NJ BPU approves Pepco-Conectiv merger

WASHINGTON, June 20, 2002 — Potomac Electric Power Co. and Conectiv Wednesday announced that the New Jersey Board of Public Utilities (BPU) voted to approve the merger of the two companies.

Recently’s action leaves approval by the U.S. Securities and Exchange Commission as the last necessary to complete the merger.

Dennis Wraase, Pepco President and Chief Operating Officer, said, “This is a key milestone in the completion of the Pepco-Conectiv merger. With the final state approval now in place, the way is cleared for the SEC to act. We are excited about moving to this final stage, as we believe the merger offers significant benefits for customers, shareholders and employees.”

Conectiv President Tom Shaw said, “Over time, the merger will result in rates for our New Jersey customers, and for customers in our other states, that will be lower than they would be without the merger. As importantly, the merger will help bolster reliability and customer service in New Jersey and all the states we serve.”

The merger, proposed in February 2001, has received approvals from the Federal Energy Regulatory Commission, and has cleared review by the Federal Trade Commission and the U.S. Department of Justice. Delaware and the District of Columbia, Maryland, Pennsylvania and Virginia had previously approved the merger.

The merger will create the largest electricity delivery company in the mid-Atlantic region with a transmission network serving 1.8 million customers in a 10,000-square-mile area. The utility operations will continue as separate operating companies. Shaw said, “Customers will continue to do business with Conectiv and Pepco just as they always have, calling the same phone numbers, paying their bills the same way, and generally dealing with the same employees after the merger is completed.”

About Pepco

Pepco is an investor owned company that delivers electricity to more than 700,000 customers in Washington, D.C. and the Maryland suburbs. Through its family of subsidiaries, Pepco also operates in the competitive arena of telecommunications and energy products and services in the mid-Atlantic region. For more information visit the company’s web site at http://www.pepco.com .

About Conectiv

Conectiv, a Fortune 500 company headquartered in Wilmington, Del., is focused on two core energy businesses. Conectiv Power Delivery provides energy to more than one million customers in New Jersey, Delaware, Maryland and Virginia. Conectiv Energy uses a sophisticated power-trading unit to optimize the value of a growing portfolio of mid-merit power plants that can start and stop quickly in response to changes in the demand for power within the PJM power pool. For more information, visit the company’s web site at http://www.conectiv.com .

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