Exelon to Acquire Pepco Holdings Inc. that Includes Delmarva Pow - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Exelon to Acquire Pepco Holdings Inc. that Includes Delmarva Power

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SALISBURY, Md.-A multi-billion business deal between some major energy providers includes Delmarva Power. The announcement came this week where Chicago based Exelon Corporation is buying Pepco Holdings to create one of the large electric and gas utilities in the Mid-Atlantic.

"It still needs the approval of Pepco Holdings share holders, it also needs approval from various public service commissions in Washington D.C., Delaware, Maryland and New Jersey," said Delmarva Power spokesperson Matt Likovich.

WBOC reached out Exelon asking if the deal would impact customer rates. In a written statement, the company said:

"Customer rates will not increase as a result of this merger. The distribution and Standard Offer Service rates charged to customers will continue to be set in rate cases by the public service commission in each jurisdiction."

But on Wednesday, some Delmarva Power customers said they aren't sure if that will stand true in the future once the deal has been finalized.

"Any kind of competition you know where you have somebody else involved is going to effect your bill eventually if not dramatically," said Roy Merritt of Salisbury.

"You are at their mercy, you have no choice," Merritt went on to say, "I mean what are you going to do? Either you are going to move away or move to a different location but as far as everybody who is local who lives here, stays here, you are at their mercy and you are hoping for the best." 

"I feel like we pay enough," said Jaymi Turner, "and if the rates go up, I don't even know how we're going to be able to pay it."

As far as a potential impact on workers is concerned, in a further statement to WBOC, Exelon said:

"We have committed to no involuntary merger-related job reductions at the PHI utilities for two years after closing. We would expect some reductions in duplicate corporate level functions; however, it's too early to discuss numbers. As is the case with most mergers and acquisitions, at least part of the rationale for combining operations is to increase efficiency, which is accomplished in part by reducing overlapping or redundant functions."
 
"The field personnel at this point the people who are out doing the work, keeping the lights on, the lineman, the operational end of things will probably be business as usual," said Likovich.

Likovich added that he expects the deal to finalize in the second or the third quarter of 2015.
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