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US: New Jersey approves electric merger

By  |  January 15, 2015
US: New Jersey approves electric merger

New Jersey has tentatively approved Exelon’s merger with Maryland based energy company Pepco, which includes the acquisition of Atlantic City Electric. If Maryland, Delaware and the District of Columbia approve as well, New Jersey will have only one electric utility based within the state. The proposal met with strong opposition within New Jersey with people claiming that the $62 million in customer credits that the New Jersey customers would receive is fleeting and that there is no guarantee that rates will not increase and cost customers more than the $115 credit that they receive. Another point that was made is that there is no limitation placed on post-transition costs for customers. Exelon CEO Chris Crane said, “Our combined company will bring significant benefits to New Jersey and ACE customers,” though specifications were made to these benefits.

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