Washington, D.C.—The District of Columbia Public Service Commission (PSC) today announced it is blocking a proposed merger between Chicago-based utility giant Exelon and regional utility Pepco. D.C. regulators’ decision to reject the deal is being hailed by climate and consumer advocates as a major victory against corporate monopoly and for a clean, reliable and efficient 21st century electric grid.
This decision came after especially effective organizing and opposition from the Power DC coalition, led by Anya Schoolman, Rob Robinson, and other leaders across the District.
Mike Tidwell, director of the Chesapeake Climate Action Network, a group that intervened before the PSC in Maryland against the proposed merger, released the following statement in response:
“Today’s ruling is a major victory for people across D.C., Maryland, Delaware, and New Jersey and for the growth of clean energy across our region. In the end, all of Exelon’s money, lawyers and lobbyists couldn’t mask the overwhelming facts, confirmed today by the D.C. PSC, that this deal would be a boon for Exelon and Pepco shareholders and bad for virtually everyone else.
“We applaud the PSC for recognizing that this nearly $7 billion proposed merger would have raised rates and stunted wind and solar development, as well as efficiency gains, across D.C.’s customer base for electricity. In the end, the D.C. PSC joined with the District’s environmental community, six Councilmembers, 27 out of DC’s 40 Advisory Neighborhood Commissions (ANC), the Office of People’s Counsel, and many others in rejecting this deal.
“Now that this harmful, monopolistic proposal has been rejected, it is time to give new life to real solutions to D.C. and Maryland’s energy challenges. These solutions include a significant expansion of wind and solar power, energy efficiency gains, community-based energy systems and microgrids, and improved overall grid reliability. One good idea that emerged from the proposed Exelon-Pepco was to create a PSC-guided process to explore ‘performance-based ratemaking.’ Utilities should be rewarded based on how well they perform on energy improvements that enhance our economy and reduce carbon emissions and climate change. Hopefully, we can now move on to these solutions.”
Mike Tidwell, 240-460-5838, firstname.lastname@example.org
James McGarry, 914-563-2256, email@example.com
The Chesapeake Climate Action Network is the biggest and oldest grassroots organization dedicated to fighting climate change in Maryland, Virginia and Washington, D.C. We’re building a powerful movement to shift our region away from climate-harming fossil fuels and to clean energy solutions.