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Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

Exelon Announces Deal to Acquire Pepco Holdings

LCG, May 1, 2014-Exelon Corporation and Pepco Holdings Inc. yesterday announced that they have signed a definitive agreement to combine the two companies in an all-cash transaction. The acquisition will combine Exelon's electric and gas utilities - BGE, ComEd and PECO - together with Pepco Holdings' electric and gas utilities - Atlantic City Electric, Delmarva Power and Pepco - that will serve approximately 10 million customers, with an underlying rate base of approximately $26 billion. The new company will become the largest utility in the nation with respect to the number of customers served.

The acquisition agreement has been unanimously approved by both companies' boards of directors, and the companies plan for the agreement to close in the second or third quarter of 2015.

Exelon President and CEO stated, "Exelon and Pepco Holdings have a compelling strategic rationale for merging, given our geographic proximity and similar utility business models. Our cultures are an excellent match, with a shared focus on operational excellence, environmental stewardship, customer service and support for the communities we serve."

Pepco Holdings Chairman, President and CEO said, "This combination provides significant benefits for all of our stakeholders, including customers, employees and shareholders. Exelon is one of the most respected energy companies in the country, and it is committed to building on the progress our team has made over the last few years to improve system reliability and customer satisfaction. As part of this transaction, Exelon has committed to provide what our customers most want: investments in infrastructure improvements, continuation of our long tradition of philanthropy in our communities and direct customer benefits of $100 million. Our shareholders will benefit from an immediate cash premium, and employees should enjoy even more opportunities as part of a larger company."

Prior to completing the acquisition, a number of hurdles must be cleared. In addition to requiring approval of the stockholders of Pepco Holdings, there are a number of necessary regulatory approvals, including: the Federal Energy Regulatory Commission, the District of Columbia Public Service Commission, the Delaware Public Service Commission, the Maryland Public Service Commission and the New Jersey Board of Public Utilities.
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