POM Pepco Holdings,

Utility regulators for the District of Columbia on Wednesday approved an amended merger proposal by Exelon Corp. and Pepco Holdings Inc., clearing the way for the $6.8 billion deal to go through.

Shares of Pepco Holdings jumped 28% to $27.14 in afternoon trading. The deal valued Pepco at $27.25 a share. Exelon shares added a penny to $35.01.

The Public Service Commission of the District of Columbia, where Pepco is based, had initially rejected the merger proposal, citing concerns over the proposed management structure of the combined company, which they said could diminish Pepco's influence and make their job of regulating the utility more difficult.

Regulators in Delaware, Maryland, New Jersey and Virginia, along with the Federal Energy Regulatory Commission, had already approved the deal.

On Wednesday, Washington, D.C., regulators said the deal, as amended, would benefit utility clients and the district, noting the deal contained a $72.8 million customer investment fund, including $25.6 million in rate base credits and $11.3 million for energy efficiency and energy conservation programs, particularly for low- and limited-income residents.

Cassandra Sweet contributed to this article.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

March 23, 2016 15:45 ET (19:45 GMT)

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