A.C. Electric’s parent, Pepco, completes merger with Exelon

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Atlantic City Electric has a new parent company after the merger between Pepco Holdings Inc. and Exelon Corporation was approved by the Public Service Commission of the District of Columbia on Wednesday.Exelon said in a news release that the merger deal between the two utility holding companies closed effective Wednesday, making it the owner of the New Jersey utility, as well as five other utility companies: its previous holdings, BGE, ComEd and PECO, plus Pepco Holdings’ Delmarva Power and Pepco.

“Our combined companies will bring meaningful economic and service benefits to Pepco, Delmarva Power and Atlantic City Electric customers,” Joseph M. Rigby, chairman, CEO and president of Pepco Holdings, said in a prepared statement.”

Rigby will retire as a Pepco Holdings officer as part of the transaction, with David M. Velazquez taking on the role of CEO and president. Chris Crane will remain CEO and president of Exelon.

“Today, we join together as one company to play a vital role as a leader in our industry and the mid-Atlantic region,” Crane said in a statement. “We’ve made a number of commitments to customers in all of the Pepco Holdings utilities’ jurisdictions — the District, Maryland, Delaware and New Jersey — and we look forward to getting to work to deliver those benefits to our customers and communities.”

Atlantic City Electric will remain a separate company, headquartered in Mays Landing, Exelon said.

The transaction received all necessary shareholder and regulatory approvals before its closing, the company said, including from the New Jersey Board of Public Utilities.

As a result of the merger, Pepco Holdings common stock will no longer be listed on the New York Stock Exchange.