CHICAGO (AP/WBOC)- Energy provider Exelon is buying Washington, D.C.-based Pepco Holdings Inc. for $6.83 billion to create a large electric and gas utility in the Mid-Atlantic region.
The deal will combine Exelon Corp.'s electric and gas utilities BGE, ComEd and PECO with Pepco's Atlantic City Electric, Delmarva Power and its namesake utility.
The combined utility businesses will serve approximately 10 million customers and have a rate base of approximately $26 billion.
Chicago's Exelon will put $100 million into a customer investment fund to be used across the Pepco utilities' service territories as each state public service commission feels is appropriate for customer benefits such as rate credits, assistance for low income customers and energy efficiency measures.
