Pepco/Exelon Merger Denial by the DC Public Service Commission "Shuts Door of Opportunities" to Diverse Businesses and the Community
August 26, 2015
(Washington, DC) -- The decision by the Public Service Commission of the District of Columbia Wednesday, August 25 to deny the Pepco/Exelon merger is a devastating blow to the minority business community and residents in the Washington, DC metropolitan area. "Economic growth is vital to this region's economy. Minority businesses significantly contribute financial support to the community. We create jobs, provide training to employees, and are a source of substantial income for vendors," says Dr. Sheila Brooks, president of The Presidents' RoundTable, an organization of African-American entrepreneurs which oversees and controls assets exceeding $1.1 billion and employs more than 1750 workers in the Washington, DC metro area. Dr. Brooks, also a business owner for 25 years in Washington, D.C. adds, "As business leaders, we believe the community has suffered a substantial financial loss to the future and betterment of the community".
Exelon has a longstanding commitment to supplier diversity. Minority suppliers in the Washington, DC metropolitan area have experienced significant growth and have become more competitive in the region since the Exelon/BGE merger two years ago. At a time when there was doubt and uncertainty in the Baltimore community, minority entrepreneurs agree that the Exelon/BGE merger created excitement and has helped turn the economy around. BGE's approval rating increased. Power outages are down and customers have more reliable service. Member businesses of The Presidents' RoundTable, its employees, community residents, and others have had a real impact on this region's economy.
Should Exelon/Pepco appeal the decision within the required 30 days, the organization's members are hopeful the Public Service Commission of the District of Columbia reconsiders its decision and approves the merger.