See ya Exelon

by: Jason Springer

Thu Sep 14, 2006 at 07:23:54 PM EDT

So much for that whole merger thing between Exelon and PSE&G...

The $17 billion deal hit a roadblock in August, when New Jersey regulators raised concerns that the combined company would have too much market power, and should provide greater rate relief in New Jersey, where a PSEG subsidiary is the state's largest utility.
In statements, executives with both companies said they were disappointed, and confirmed that differences on rate concessions and market domination issues were "insurmountable."

Concerns had been raised over the merger ranging from the potential for job loss, the environmental impact, the monopoly the company would represent and the possibility to set market rates and gouge consumers. NJPIRG was opposing this deal and the Assembly Majority voted to oppose the deal in June as well.

At the beginning of August, Exelon basically told NJ to take their offer or leave it. I guess NJ left it and now Exelon has chosen to do the same. I think the ratepayers will end up benefiting from this non-deal.

Jason Springer :: See ya Exelon

Tags: BPU, Exelon, PSE&G, (All Tags)

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See ya Exelon | 1 comments

Yayyyyyy, Every Once In A While The Good Guys Win! (0.00 / 0)

Exelon/Enron/Exxon it's all the same crap.

Charge "what the market will bear" is their bottom line.

Katrina and the refinery/drilling shut down opened up their eyes to the fact that they, literally, have all of us "over a barrel".

If we had a real energy policy since Carter lost office in 1980; we might be paying the same prices we are now (per unit) for energy; but half of that amount would be going into taxes that subsidized conservation efforts AND we would be using only half as much total energy as we are now to boot! Think about that.

The technologies exist TODAY to cut our consumption in half or better with no diminution in our "quality of life".

by: Nick Lento @ Fri Sep 15, 2006 at 00:06:47 AM UTC