Exelon, Pepco offer new proposal to get $6.8B deal approved

AP News
|
Posted: Mar 07, 2016 3:55 PM

NEW YORK (AP) — Exelon, in an effort to get its $6.8 billion buyout of Pepco approved, offered a new proposal Monday that it hopes will win the last regulator's support.

The District of Columbia Public Service Commission is the last regulator needed to clinch the deal. The Federal Energy Regulatory Commission and commissions in four states have already approved it.

In Monday's proposal, Chicago-based Exelon said it will give the DC Public Service Commission $20 million it can use for customer discounts, help low-income customers or modernize the grid. That's on top of the $25.6 million Exelon has previously to agreed to pay for customer discounts.

Exelon and Pepco, based in Washington, D.C., asked the commission to make a decision by April 7.

A DC Public Service Commission representative did not respond to a request for comment.