NEW YORK — Exelon and Pepco said Monday that they will work to meet the 46 conditions set by Maryland regulators in order for the two energy providers to combine, even though the companies said completing them will be a challenge.
On Friday, the Maryland Public Service Commission voted to approve the $6.8 billion combination, but it gave the companies a long list of conditions, including giving some residential customers a $100 credit and setting aside $43.2 million for energy efficiency programs. The Maryland Public Service Commission also said that Pepco and its subsidiary Delmarva Power must meet performance standards from 2016 through 2020.
"It poses some stringent conditions that will be difficult to fulfill," said Exelon President and CEO Chris Crane, "but all of us at Exelon accept the challenge and commit to proving ourselves in an expanded role in Maryland,"
Exelon announced plans to buy Pepco 12 months ago. The deal would combine Exelon Corp.'s electric and gas utilities BGE, ComEd and PECO with Pepco Holdings Inc.'s Atlantic City Electric, Delmarva Power and its namesake utility.
The two companies said the deal still needs to be approved by regulators in Washington, D.C., and Delaware.
Shares of Exelon, based in Chicago, fell 16 cents to $34.34 in morning trading Monday. Shares of Washington-based Pepco fell 11 cents to $26.89.
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