Citizens and community, faith, business and
environmental organizations urge merger approval
A title in the tenth paragraph of release should read: the
Attorney General for the District of Columbia (instead of the
District Attorney for the District of Columbia)
The corrected release reads:
DOZENS OF DISTRICT RESIDENTS AND COMMUNITY
LEADERS VOICE SUPPORT FOR PEPCO HOLDINGS-EXELON MERGER AT COMMUNITY
HEARING
Citizens and community, faith, business and
environmental organizations urge merger approval
More than 100 District of Columbia residents and community
groups turned out at a hearing today to tell the Public Service
Commission of the District of Columbia (PSC) that they support the
merger of Pepco Holdings Inc. (NYSE: POM) and Exelon Corporation
(NYSE: EXC) for the significant benefits it will bring to the
region.
The PSC called the hearing as a forum for individuals and
organizations in the District to comment on the merger settlement
the companies reached with the Government of the District of
Columbia and others on Oct. 6, 2015. The Commission on Oct. 28
reopened the record to consider the settlement with the District
Government and others, and set a schedule for the reconsideration
of the merger application that would allow it to issue a decision
in the first quarter of 2016.
The merger settlement includes numerous commitments to the
District, including providing $72.8 million in direct customer
benefits, including bill credits, assistance for low-income
customers, fewer and shorter power outages, and investment in a
cleaner and greener D.C.
“Efficiency, reliability and sustainability – those are the
things that drove me to be here today,” said Ellen Jefferson, a
District resident who attended the hearing to voice her support.
“As a business owner, I know what it means when you don’t have
power – it means thousands of dollars of lost revenue. I understand
that it takes lots and lots of resources to ensure continuity of
power, but I think that the Pepco-Exelon merger will create some
synergies that were not there before.”
Among its many commitments, the merger settlement includes
investments in local jobs and workforce development. Pepco has
committed to hire more than 100 union workers in the District, and
Exelon has offered $5.2 million for workforce development
programs.
“We’re encouraged the merger will bolster support for local jobs
and help develop the District’s future workforce,” said Carmen
Robles-Inman, program director, Workforce Development,
Edgewood/Brookland Family Support Collaborative. “As the District’s
economy continues to grow, we will need these skilled workers to
fill the jobs of tomorrow.”
Citizens from all eight wards attended the hearing and presented
testimony to demonstrate their support for the merger. They
represented a broad range of interests, including faith groups,
nonprofits and other community organizations. Many wore T-shirts
and buttons and carried signs showing their support.
“I’m here because I want to give a chance to new opportunities.
I do think this will benefit the community,” said Rev. Robert
Childs, Pastor, Berean Baptist Church. The merger is “going to
bring benefits to residents.”
In addition to the parties that signed the settlement, the
merger has the support of a majority of the D.C. Council and more
than 30,000 District residents who have signed a petition or
submitted letters to the PSC in recent weeks.
“The testimony we heard today is another clear sign the merger
has widespread public support following our settlement with Mayor
Bowser, the Department of Energy and Environment, the Attorney
General for the District of Columbia, the Office of the People’s
Counsel and others,” said Donna Cooper, president. Pepco Region.
“We are eager to bring the merger’s many benefits to the District’s
citizens, and they are equally eager to receive them.”
“District residents value the merger because it includes
commitments – such as bill credits, enhanced reliability goals and
funds for renewables and energy efficiency – that will make
electricity more affordable and more reliable and will advance the
District’s long-term sustainability goals,” said Melissa Sherrod,
vice president, corporate affairs, Exelon. “The package of benefits
we’ve proposed responds directly to what the District has said it
wants and can only be secured if the merger is approved.”
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 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 22; (2) Exelon’s
Third 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 Third 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, and (c) Part II, Other Information, ITEM
1A. Risk Factors. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151117006981/en/
ExelonPaul Elsberg, 312-394-7417orPepco HoldingsMyra Oppel,
202-872-2680
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