One of the nation's largest grids is PJM Interconnection. Pepco Holdings' native territories are exclusively within PJM's borders. Exelon's native territories straddle PJM and a neighboring grid, but most of their assets are located within PJM.

Today, PJM's independent Market Monitor announced a potential problem. If the Exelon - Pepco merger takes place as planned, there could be a market problem.

In a report to the federal regulator, who needs to approve the transaction, Monitoring Analytics, LLC claimed, "The transaction should not be approved based on an incomplete record, or without taking steps necessary to protect the public interest in competition."

IMO, this will be resolved. Exelon will negotiate with the Federal Energy Regulatory Commission. Like Duke Energy (DUK), Exelon will give up something for FERC's approval. But the merger will become more expensive.

This will not be Exelon's last hurdle. In addition, more expenses are likely. If there are too many, the merger will not take place.


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