednesday, creating the largest publicly-held utility in the country.
The decision marked a surprising turn of events for the deal,which regulators had rejected twice before and which appeared to be on life-support in recent weeks as D.C. Mayor Muriel E. Bowser and other city leaders lined up in opposition. Read more.
DCist - MARCH 2, 2016
Part victory lap, part call to keep the pressure on, activists cheered the most recent developments in the will-they-or-won't-they saga that the Pepco-Exelon merger has become.
"D.C. is ready to move on," said Ward 8 activist Akili West at a press conference packed with community activists and journalists. "It is clear there is no way to get this deal done in a way that protects D.C. residents." Read more.
Washington Post - MARCH 1, 2016
D.C. Mayor Muriel E. Bowser and two other key parties involved in the beleaguered merger of Pepco and Chicago-based Exelon said Tuesday that they can no longer support the plan, all but dooming a deal that would have created the nation’s largest electric utility.
WASHINGTON POST - FEB 26, 2016District regulators rejected a proposal Friday to allow Chicago-based Exelon to merge with Pepco, halting the deal for a second time and sending supporters scrambling to salvage a pact to create the nation’s largest electric utility.
The D.C. Public Service Commission voted 2 to 1 against a $78 million plan negotiated chiefly by Mayor Muriel E. Bowser’s office. Under that plan, the city would have held down residential rates for the next four years and directed tens of millions of dollars to environmental projects, low-income energy assistance and workforce-training programs. Read more.
UTILITY DIVE - Feb 25, 2016
The District of Columbia Public Service Commission (PSC) will vote on the proposed acquisition of Pepco Holdings by Chicago-based Exelon in an open meeting on Friday, Feb. 26, according to a release from the regulatory body.
WASHINGTON POST - Dec 31, 2015
In October, Mayor Muriel E. Bowser (D) announced her willingness to allow Chicago utility company Exelon’s $6.4 billion takeover of Pepco, the company that provides District residents’ electricity.
Her approval, which means the merger discussions will continue, came as a surprise because the D.C. Public Service Commission rejected the merger in August. The commission unanimously opposed the deal on the grounds that it would “inhibit [Pepco] from moving forward to embrace a cleaner and greener environment.”
WAMU 88.5 - Dec 16, 2015
Records show the head of a political action committee that supported D.C. Mayor Muriel Bowser was paid by Exelon to lobby city officials, raising new questions about the Bowser administration's handling of the proposed high-stakes merger between Pepco and Exelon. Read more.
WASHINGTON POST - Oct 23, 2015
This month, D.C. Mayor Muriel E. Bowser (D) announced that she had reached an agreement clearing the way for Chicago-based energy giant Exelon to buy Pepco. This was extremely disappointing to the thousands of D.C. residents, half the D.C. Council and more than half of the District’s Advisory Neighborhood Commissions (ANCs) who have worked tirelessly to help the mayor understand that Exelon is wrong for the District. Read More.
OPC-DC.gov - April 22, 2016
The Office of the People’s Counsel (OPC) today filed an application asking the D.C. Public Service Commission (PSC/Commission) to reconsider its March 23, 2016 approval of the Pepco/Exelon merger. People’s Counsel Sandra Mattavous-Frye said the decision is critical not only for the outcome of this case, but for future cases going forward. "As the energy regulatory landscape is rapidly evolving and a number of important policy issues will have to be made, I will use the full breadth of my authority to ensure the Commission’s process affords all parties the full opportunity to have their positions considered." Read more.
Attorney General Racine Requests Public Service Commission Reconsider Its Pepco-Exelon Merger Decision
oag.dc.gov - April 22, 2016
The Office of the Attorney General (OAG) today filed an application for reconsideration asking the District’s Public Service Commission (PSC) to vacate its March 23 decision to approve a merger between Pepco and Exelon. OAG’s application requests that the Commission either approve the original settlement the parties reached last October or disapprove the merger. Read more.
ABC News - March 11, 2016
District of Columbia officials said Friday they continue to oppose a proposal by power companies Exelon and Pepco to salvage their $6.8 billion merger, but the deal isn't dead yet, the companies said.
District regulators have rejected the merger twice. After the second rejection, regulators offered a revised settlement that would allow the merger to proceed. But Democratic Mayor Muriel Bowser and other city officials said that settlement took away important protections for ratepayers and refused to support it.
In a filing on Thursday, the U.S. General Services Administration (GSA) urged the D.C. Public Service Commission to reject the latest proposal for Exelon's $6.8 billion purchase of mid-Atlantic utility Pepco. The GSA purchases power for the federal government, the city's largest electricity consumer. Read more.
