D.C. Regulators Approve Exelon's $7 Billion Takeover Of Pepco (washingtonpost.com)

An anonymous reader quotes a report from WashingtonPost: District regulators approved a $6.8 billion merger between Pepco Holdings and Exelon on Wednesday, creating the largest publicly-held utility in the country. The merger means that Pepco will now be absorbed by a company with the largest number of nuclear reactors in the country and widespread operations throughout the mid-Atlantic, Midwest, and New England. In voting 2 to 1 to approve the deal, the D.C. Public Service Commission said it "was in the public interest," noting that it would deposit $72.8 million in a "customer investment fund," set aside $11.25 million for energy efficiency and conservation programs targeted toward low-income residents, and carve out $21.55 million for pilot projects such as modernizing the electric distribution grid. "These benefits, among others, would not be available to District ratepayers if the merger is not approved," the commission said in a statement.

Comments

Re:free money? never happens!!

[Anonymous Coward]

72.8 million
11.25 million
21.55 million

Talk about petty cash!

Higher level management in the new company will get that and more in annual salary.

Those numbers won't even pay the costs to open the spreadsheets.

Do the phrase "smartest guys in the room" ring a bell?

Re:They'll weasel out of that $72/$21/$11 million

[ShanghaiBill]

Or come close to it.

They don't need to weasel out of it. $72+$21+$11 million is nothing. That is a rounding error on one month of Exelon's revenue.