Title
A RESOLUTION CONCERNING THE EXELON CORPORATION AND PEPCO HOLDINGS, INC. MERGER AND SETTLEMENT AGREEMENT for the purpose of recommending that the Maryland Public Service Commission ("Commission") approve the merger of Exelon Corporation ("Exelon") and Pepco Holdings, Inc. ("PHI"), including the terms of the Settlement Agreement and Stipulation ("Settlement Agreement") by and among Exelon, PHI, Prince George's County and other settling parties ("Settling Parties").
Background
The purpose of this legislation is to establish that the County Council finds that the parties to the Merger believe that the Merger is in the public interest, convenience and necessity, including benefits to consumers and no harm as required by Md. Code, Public Utilities Article, § 6-105. Further, the County Council recommends that the Maryland Public Service Commission finds that the Merger is consistent with the public interest, convenience, and necessity, including benefits and no harm to consumers, and, pursuant to §6- 105, should grant the Application, adopting the commitments delivered by the Settlement Agreement without further modification. Moreover, the County Council encourages all parties to the Settlement Agreement to fully support the Merger and the Settlement Agreement so that the benefits of the Merger may be realized as set forth in the Settlement Agreement.