D.C. Commission, in Surprise 2-1 Reversal, Approves Pepco-Exelon Merger

first_imgD.C. Commission, in Surprise 2-1 Reversal, Approves Pepco-Exelon Merger FacebookTwitterLinkedInEmailPrint分享Thomas Heath and Aaron C. Davis for the Washington Post:District regulators approved a $6.8 billion merger between Pepco Holdings and Exelon on Wednesday, creating the largest publicly held utility in the country.The decision marked a surprising turn of events for the deal, which D.C. regulators had rejected twice and which appeared to be on life support in recent weeks as D.C. Mayor Muriel E. Bowser (D) and other city leaders lined up in opposition.The merger means that Pepco will be absorbed by a company with the largest number of nuclear reactors in the country and widespread operations throughout the Mid-Atlantic, Midwest and New England.The sale affects about 2 million Mid-Atlantic electric customers who are served by Pepco Holdings, including more than 815,000 ratepayers in the District and in Prince George’s and Montgomery counties.And it is widely expected that those customers will see higher electric rates — possibly as soon as this summer — as has happened in Baltimore and other cities after Exelon acquired energy distributors. Pepco has not sought annual rate increases since 2014, when Exelon first proposed its takeover of Pepco, despite having made capital improvements.Neither Pepco nor Exelon claimed victory after the vote, in part because stakeholders can seek a stay on the order’s implementation.The utilities wasted no time in completing the merger, announcing late Wednesday afternoon that both sides had completed and filed the paperwork. Pepco stock would cease to exist as of Thursday, with shareholders receiving $27.25 per share.“Today, we join together as one company to play a vital role as a leader in our industry and the mid-Atlantic region,” Chris Crane, Exelon’s chief executive, said in a statement.Joseph M. Rigby, previously chairman, president and chief executive of Pepco Holdings, officially retired Wednesday. He was replaced by David M. Velazquez.Bowser and other officials did not say whether they will try to squash the merger. In a statement, the mayor said residents should brace for higher electric bills. “It appears the Public Service Commission favors government and commercial ratepayers over DC residents,” the mayor wrote. “Instead of a three year rate increase reprieve that we negotiated, it appears that DC residents will be hit with a rate increase as soon as this summer.”Anya Schoolman, head of the nonprofit group Community Power Network and an opponent of the deal, said she was “shocked” by the reversal.Power DC, an umbrella group of community organizations that opposed the merger, voted to fight on. “By approving the merger, the PSC has exposed our city to decades of higher rates, weakened its own ability to guide our city’s energy future, and helped ensure that DC will fall behind the rest of the US on clean, efficient energy,” the group said.D.C. Council member Mary M. Cheh (D-Ward 3), a fierce opponent of the merger, blasted the commission for the reversal.“What we’re doing here is fundamentally not in the public interest for the ratepayers or people of the District of Columbia,” she said. “I’ll tell you who the beneficiaries are, quite plainly: It’s Exelon and the shareholders of Pepco who get a big windfall out of this. Those are the people who won. . . . The rest of us, we lost.Full article: D.C. regulators green-light Pepco-Exelon merger, creating largest utility in the nationlast_img read more

GPL Review: Michael Osei aims to correct mistakes ahead of Hearts game

first_imgInterim Kotoko coach, Michael Osei, is not dwelling on his side’s defeat against New Edubiase in the Ghana Premier League.The coach lost his first game in charge of the Porcupines after Prince Antwi capitalized on a mix up in the Kotoko defence.The Porcupines face rivals Hearts in the Super 2 clash next week and Osei is only concentrating on correcting their mistakes from the Edubiase game.”I think it was lack of concentration in our central defence that’s why we conceded that goal and we couldn’t also take our chances,” he said in a post-match interview.“Defeats are part of the game. It happens all the time because we all know football is a very strange game.””We didn’t expect that we will lose such a game but we have to live on and then make sure we correct our mistakes and move on to the next game.” The defeat leaves Kotoko 7 points behind Hearts ahead of their matchday 10 clash.  –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more

