Virginia approves Pepco-Conectiv merger

WASHINGTON, Nov. 8, 2001 — The merger of Potomac Electric Power Company and Conectiv has been approved by the Virginia State Corporation.

Conectiv serves Virginia customers on the Delmarva Peninsula.

Officials of Pepco, headquartered in the District of Columbia, and Conectiv expect the $2.2 billion merger to be completed during the first quarter of 2002, subject to the approval of all regulatory authorities. 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 Federal Trade Commission and the U.S. Justice Department cleared the proposed merger in August. The Federal Energy Regulatory Commission gave its approval in September. Regulators in Pennsylvania, where both companies own transmission assets, approved the merger last month.

Approval also is required by regulators in the District of Columbia, Delaware, Maryland and New Jersey.

Pepco ( ) is an investor-owned company that delivers electricity to more than 700,000 customers in Washington, D.C. and the Maryland suburbs. Conectiv ( ) is focused on two core energy businesses. Conectiv Power Delivery provides energy to more than one million customers in N.J., Del., and Va. Conectiv Energy manages a growing portfolio of “mid-merit” power plants that can respond quickly to changes in the demand for power with the PJM power pool.

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