The New Jersey Board of Public Utilities (NJBPU) staff last week submitted a counterproposal to Exelon and Public Service Enterprise Group (PSEG) that the NJBPU said “fairly addresses all important issues in the merger proceeding and is geared towards bringing positive benefits to the ratepayers and citizens of New Jersey.”

The proposal was based on the public record established during the past 18 months and ensures that New Jersey ratepayers will receive real benefits in real time, the state regulatory body said. “The offer effectively addresses the rate and market power issues of the merger and is structured to maintain the high standards of reliability and safety presently delivered” by Public Service Electric & Gas, a unit of PSEG.

Additional details on the counteroffer were not provided by the NJBPU in its press announcement. The NJBPU staff proposal was distributed to all parties in the proceeding.

PSEG and Exelon recently met with NJBPU staff to discuss the status of their proposed merger and the companies’ settlement offer valued at $1.46 billion after the board concurred with a staff recommendation that staff not accept the proposal offered by Exelon and PSEG.

NJBPU approval of the deal remains the final regulatory hurdle the merger must clear before it can close.

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