Pepco Holdings and Exelon today reaffirmed they will continue to
pursue the merger to deliver its significant benefits to residents,
businesses and communities in the District. Representatives from a
broad group of organizations across the District – including
business, nonprofit, environmental, labor and faith groups – have
voiced support for the merger.
“Supporters in D.C. continue to believe this merger is good for
the District, and so do we,” said Chris Crane, president and CEO of
Exelon. “It would be a missed opportunity to deny Pepco customers
the merger’s benefits, such as bill relief for customers and
funding for green energy projects.”
Pepco Holdings and Exelon said they welcome further discussion
with District leaders about how the merger can best address the
needs of D.C. families and businesses. Other states with
jurisdiction over the merger — Delaware, Maryland, New Jersey and
Virginia — have approved it.
“The District needs a strong and financially healthy electric
utility for continued economic growth,” said Joseph M. Rigby,
chairman, president and CEO of Pepco Holdings. “Without this
merger, Pepco will be less able to invest in a 21st century
electric grid, renewable energy or provide support for charitable
giving for customers and communities in the District.”
Supporters of the merger represent a diverse group of
organizations:
Businesses and Associations:
- Abrams, Foster, Nole & Williams,
P.A.
- ADA Inc.
- Allied Telecom
- BConstrux
- Bottomline Associates, Inc.
- Corenic Construction Group
- DC Chamber of Commerce
- District of Columbia Building Industry
Association
- Dynamic Concepts Inc.
- Federal City Council
- First Street Film
- Fort Myer Construction Corporation
- Greater Washington Board of Trade
- Greater Washington Hispanic Chamber of
Commerce
- Heritage Technology
- Ideal Electric
- Industrial Bank
- Lorenzo Construction
- Mahogany, Inc.
- McKissack & McKissack
- Planned Power Systems, Inc.
- Restaurant Association Metropolitan
Washington
- Smith and Sons
- SRB Communications
- Tecknomic, LLC
- The Economic Club of Washington,
DC
- The President’s Roundtable
- The Temple Group
- Volt Energy
- Washington, DC Economic
Partnership
Diverse Suppliers and Associations:
- American Association of Blacks in
Energy
- Maryland-Washington Minority
Contractors Association
Healthcare:
- Children’s National Medical Center
- District of Columbia Hospital
Association
- Mary’s Center
Universities:
- United Negro College Fund, Inc.,
Washington DC
Environmental Interests:
- Alice Ferguson Foundation
- Living Classrooms National Capital
Region
Faith Community:
- Rev. Dr. Michael Bell, Sr. (Allen
Chapel AME Church)
- Rev. Charles Brown, Jr.
- Rev. Michael Johnson
Charitable/Not-for-Profit Organizations:
- 100 Black Men
- American Diabetes Association –
National Capital Area
- American Heart Association
- Anacostia Community Outreach
Center
- B’nai B’rith International
- Ben’s Chili Bowl Foundation
- Boys & Girls Clubs of Greater
Washington
- Building Bridges Across the River at
THEARC
- Capital Area Foodbank
- Careerstone Group
- Catalogue for Philanthropy: Greater
Washington
- Catholic Charities of the Archdiocese
of Washington Inc.
- Center for Nonprofit Advancement
- CityBridge Foundation
- City Year Washington, DC
- Columbia Lighthouse for the Blind
- Covenant House Washington
- Don Bosco Cristo Rey
- Economic Growth DC Foundation
- Friends of the National Zoo
- Girl Scouts of the National Capital
Area
- Goodwill of Greater Washington
- Greater Washington Urban League,
Inc.
- Heroes, Inc.
- Imagination Stage
- Junior Achievement of Greater
Washington
- Latin American Youth Center
- Leadership Greater Washington
- Leukemia and Lymphoma Society
- Life Pieces To Masterpieces
- National Congress of Black Women
- Posse D.C.
- Recreation Wish List Committee
- Samaritan Inns
- Special Olympics D.C.
- Special Olympics Maryland
- Studio Theatre
- The Leadership Sanctuary
- The Salvation Army National Capital
Area Command
- Trust for the National Mall
- United Way of the National Capital
Area
- Washington Area Women’s Foundation
- Washington DC Police Foundation
- Washington Performing Arts
- Women’s Wing Organization
- YearUp
- YWCA National Capital Area
About Exelon Corporation
Exelon Corporation (NYSE: EXC) is the nation’s leading
competitive energy provider, with 2014 revenues of approximately
$27.4 billion. Headquartered in Chicago, Exelon does business in 48
states, the District of Columbia and Canada. Exelon is one of the
largest competitive U.S. power generators, with approximately
32,000 megawatts of owned capacity comprising one of the nation’s
cleanest and lowest-cost power generation fleets. The company’s
Constellation business unit provides energy products and services
to more than 2.5 million residential, public sector and business
customers, including more than two-thirds of the Fortune 100.
