Pepco Holdings-Exelon Merger

March 15, 2016

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CONTACT: Kevin Clinton

Federal City Council

202-223-4560

March 15, 2016

FOR IMMEDIATE RELEASE

DISTRICT CIVIC LEADERS URGE APPROVAL OF PEPCO-EXELON MERGER

Leaders Sign Letter Asking PSC ToSecure Massive Benefits For District

WASHINGTON, D.C. — District of Columbia community and business leaderstoday asked public officials to set aside differences and approve the Pepco-Exelon merger for the many benefits it will bring District residents and businesses, pointing out thatofficials ranging fromMayor Muriel Bowser to the Public Service Commission have concluded that the merger is in the public interest, even though views vary on some of the details of how the benefits are distributed.

“The two companies have committed to a very generous set of benefits that will save Pepco customers money on their energy bills, make electric service more reliable, and bolster jobs and the local economy,” said former D.C. Mayor and Federal City Council CEO and Executive Director Tony Williams. “This is a once-in-a-lifetime opportunity. All of the other states involved agreed to the merger. It is time to do the right thing for the District by approving this merger and unleashing these benefits for the people who live here and do business here.”

Williams was joined for a press conference at the Federal City Council offices today by Jim Dinegar, President and CEO, Greater Washington Board of Trade; Pedro Alfonso, Chairman and CEO, Dynamic Concepts Inc.; and Carlos Perdomo, President and CEO, Keystone Plus Construction and Board Member, Greater Washington Hispanic Chamber of Commerce.

The supporters pointed to the $78 million in direct benefits Pepco Holdings and Exelon have offered for District residents, businesses and the community that would be lost if the merger does not occur. They said the merger would provide numerous short- and long-term benefits, such as an immediate $50 rate credit for every household, programs for low-income customers, hiring and workforce development commitments, fewer power outages and faster response after storms, investments in renewable solar and wind energy, and continued partnerships with nonprofits in the District.

Cora Masters Barry, founder and CEO, Recreation Wish List Committee,in a statement read by Williams, said, “There is no shortage of vulnerable citizens in our communities. Fortunately, this merger provides bill credits, forgiveness of unpaid bills over two years old, and additional savings opportunities over time – benefits that go a long way to alleviating expenses for low-income households.”

“Reliable and affordable energy is the lifeblood of commerce in the District,” Dinegar said. “We need a healthy local utility to attract business, investment and jobs. Pepco has made enormous strides, but teaming up with Exelon will ensure this progress is not lost. However, if the merger fails, it will threaten urgently needed investments in the power grid and the community. When Pepco inevitably has to file a rate case, if there is no merger, there will be no funds for rate credits to offset the impact on customers.”

“This merger means local investment and the confidence that comes with having a stronger, more reliable energy provider, which is welcome news to businesses like mine,” Alfonso said. “And as part of a larger organization, Pepco will reduce its costs of doing business, and those savings will be passed on to all customers through energy bills lower than they would be if this merger does not go forward.”

Perdomo added, “Exelon plans to enhance Pepco programs for working with minority and women-owned businesses in the District, which represents new revenues for small and midsized firms here. In addition, the companies have committed to invest in developing our local workforce, to connect residents with the employment opportunities they want.”

Supporters signed a letter urging the Public Service Commission, which must approve the merger for it to be completed,to find a pathway forward for the merger and bring the much-needed $78 million in direct benefits to the District.

Also attending the press conference to show their support for the merger were:

  • Lori Arguelles, Alice Ferguson Foundation
  • Mark Bergel, A Wider Circle
  • Omar Biagas, Planned Power Systems, Inc.
  • Sheila Brooks, PhD, The Presidents’ RoundTable
  • Jaqee Cooke Dean, District resident
  • Doug Duncan, Leadership Greater Washington
  • Christopher Fleming, President, Momentum Solutions and Supply.
  • Antonio Francis, Volt Energy
  • Paula Glover, American Association of Blacks in Energy
  • Bernadette Harvey, Bconstrux Inc.
  • Chris Kearns, Fort Myer Construction Corporation
  • George Lambert, Greater Washington Urban League
  • Wen Liang and Henry Osborne, Anchor Construction Corp.
  • Lisa Mallory, District of Columbia Building Industry Association
  • Margaret Singleton, DC Chamber of Commerce
  • Jose Sueiro, DC Hispanic Contractor’s Association
  • Ward Tucker, Lorenzo Construction
  • Jackie Vinick, Friends of the National Zoo
  • Cora Williams, Ideal Electric Supply Corp.
  • Dr. E. Faye Williams, National Congress of Black Women, Inc.
  • Pandit Wright, Boys & Girls Clubs of Greater Washington

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