York Daily Record

Exelon — Groups Fight Acquisition

York Daily Record — Tuesday, March 29, 2005

The acquisition of Public Service Enterprise Group, parent company of New Jersey's largest utility, by Chicago-based Exelon would increase rates and diminish competition, two consumer groups claimed Monday.

New Jersey Public Interest Research Group and New Jersey Citizen Action filed motions with state regulators to oppose the deal. They also claimed the acquisition would end state oversight of PSEG.

Newark-based PSEG denied the assertions. No hearings on the $12 billion stock merger have been scheduled with federal and state regulators, but the deal is still expected to be completed by April 2006, said company spokesman Paul Rosengren.

If approved, Exelon Electric & Gas would become the nation's largest power generation company, with customers in Illinois, New Jersey and Pennsylvania.

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