NJ OAL Hearing Extended 30 Days
February 08 2006 - 3:30PM
PR Newswire (US)
Will allow additional market power analysis by PJM NEWARK, N.J.,
Feb. 8 /PRNewswire-FirstCall/ -- Exelon Corporation and Public
Service Enterprise Group (PSEG) announced today that hearings at
the New Jersey Office of Administrative Law (OAL) for the proposed
merger of the two companies, currently pending at the New Jersey
Board of Public Utilities (NJBPU), have been extended 30 days. The
extension will allow for a full discussion of the PJM Market
Monitor's analysis of asset sales by the companies, and the impact
that those sales would have on market power. Hearings are now
expected to conclude on March 27, 2006, but that date could be
adjusted depending on the ability of the Market Monitor to respond
to additional requests. Scheduled dates for the New Jersey
Administrative Law Judge's initial decision and the final order
from the NJBPU will be extended, but firm dates have not been set.
Exelon and PSEG now expect the completion of all regulatory reviews
and close of the merger to be pushed into the third quarter,
although the merger could close earlier if a settlement is reached
and accepted by the NJBPU. "While we're disappointed with the
schedule delay, we fully appreciate the need to satisfactorily
address market power concerns raised by the proposed merger," said
Elizabeth A. Moler, executive vice president, Exelon. "Both Exelon
and PSEG continue to look forward to a timely completion of the
merger." Although Exelon and PSEG believe that the expectations as
to the timings of the regulatory proceedings described above are
reasonable, no assurances can be given as to the timing of the
receipt of any required regulatory approval or that all required
approvals will be received. Exelon Corporation is one of the
nation's largest electric utilities with approximately 5.2 million
customers and more than $15 billion in annual revenues. The company
has one of the industry's largest portfolios of electricity
generation capacity, with a nationwide reach and strong positions
in the Midwest and Mid-Atlantic. Exelon distributes electricity to
approximately 5.2 million customers in northern Illinois and
Pennsylvania and gas to more than 460,000 customers in the
Philadelphia area. Exelon is headquartered in Chicago and trades on
the NYSE under the ticker EXC. Public Service Enterprise Group
(PSEG) (NYSE:PEG) is a publicly traded diversified energy company
with annual revenues of more than $12 billion, and three principal
subsidiaries: PSEG Power, one of the largest independent power
producers in the U.S.; Public Service Electric and Gas Company
(PSE&G), New Jersey's oldest and largest energy distribution
utility company; and, PSEG Energy Holdings, a holding company for
other non-regulated energy businesses. Forward-Looking Statements
This release includes forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, which are
subject to risks and uncertainties. The factors that could cause
actual results to differ materially from these forward-looking
statements include risks associated with the proposed merger of
Exelon and PSEG that are included in the joint proxy
statement/prospectus that Exelon filed with the SEC pursuant to
Rule 424(b)(3) on June 3, 2005 (Registration No. 333-122704).
Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this
release. Exelon and PSEG do not undertake any obligation to
publicly release any revision to the forward-looking statements to
reflect events or circumstances after the date of this release.
DATASOURCE: Public Service Enterprise Group Incorporated; Exelon
Corporation CONTACT: Media - Paul Rosengren, +1-973-430-5911, or
Investors - Joyce Carson of Exelon, +1-312-394-3441, or Sue Carson
of PSEG, +1-973-430-6565 Web site: http://www.pseg.com/
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