The Washington, DC, Public Service Commission rejected the proposed $6.9 billion merger between Baltimore Gas and Electric parent Exelon and its neighbor Pepco Holdings on Tuesday, taking advocates by surprise and sending the companies’ stocks plummeting.
The merger had already been approved by five other regulatory agencies, including the Maryland Public Service Commission, which voted 3-2 to accept it in May. D.C. was the last jurisdiction to rule on the proposed merger. Exelon and Pepco have 30 days to ask for a rehearing.
The merger faced staunch opposition from a wide array of advocates, neighborhood groups, the Maryland Office of People’s Counsel, the Maryland Energy Administration and Maryland Attorney General Brian E. Frosh, who all argued that it wasn’t in the public interest.
But the companies argued that the merger would mean smaller rate increases in the future for BGE and Pepco customers as well as better reliability for outage-plagued Pepco customers and a faster storm damage response in both service areas.
Full content: CNBC
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Car Battery Makers to Challenge EU Cartel Charges in Brussels
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI