For Immediate Release
March 2, 2016
Contact: Keenan Austin
Grosso Opposes PSC Conditions to PEPCO/Exelon Merger Proposal
Washington, D.C.--Today, D.C. Councilmember David Grosso (I-At Large) released the following statement regarding the proposed merger between PEPCO and Exelon:
"After careful review and consideration of the Public Service Commission's revisions to the proposed PEPCO-Exelon merger agreement, I cannot support the Commission's order.
The conditions proposed by the PSC are problematic because, among other things, they remove the rate freeze through 2019, a protection so critical that its removal fundamentally alters the purpose of the revised agreement. Now, with our ratepayers potentially facing imminent rate increases, it is clear that the PSC's revisions are no better than the initial proposal nor the settlement agreement as amended and leave our residents far more vulnerable.
While I applaud the Mayor, the Attorney General and the Office of the People's Counsel for opposing the PSC's new conditions, I am deeply disappointed that the PSC has wavered.
There is no deal that could be put forward to address the primary reasons the PSC rejected this proposed merger last August. Exelon has failed to demonstrate a commitment to renewable energy and there is an inherent conflict of interest in their existing business model. These realities will not change.
The PSC's initial determination that this acquisition is not in the public interest was correct at the time when made and remains the only correct and appropriate outcome today.
Supporting these new conditions, and any other attempt to massage this deal through, is a slap in the face to our residents and ratepayers, who deserve consistently affordable rates, access to renewable energy sources and a commitment to reliable service.
This case has been a divisive and expensive distraction and it is time that we move on and commit to making real investments in the future of our energy services and study the feasibility of establishing our own municipal power utility."