Washington Post - MARCH 7, 2016
Exelon and Pepco filed papers on Monday seeking a compromise with the D.C. Public Service Commission — a last-ditch attempt to save their proposed $6.8 billion merger, which the commission rejected last month.
Washington’s electric provider and Exelon, a Chicago-based nuclear energy giant, refused to sweeten the pot by offering the District any more money. Read more.
BLOOMBERG - FEB 26, 2016
Exelon Corp.’s plan to buy Pepco Holdings Inc. for $6.8 billion was rejected by Washington regulators who proposed new terms that would allow the deal to go forward if the companies and other parties agree in 14 days.
The District of Columbia’s Public Service Commission voted to reject an earlier merger settlement and to offer new conditions, the commission said Friday in a statement. If those terms are accepted, the takeover is approved with no further action. Read more.
SEEKING ALPHA - Feb 24, 2016
Exelon (EXC -1.6%) is downgraded to Sell with a $27 price target at Citigroup, which says that although EXC's merger with Pepco Holdings (POM -0.5%) is earnings accretive, it is also value destructive. Read more.
NEWS TALK - Oct 14, 2015
DC Councilmember Mary Cheh tells it like it is on NewsTalk with Bruce DePuyt. Cheh goes head to head with the CEO of the (Pepco-affiliated) Washington Board of Trade. The results: clear. The Exelon takeover is a betrayal of the District and bad for ratepayers. The Mayor's marketing scheme of a 'new deal' doesn't change that.
Watch the full segment.
WUSA9 - Nov 11, 2015
Community leaders say if you follow the money you will learn more about the dirty deal that led to the Pepco-Exelon merger. Read more + see full size video.
RTO INSIDER - Oct 12 2015
Summary: Pepco and Exelon are lobbying hard both with formal lobbyists in the Wilson Building and by calling in chits with charities and businesses that Pepco has funded or Pepco executives have chaired.
FOREST HILLS CONNECTION - Oct 28, 2015 Andrea Molod, an ANC 3F commissioner, wrote previously about her opposition to the merger as laid out originally. She thinks an expedited schedule would limit the public’s voice in any future hearings on the takeover.
Here she writes about how she thinks the settlement comes up short. Read more.
WASHINGTON POST - Oct 14, 2015
D.C. Mayor Muriel E. Bowser reversed course and backed a proposed takeover of Pepco, the city’s electric utility, by Exelon, a Chicago-based nuclear energy giant. Now she’s urging D.C. regulators to do the same, saying the deal her office negotiated is worth an about-face.
But Bowser’s endorsement has raised an obvious question as the District’s Public Service Commission is poised to decide as early as Friday whether to fast-track its review of the Bowser-backed proposal: Is it worth it? Read more.
WASHINGTON POST - Aug 25 2015
The D.C. Public Service Commission Tuesday denied the proposed $6.4 billion merger between Pepco Holdings and Chicago-based Exelon, a major setback for the giant utility marriage.
The three-member commission unanimously rejected the utilities’ application, saying it was not in the best interests of the ratepayers. Read more.
Cites poor effects on economy, lack of consumer benefits
WASHINGTON TIMES - May 31, 2015
Electricity customers in the District would fare better without the proposed merger between utility companies Pepco and Exelon than they would with it, according to the D.C. Office of the Attorney General.
WASHINGTON POST - May 12, 2015
Four D.C. Council members, as well as neighborhood commissioners and local activists, called on the mayor Tuesday to take a stand on a looming energy merger that they say will hurt city jobs and the environment.
D.C. regulators will decide soon whether to sign off on the $6.8 billion purchase of Washington-area utility company Pepco by Chicago-based energy giant Exelon.
Community leaders and D.C. Council members on Tuesday called for D.C. Mayor Muriel Bowser to oppose the proposed merger of utility companies Pepco and Exelon, saying it represents a bad deal for city residents.
More than 20 of the city’s 41 Advisory Neighborhood Commissions’s have declared opposition to Exelon’s acquisition of D.C.-based Pepco Holdings Inc., and many rallied alongside three council members in front of the John A. Wilson Building Tuesday. Read more.
RELEASE - May 12, 2015
Today citywide and neighborhood elected officials from across the District of Columbia urged DC Mayor Muriel Bowser to join them in opposition to the proposed takeover of PEPCO by Chicago-based Exelon, calling the deal “against the will and best interests of the District”.
“This is a bad deal for the District and its citizens,” said Mary Cheh, DC Councilmember from Ward 3, joining a group of elected officials and community leaders from across the District on the steps of the Wilson Building. “Local leaders clearly see through the false claims of Exelon that this takeover of Pepco would benefit the community. The proposed merger will only benefit Pepco shareholders and executives, and the Exelon Corporation. And it will come at the expense of our residents and small businesses. That is why we stand united in calling for its rejection.” Read more.
