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Baltimore Gas and Electric parent Exelon Corp. announced Tuesday it had reached a settlement with Montgomery and Prince George's counties and several other stakeholders in its proposed merger case with Pepco Holdings.

The settlement will mean a nearly $60 million investment in energy efficiency programs in Montgomery and Prince George's counties and an acceleration of reliability commitments by Pepco. Exelon's application to acquire Pepco in a $6.8 billion deal must be approved by the Maryland Public Service Commission.

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The settlement is a step forward in the process for Exelon, which would become one of the nation's largest utilities if the merger is approved, but the company still has not reached agreement with several other major stakeholders, including the staff of the Maryland PSC and the Maryland Energy Administration. The Chesapeake Climate Action Network, another stakeholder, released a statement Thursday saying Exelon's new commitments did not change their opposition to the merger.

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