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Exelon’s PECO Energy utility has reached a settlement on most issues related to Pennsylvania’s review of Exelon’s pending $16.4 billion acquisition of the Public Service Enterprise Group Inc.
The settlement — which still has to be approved by state regulators — represents one of the major hurdles Exelon must clear to complete the acquisition, according to Betsy Moler, ’s senior vice president of government affairs and policy. PECO is still working on issues with the city of Philadelphia.
Moler said she hopes the acquisition of New Jersey-based PSEG — which will create the nation’s largest utility — will close by year- end.
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One day after a state regulatory agency gave its blessing to a ComEd plan to buy electricity, ComEd parent reported a fourth- quarter net loss of $844 million.
The loss, which compares to a gain of $363 million from the fourth quarter of 2004, was caused by ’s writing down the value of ComEd by $1.21 billion, or $1.81 per share.
The writedown is related to the transition to power market competition in Illinois, which among other things involved ComEd selling off its capacity to generate power.