The companies intend to combine their electric and gas utilities into an electric and gas business in the mid-Atlantic, Exelon said Wednesday.
“We are committed to working with our PHI partners to achieve significantly enhanced reliability and service for PHI customers, to deliver immediate and ongoing financial benefits to PHI customers, and to continue PHI’s record of strong community engagement, ” said Chris Crane, Exelon president and CEO.
Exelon and Pepco Holdings have sought the approval of the Delaware Public Service Commission, the Public Service Commission of the District of Columbia and the New Jersey Board of Public Utilities.
The merger is expected to create between 11, 000 and 14, 000 new jobs and generate $1.0 billion to $1.3 billion in economic benefits for Delaware, Maryland, New Jersey and Washington, D.C.
The transaction needs the approval of PHI stockholders.