Councilmember Silverman Signs Letter Rejecting Revised Pepco-Exelon Deal
On Monday, I joined Councilmembers Cheh, Allen, and Grosso in sending a second letter to the Public Service Commission urging rejection of the revised Pepco-Exelon merger proposal.
Under the merger agreement, we are getting reliability standards that are worse than Pepco’s current performance, along with employment promises that are misleading. The merger is also setting ratepayers up for a spike in electricity costs come 2019. I believe there are few, if any, long-term benefits to this merger.
If we agree to the most recent proposal, we are essentially agreeing to guaranteed higher rates for at least the next few years, we are giving up local control to a large corporation in Chicago, we are agreeing to fewer jobs in the District, and we are potentially undoing our commitment to separating energy generation and distribution. For these reasons, I do not support the settlement and maintain that the merger is not in the public interest.