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Today DC joined four states, including Delaware, New Jersey, Maryland, Virginia and the Federal Energy Regulatory Commissions (FERC) in approving the merger. MD in DE approved the merger with conditions.
Statement by Maryland PIRG Director Emily Scarr in response to the D.C. Public Service Commission's vote to reject the Exelon-Pepco merger:
“We are dissapointed that the D.C. Public Service Commission voted 2-1 to accept the merger between Chicago-based nuclear power giant Exelon Corp. and Pepco Holdings Inc. Today they have ignored the public interest and the interests of D.C. ratepayers by supporting the anti-consumer merger, in so doing they also hurt ratepayer in MD, NJ, DE and VA.
"Due in part to Exelon's primary interest being generation of energy, not distribution, the MD PSC cites an 'inherent conflict of interest that might inhibit our local distribution company from moving forward to embrace a cleaner and greener environment.'
"This merger could give Exelon control of 85% of the deregulated utility generation and distribution market in Maryland. This virtual monopoly is counter to the competitive marketplace and will put rate paying families and businesses at risk of rate hikes and poor service.
"Thousands of Marylanders and DC residents joined Attorney General Brian Frosh, the Maryland and DC People’s Council, Maryland Energy Administration, many of the D.C. neighborhood governments, and dozens of consumer, environmental, faith, community, and other groups to oppose this merger because it is bad for consumers and is not in the public interest.
“One of our biggest concerns with the merger is that Exelon's business model is reliant on a fleet of aging, dangerous, and expensive nuclear power plants including two Maryland reactors at Calvert Cliffs. As Exelon makes less money from their nuclear plants - and even starts losing money - they could make up for those losses through higher electric bills.
“Marylanders and DC ratepayers should not be subsidizing this expensive, dangerous and outdated technology.
"As the voice of DC's electricity consumers, we are disspointed that the DC Public Service Commission did not stand with ratepaying families and businesses and instead accepted the proposed merger.
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