47 ABC - Utility company Exelon Corp. is set to acquire Pepco holdings Inc., the parent company of Delmarva Power.
The $6.83 billion cash deal would create the largest electric and gas utility company in the Mid-Atlantic region. The combined utility businesses will serve approximately 10 million customers when the transaction is complete in about 12 -15 months.
So what does this mean for Delmarva Power customers?
"There will be a $100 million customer investment fund which will be used to fund things such as rate credits, low income energy assistance, energy efficiency programs. So that's good news for customers," Delmarva Power Spokesperson Matt Likovich said.
The transition will also give the company extra manpower and resources, meaning faster restoration during severe weather. At this time, we're told there will be no changes to customer rates.