Pepco and Conectiv merger receives Pennsylvania’s approval

WASHINGTON, Oct. 19, 2001 — The merger of Potomac Electric Power Company and Conectiv has been approved by the Pennsylvania Public Utility Commission. Each utility owns transmission lines in the Keystone State.

Officials of Pepco and Conectiv expect the $2.2 billion merger to be completed during 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 four states and the District of Columbia also must approve the merger.

The Federal Trade Commission and the U.S. Justice Department cleared the proposed merger in August. Shareholders of both companies approved the merger in July.

Pepco (http://www.pepco.com) 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 arenas of telecommunications and energy products and services in the mid-Atlantic region.

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