(MENAFN) the proposed USD 6.8 billion merger of US-based power companies Exelon and Pepco has been rejected by Regulators in the District of Columbia, driven by the fact that it would not benefit taxpayers.
The deal, which will create a large electric and gas utility in the mid-Atlantic region serving about 10 million customers, has already been sanctioned by the Federal Energy Regulatory Commission.
Opponents in the District argued the deal would cost jobs for their residents and hurt the environment, let alone that the companies have failed to show that the proposed merger would benefit the public.
'We found no benefit to District ratepayers in a new management structure that did not include the Pepco president, thereby diminishing the influence of Pepco,' said a regulators Commission chairman.
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