PSEG-Exelon merger hopes dashed

18 September 2006

Exelon has given the Public Service Enterprise Group (PSEG) a formal notice of termination of the proposed merger, first announced in December 2004.

Citing insurmountable gaps with the regulatory authorities to gain approval for the deal the companies have agreed to withdraw their application for merger approval, which has been before the New Jersey Board of Public Utilities (NJBPU) for more than 19 months.

The announcement followed a number of discussions with state officials and other interested parties in an attempt to resolve issues relating to rate concessions and market power mitigation.

“We are very disappointed that the merger cannot be completed,” said John W. Rowe, chairman, president and chief executive Exelon, echoing his counterpart at PSEG . Exelon already owns 17 nuclear stations in the US, and following a 2005 agreement, operates PSEG's three nuclear stations in New Jersey.

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