Mary-Louise Hoffman
The Federal Energy Regulatory Commission has cleared Exelon‘s proposed acquisition of power distribution company Pepco Holdings.
“FERC’s approval is another step forward toward completing this transaction,” Chris Crane, president and CEO of Exelon, said Friday.
The companies aim to merge their electric and natural gas utility operations in a bid to expand their footprint in the mid-Atlantic region.
Pepco stockholders and the Virginia State Corporation Commission have already approved the merger plan.
Exelon and Pepco await clearance from regulators in Delaware, New Jersey and D.C. and expect to wrap up the transaction in the second or third quarter of 2015.
