Photo by Justin Hoffman

D.C. Councilmembers Mary Cheh (D-Ward 3), Elissa Silverman (I-At Large), and Charles Allen (D-Ward 6) have added their voices to the growing chorus of people expressing doubts about the proposed $6.4 billlion merger between energy companies Pepco and Exelon.

“It appears that the only real beneficiaries of the takeover will be Pepco shareholders (Exelon is buying them out at a more than 24 [percent] premium over market value) and Exelon Corporation (which will capture a steady, reliable stream of revenue to offset its riskier generation assets),” they wrote in a letter to the D.C. Public Service Commission. “The District could be worse off, far worse off, if the deal is approved.”

Power D.C., a group which formed to oppose the merger, added: “We applaud their leadership and hope that Mayor Bowser and other members of the Council join them in publicly opposing this bad deal.”

In January, the Institute for Energy Economics and Financial Analysis released a report that said the deal would expose customers to rate increases and threaten D.C.’s recent green and renewable energy efforts.

But the proposal won critical support this week from two key counties in Maryland.

The utilities said they have reached an agreement with Montgomery and Prince George’s counties, home of 75 percent of Pepco’s customers in Maryland. Two weeks ago, they announced that they would increase their “customer investment fund” in the state from $40 million to $94.4 million.

The deal requires approval from the public service commissions of Maryland, D.C., and Delaware.