Exelon’s utilities deliver electricity and natural gas to more than
7.8 million customers in central Maryland (BGE), northern Illinois
(ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on
Twitter @Exelon.
About Pepco Holdings Inc.
Pepco Holdings Inc. is one of the largest energy delivery
companies in the Mid-Atlantic region, serving about 2 million
customers in Delaware, the District of Columbia, Maryland and New
Jersey. PHI subsidiaries Pepco, Delmarva Power and Atlantic City
Electric provide regulated electricity service; Delmarva Power also
provides natural gas service. PHI also provides energy efficiency
and renewable energy services through Pepco Energy Services. For
more information, visit online: www.pepcoholdings.com.
Cautionary Statements Regarding Forward-Looking
Information
Except for the historical information contained herein, certain
of the matters discussed in this communication constitute
“forward-looking statements” within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, both as
amended by the Private Securities Litigation Reform Act of 1995.
Words such as “may,” “might,” “will,” “should,” “could,”
“anticipate,” “estimate,” “expect,” “predict,” “project,” “future,”
“potential,” “intend,” “seek to,” “plan,” “assume,” “believe,”
“target,” “forecast,” “goal,” “objective,” “continue” or the
negative of such terms or other variations thereof and words and
terms of similar substance used in connection with any discussion
of future plans, actions, or events identify forward-looking
statements. These forward-looking statements include, but are not
limited to, statements regarding benefits of the proposed merger,
integration plans and expected synergies, the expected timing of
completion of the transaction, anticipated future financial and
operating performance and results, including estimates for growth.
These statements are based on the current expectations of
management of Exelon Corporation (Exelon) and Pepco Holdings, Inc.
(PHI), as applicable. There are a number of risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements included in this communication. For
example, (1) the uncertainty surrounding
reconsideration of the denial of the Merger application by the DC
Public Service Commission may delay the merger or cause the
companies to abandon the merger; (2) conditions to the closing
of the merger may not be satisfied; (3) problems may arise
in successfully integrating the businesses of the companies, which
may result in the combined company not operating as effectively and
efficiently as expected; (4) the combined company may be
unable to achieve cost-cutting synergies or it may take longer than
expected to achieve those synergies; (5) the merger may
involve unexpected costs, unexpected liabilities or unexpected
delays, or the effects of purchase accounting may be different from
the companies’ expectations; (6) the credit ratings of the
combined company or its subsidiaries may be different from what the
companies expect; (7) the businesses of the companies may
suffer as a result of uncertainty surrounding the merger;
(8) the companies may not realize the values expected to be
obtained for properties expected or required to be sold; (9)
the industry may be subject to future regulatory or legislative
actions that could adversely affect the companies; and (10)
the companies may be adversely affected by other economic,
business, and/or competitive factors. Other unknown or
unpredictable factors could also have material adverse effects on
future results, performance or achievements of the combined
company. Therefore, forward-looking statements are not guarantees
or assurances of future performance, and actual results could
differ materially from those indicated by the forward-looking
statements. Discussions of some of these other important factors
and assumptions are contained in Exelon’s and PHI’s respective
filings with the Securities and Exchange Commission (SEC), and
available at the SEC’s website at www.sec.gov, including: (1)
Exelon’s 2013 Annual Report on Form 10-K in (a) ITEM 1A. Risk
Factors, (b) ITEM 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (c) ITEM 8.
Financial Statements and Supplementary Data: Note 22; (2) Exelon’s
Second Quarter 2015 Quarterly Report on Form 10-Q in (a) Part II,
Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial
Information, ITEM 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (c) Part I,
Financial Information, ITEM 1. Financial Statements: Note 19; (3)
the definitive proxy statement that PHI filed with the SEC on
August 12, 2014 and mailed to its stockholders in connection with
the proposed merger (as supplemented by PHI’s Form 8-K filed with
the SEC on September 12, 2014); (4) PHI’s 2014 Annual Report on
Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations and (c) ITEM 8. Financial Statements and Supplementary
Data: Note 15; and (5) PHI’s Second Quarter 2015 Quarterly Report
on Form 10-Q in (a) PART I, ITEM 1. Financial Statements, (b) PART
I, ITEM 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this communication may not occur. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this communication.
Neither Exelon nor PHI undertakes any obligation to publicly
release any revision to its forward-looking statements to reflect
events or circumstances after the date of this communication. New
factors emerge from time to time, and it is not possible for Exelon
or PHI to predict all such factors. Furthermore, it may not be
possible to assess the impact of any such factor on Exelon’s or
PHI’s respective businesses or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. Any specific
factors that may be provided should not be construed as
exhaustive.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150917006569/en/
Media Contacts:ExelonPaul Elsberg312-394-7417orPepco
HoldingsMyra Oppel202-872-2680
Exelon (NYSE:EXC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exelon (NYSE:EXC)
Historical Stock Chart
From Apr 2023 to Apr 2024