Man City withstand late Watford onslaught to move five points clear

first_imgLondon, United Kingdom | AFP | Pep Guardiola called on Manchester City to learn from a nervy finish to a seventh straight Premier League victory as a 2-1 win at Watford moved the champions five points clear of Liverpool at the top of the table.City’s goals came either side of half-time as Leroy Sane chested home before Riyad Mahrez doubled the visitors’ lead early in the second period.However, despite dominating for the majority of the game, Guardiola’s men had to withstand a nervy finish after Abdoulaye Doucoure bundled in five minutes from time.“We have in mind the last minutes, (in) the last minutes anything could happen,” said Guardiola. “I think we played 65-70 minutes at a top, top level.“After 0-2 we lost a little bit our control. We suffered, but that is what it is.“We have to learn from what happened in the last 20-25 minutes.”Guardiola made six changes to his starting line-up despite also missing Sergio Aguero and Kevin De Bruyne through injury.Yet, City were still too strong for the dogged hosts with Watford thankful to goalkeeper Ben Foster for the visitors not racking up the 5-0 and 6-0 thrashings they did on their two previous visits to Vicarage Road.“When I came to London I thought Big Ben was in the city but no, he is in Watford for us,” said Watford manager Javi Gracia.However, Gracia’s side also had chances before the break against a City defence that appeared to miss Aymeric Laporte as the Frenchman was rotated for the first time in the league this season.“It was a good old Premier League game, as soon as they scored long balls start coming, they are extremely physical up front,” said City captain Vincent Kompany.“We managed the game pretty well. You can’t win every game playing fantasy football.” Roberto Pereyra has already produced some spectacular goals for the Hornets this season and the Argentine was inches away from another when he curled just wide inside 10 minutes.Foster then made great saves to deny Sane and Mahrez when one-on-one, but the best stop of the opening half came down the other end when Ederson stretched out his left foot to block Troy Deeney’s effort from point-blank range.City finally broke through five minutes before the break when Mahrez’s cross picked out Sane unmarked at the back post and he cleverly used his chest to power the ball below Foster.Six minutes into the second half, the visitors struck again when Gabriel Jesus — who endured another lean night in front of goal in the absence of Aguero — at least made a contribution as a provider by pulling the ball back for Mahrez to fire home.City got uncharacteristically slack in the final quarter, though, and were made to pay when Doucoure finally turned home after a goalmouth scramble.Guardiola was forced to throw on Laporte and Nicolas Otamendi in the closing stages to repel Watford’s aerial assault, but City held on.“They have dominated the game, they have created a lot of chances but I think we have done very good work and, at the end in the last minutes, we had some set pieces to try and get another result,” added Gracia.– Perez sparks West Ham –Elsewhere, Bournemouth moved above Manchester United, who host Arsenal on Wednesday, up to sixth courtesy of a 2-1 win over Huddersfield thanks to early goals from Callum Wilson and Ryan Fraser to end a run of four straight defeats.“A lot of relief. It wasn’t a vintage performance. At 2-0 you think we can go on but Huddersfield did very well and created chances. We defended heroically,” said a relieved Bournemouth boss Eddie Howe.Brighton edged into the top half as despite playing for over an hour with 10 men after Shane Duffy’s red card. They beat Crystal Palace 3-1 thanks to first-half goals from Glenn Murray, Leon Balogun and Florin Andone.West Ham’s upward trajectory also continued as three goals in 12 second-half minutes beat Cardiff 3-1 with Lucas Perez scoring his first two league goals since a summer move from Arsenal.Share on: WhatsApplast_img read more

No chance of bilateral cricket with Pakistan after Pulwama: Sourav Ganguly

first_imgSourav Ganguly ruled out any possibility of India playing Pakistan in bilateral cricket after the Pulwama terror attack. The former India captain also said that he completely understands the reaction of Indians, saying he too feels the same.”Whatever happened in Pulwama last week was really sad…it is the worst possible thing that could ever happen. And, whatever reactions came from the people of India…was right. There is no chance of a bilateral series with Pakistan after this incident,” Sourav Ganguly was quoted as saying by a media channel.”I can also understand the sentiments of people asking India not to play Pakistan in the World Cup and I feel the government should take strong action on this issue. The after effect of this should be strong from India,” Ganguly added.Sourav Ganguly also said that the fact is BCCI under the control of the Supreme Court almost renders itself powerless at the moment and are not in a position to take any strong action.”I don’t think anything is left in BCCI after the Supreme Court situation. There are no office bearers left to take a decision but I feel that BCCI should take a strong decision on the issue and send a strong no nonsense message.””This is a 10-team World Cup and every team plays every team and I feel if India doesn’t play a match in the World Cup, it won’t be an issue,” Ganguly added.With the calls for India to boycott Pakistan in the 2019 World Cup growing, Sourav Ganguly chose to stay pragmatic. He explained to India TV that it would be really difficult for ICC to have a World Cup tournament without India.advertisement”ICC can’t go on with a World Cup without India and I feel it will be really difficult for ICC to go on with a World Cup without India. But, you also have to see if India have the power to stop ICC from doing such a thing,” Ganguly said.”But, I feel a strong message should be sent,” Ganguly added.Also Read | India should put pressure on ICC to throw Pakistan out of the World Cup: Chetan ChauhanAlso Read | World Cup not more important than the country, say Harbhajan and AzharuddinAlso Read | What will be the worth of a World Cup if India haven’t beaten Pakistan? Aakash Chopralast_img read more