More than 100 District of Columbia residents and community groups turned out at a hearing Nov. 17 to tell the Public Service Commission of the District of Columbia (PSC) that they support the merger of Pepco Holdings Inc. (NYSE: POM) and Exelon Corporation (NYSE: EXC) for the significant benefits it will bring to the region.
The PSC called the hearing as a forum for individuals and organizations in the District to comment on the merger settlement the companies reached with the Government of the District of Columbia and others on Oct. 6, 2015. The Commission on Oct. 28 reopened the record to consider the settlement with the District Government and others, and set a schedule for the reconsideration of the merger application that would allow it to issue a decision in the first quarter of 2016.
The merger settlement includes numerous commitments to the District, including providing $72.8 million in direct customer benefits, including bill credits, assistance for low-income customers, fewer and shorter power outages, and investment in a cleaner and greener D.C.
Among its many commitments, the merger settlement includes investments in local jobs and workforce development. Pepco has committed to hire more than 100 union workers in the District, and Exelon has offered $5.2 million for workforce development programs.