(Washington, DC) – Today, City Administrator Rashad Young, who is serving as lead negotiator for the District in negotiations with Exelon and Pepco, released the following statement:
“We agree with the Public Service Commission (PSC) that Exelon and Pepco did not demonstrate an adequate commitment to affordability, reliability and sustainability in their pending merger application. Today, we confirm that we are engaged in substantive discussions with the companies on a settlement agreement that would address, in a new application, the Administration’s concerns. Any settlement agreement would be presented to the PSC for review, public comment and final determination. The District deserves a healthy public utility that serves residents and ratepayers in a cost effective, dependable and environmentally sound manner.”