The Federal Energy Regulatory Commission gave its approval for the merger this week. DPL and AES have said they hope to complete the transaction late this year or early in 2012.
DPL owns Dayton Power and Light Co., whose electric rates are locked in through the end of 2012 because Ohio regulators have already approved them for that period.
PUCO approval of the merger seems likely because groups including consumers, the city of Dayton, hospitals and large industrial users have negotiated and signed agreements with DPL and AES to resolve concerns they had, said Dave Rinebolt, executive director of Ohio Partners for Affordable Energy, one of the organizations that signed an agreement with the companies. In exchange, the parties signing the agreements have agreed not to oppose the merger.
“There’s really not a lot of controversy about this,” Rinebolt said Thursday.
DPL and AES have agreed, among other things, to keep Dayton Power and Light’s operating headquarters and corporate name in Dayton for at least five years after the merger, and to keep DPL’s 1,500-person work force largely unchanged for three years after the merger. AES also said it would absorb the merger costs and not include them in future DP&L electric retail rates.
Under terms of the merger, AES will pay $30 in cash for each common share of DPL stock. DPL shareholders approved the merger in September.
Contact this reporter at (937) 225-2242 or jnolan@DaytonDailyNews.com.
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