UTILITY DIVE - March 5, 2015
In a surprise filing with the state's utility regulators, Maryland Attorney General Brian Frosh urged rejection of Exelon's acquisition of Pepco, which would create the largest utility in the country. [...]
"This merger will harm Maryland customers, offers no tangible, incremental benefits of sufficiently meaningful value, and is not in the public interest," the document's conclusion reads. "Nothing in the filed testimony, or the evidence adduced during lengthy and comprehensive hearings, changes these facts." Read more.
DC CITY PAPER - Sept 17, 2015
On Thursday, a smattering of activists, councilmembers, and non-profit types will head to Freedom Plaza to protest something that the District has heard a lot about lately: the takeover of local power utility Pepco by Chicago-based power company Exelon. The two power companies, meanwhile, have continued their campaign of radio and newspaper ads in favor of the merger.
Wait, what month is it? Wasn’t this resolved in August? Read more.
New voices are joining the debate over a proposed power company merger and whether it would mean better or worse conditions for people now served by Pepco.
Twenty-two of the District’s 40 Advisory Neighborhood Commissions have declared their opposition to a deal for a Chicago-based company to buy Pepco, and they’re calling on Mayor Muriel Bowser to do the same. Read more.
RELEASE - April 9, 2015
Advisory Neighborhood Commissions (ANCs) from across the District are rising in opposition to Exelon’s proposed purchase of Pepco, calling on Mayor Muriel Bowser to halt the deal. In total, 19 ANCs have now passed resolutions against the merger or publicly expressed concerns since public hearings began in mid-December, including all of the ANCs in Ward 4, which Mayor Bowser formerly represented.
None of the District’s ANCs has expressed support for the proposed merger. Read more.
FIERCE ENERGY - March 11, 2015
The Maryland Public Service Commission (PSC), who is charged with determining whether or not the proposed Exelon-Pepco merger is in the "public interest," is drawing ever closer to a decision. In fact, it must rule on the merger by April 8, 2015. New poll results released by the Chesapeake Climate Action Network from a survey conducted by public interest research firm OpinionWorks, as well as recent oppositional filings with the PSC, may affect the PSC's decision.
The poll results reveal that a majority of Maryland voters, 61 percent, oppose Exelon-Pepco merger. In fact, only 22 percent expressed support and 17 percent reported that they were unsure. The opposition is bipartisan: 63 percent of Democrats and 60 percent of Republicans polled state their opposition. Read more.
WASHINGTON POST - August 1, 2014
"Exelon has a long record of opposing solar and wind power. This includes vociferous opposition to the federal tax credit for wind energy and the use of hardball tactics to block a popular effort to expand the Illinois solar market.
"Why? Exelon is the biggest U.S. nuclear power plant owner. Its main goal is to sell nuclear power. But nuclear energy offers little flexibility in how it produces power, so — unlike natural gas — it does not fit well with the dynamic, renewable-friendly grid of the near future." Read more.
WAMU 88.5 - December 9, 2014
"While Pepco continues to try to win back the trust of its customers, there’s some worry that a planned merger with national energy giant Exelon could jeopardize that process.
"Sandra Mattavous-Frye, the People’s Counsel of the District of Columbia, is urging the Public Service Commission to keep Exelon out of D.C. She says the potential merger, as it stands now, doesn’t meet the commission’s own requirement that a merger bring actual benefits to ratepayers." Read more.
WASHINGTON POST - January 21, 2015
"Exelon’s proposed $6.4 billion takeover of Pepco Holdings, which would create a single dominant electricity provider in the Mid-Atlantic, could lead to higher rates for millions of Pepco customers, according to a report scheduled for release Wednesday by a research organization that supports alternative energy." Read more.
BETHESDA NOW - February 18, 2015 Groups opposed to the merger between electric companies Pepco and Exelon said they mailed out more than 1,500 comments this week from Maryland residents also opposed to the move.
Public Citizen, the Chesapeake Climate Action Network, Maryland PIRG, the Nuclear Information and Resource Service and the Sierra Club said the proposed takeover of Pepco by Chicago-based Exelon would mean higher rates, undermine clean energy policies and threaten retirement benefits of former Pepco employees. Read more.
Power DC PRESS RELEASES
- DC Elected and Community Leaders Call on Mayor Bowser to Oppose Exelon-PEPCO (May 12, 2015)
- Growing List of DC Neighborhoods Oppose Pepco-Exelon Merger (April 9, 2015)
- Poll: Only 6 percent of DC voters support proposed Pepco-Exelon merger (February 9, 2015)
- DC citizen groups to DC Council: Reject Exelon-Pepco merger (February 3, 2015)
- PSC misrepresenting public testimony against Pepco-Exelon merger, say merger opponents (January 12, 2015)