The First State will get more than initially expected out of the $6.8 billion merger between Exelon Corp and Delmarva Power owner Pepco Holdings.
Delaware will receive an additional $27.1 million from the new company - the largest utility company in the country .
That’s on top of $49 million dollars over 10 years the state and local Delmarva customers locally were slated to receive when Delaware Public Service Commission signed off the merger in June 2015
The additional funds are the result of a clause in Delaware’s merger approval guaranteeing that if other states got a better deal in exchange for approval the First State would receive a comparable offer.
$12 million of the additional dollars will go toward DNREC's energy efficiency programs, $2 million is earmarked for Delmarva Power's Energy Efficiency program for low income customers and $6 million will go to the state’s Economic Development Office (DEDO).
Another $4 million is being set aside for future public interest projects, once an process for selecting those projects is created.
Exelon is also committing to make $3 million available at capital market rates for any government agency wishing to develop renewable generation and promises to develop or assist in the development of five megawatts of renewable generation.
The company will consider developing one micro-grid project in Delaware.
