TRENTON – Senate President Richard J. Codey, D-Essex, urged the Board of Public Utilities (BPU) to jumpstart stalled negotiations with Exelon in their bid to acquire PSEG and work quickly towards a final decision as to whether or not a merger is in the State’s best interest..
“I am a firm believer in the art of negotiation and its ability to develop the best solution,” said Senator Codey, D-Essex. “In the end, further negotiations will either lead to an agreement or they will lead to no merger at all. But in my experience, if the resolution is one where both the BPU and Exelon are unhappy, the ratepayers of New Jersey are going to be the winners.”
Exelon has announced plans to acquire Public Service Enterprise Group (PSEG), the parent company of Public Service Electric & Gas (PSE&G). The merger requires approval by the New Jersey BPU before it can be finalized. Last week Exelon gave the BPU an ultimatum to act on their latest offer by last Friday, August 4, or it would end its attempt to merge with PSEG. The BPU has yet to make a decision on that offer.
“As we have seen recently, drawn out stalemates go against the best interests of the people of New Jersey,” said Senator Codey, D-Essex. “The BPU needs to resume negotiations with Exelon immediately and either hammer out a fair deal or decide once and for all that the merger will not benefit the State.”
While the BPU did not act on Exelon’s offer by the required date, they have left the door open for further negotiations.
“It is clear that a speedy resolution to the negotiations between the BPU and Exelon is necessary. On behalf of the ratepayers of New Jersey, it’s time to end the stalemate that has held up the negotiations recently. It’s in everyone’s best interest to see the situation resolved one way or the other,” explained Senator Codey.