WASHINGTON, Sept. 27, 2001 — Potomac Electric Power Company and Conectiv yesterday received approval of their proposed merger from the Federal Energy Regulatory Commission (FERC), a significant milestone on the path to completing the combination of the two utilities.
Pepco also announced that regulators in Delaware, Maryland, New Jersey, Virginia, and the District of Columbia have now established schedules for reviewing the merger which are consistent with the companies’ plans to complete the merger in the first quarter of 2002.
The merger will create the largest electricity delivery company in the Mid-Atlantic states with the largest transmission network serving the regional power grid. The new company will deliver power to 1.8 million customers in the District of Columbia, Maryland, Delaware, New Jersey and Virginia.
The Federal Trade Commission and the U.S. Justice Department cleared the merger in August. Shareholders of both companies approved the merger in July.
Pepco is an investor-owned utility that delivers electricity in Washington, D.C., and the Maryland suburbs to more than 700,000 customers. Through its family of subsidiaries, Pepco also operates in the mid-Atlantic region in the competitive arenas of diversified energy products and services and telecommunications.
Conectiv, headquartered in Wilmington, Del., is focused on two core energy businesses. Conectiv Power Delivery provides energy to more than one million customers in N.J., Del., Md., and Va. Conectiv Energy manages a growing portfolio of “mid-merit” power plants that can respond quickly to changes in the demand for power within the PJM power pool.