The halted merger between Atlantic City Electric’s parent company Pepco Holdings and Exelon is not dead, with the companies saying Friday they will file a formal appeal to the District of Columbia’s Public Service Commission.
Pepco’s Regional Communications Vice President Myra Oppel said in a statement the companies will file a petition for reconsideration but could not discuss their specific approach.
“We remain convinced our merger proposal is in the public interest, and we will continue working to complete the merger,” Oppel said.
The merger spans several states and the District of Columbia and was approved by regulators in New Jersey, Delaware, Virginia and Maryland.
But District of Columbia regulators rejected the merger on Aug. 25, stating that the plan would not benefit ratepayers.
As Exelon and Pepco renew a push for approval, they gathered support from more than 60 groups and organizations in the D.C.-area-- from the Boys and Girls Club of Washington to the Federal City Council.
Exelon’s acquisition of Pepco, worth $6.8 billion, was approved by the New Jersey Board of Public Utilities in February with the stipulation it brings $62 million in direct credits to customers as well as upgrades to the company’s infrastructure.
Director of the New Jersey Rate Counsel Stefanie Brand opposed the merger in New Jersey.
“Some of the concerns they’ve expressed in D.C. were some of the concerns that we had here,” Brand said. “We were concerned that the stipulations outlined wouldn’t hold Exelon to these commitments.”
Brand said the $62 million in credits is “fleeting at best” because it doesn’t provide any time limit for Atlantic City Electric not to request a rate increase after the merge.