Company Overview of Potomac Electric Power Company
Potomac Electric Power Company, a regulated public utility, is engaged in the transmission, distribution, and supply of electricity in the District of Columbia and various portions of Prince George’s County and Montgomery County in suburban Maryland. The company was incorporated in 1896 and is based in Washington, District of Columbia. Potomac Electric Power Company is a subsidiary of Pepco Holdings, Inc.
701 Ninth Street, N.W.
Washington, DC 20068
Founded in 1896
Key Executives for Potomac Electric Power Company
Chief Financial Officer and Senior Vice President
Chief Executive Officer of Pepco Energy Services Inc and President of Pepco Energy Services Inc
Region President of Pepco
Compensation as of Fiscal Year 2014.
Potomac Electric Power Company Key Developments
Pepco Holdings, Inc., Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company, Enter into an Amendment and Consent to Second Amended and Restated Credit Agreement
May 20 14
On May 20, 2014, Pepco Holdings, Inc., Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL), and Atlantic City Electric Company, entered into an Amendment and Consent to Second Amended and Restated Credit Agreement among certain Lenders, Bank of America, N.A., as syndication agent and as an issuer of letters of credit, and Wells Fargo Bank, National Association, as agent on behalf of the various financial institutions from time to time party to that certain Second Amended and Restated Credit Agreement dated as of August 1, 2011, and as amended on August 2, 2012 and extended on June 6, 2013, as the swingline lender and as an issuer of letters of credit. In the ordinary course of business, the Lenders and their respective affiliates have from time to time performed and may in the future perform various financial advisory, commercial banking, investment banking and treasury services for the Borrowers, for which they received, or will continue to receive, customary fees or compensation. In addition, affiliates of certain of the Lenders are paying agents under the Borrowers’ respective commercial paper programs.
Federal Energy Regulatory Commission Issues Order to PJM Interconnection, L.L.C., Potomac Electric Power Company, and Delmarva Power & Light Co. on Order Granting Rehearing for Further Consideration
Apr 29 13
Rehearing has been timely requested of the Federal Energy Regulatory Commission's order issued on February 28, 2013, in this proceeding. PJM Interconnection, L.L.C., Potomac Electric Power Company, and Delmarva Power & Light Co., 142 FERC s 61,156 (2013). In the absence of Commission action within 30 days from the date the rehearing request was filed, the request for rehearing (and any timely requests for rehearing filed subsequently) would be deemed denied.
Public Service Commissions and Public Advocates of the District of Columbia, Maryland, Delaware and New Jersey File a Joint Complaint with Federal Energy Regulatory Commission Against Potomac Electric Power Company, Delmarva Power & Light Co. and Atlantic City Electric Company
Mar 4 13
On February 27, 2013, the public service commissions and public advocates of the District of Columbia, Maryland, Delaware and New Jersey filed a joint complaint with the Federal Energy Regulatory Commission (FERC) against Potomac Electric Power Company, Delmarva Power & Light Co. and Atlantic City Electric Company. The complainants challenged the base return on equity (ROE) and the application of the formula rate process, each associated with the transmission service that Pepco Holdings’ utilities provide. The complainants claim to support an ROE within a zone of reasonableness of 6.78% and 10.33%, and they arrive at a base ROE of 8.7%. The currently authorized adjusted base ROE for Pepco Holdings’ utilities is 11.3%, which includes a base ROE of 10.8% plus a 50 basis point adder for being a member of a regional transmission organization. Pepco Holdings, Potomac Electric Power Company, Delmarva Power & Light Co. and Atlantic City Electric Company believe this complaint is unsupported and intend to vigorously defend the current ROE and the formula rate process. On February 28, 2013, FERC issued an order in Potomac Electric Power Company’s and Delmarva Power & Light Co.’s proceeding seeking recovery of approximately $88 million in abandoned costs related to the Mid-Atlantic Power Pathway (MAPP) project. The order concludes that the MAPP project was cancelled for reasons beyond the control of Potomac Electric Power Company and Delmarva Power & Light Co., and found that the prudently incurred costs associated with the abandonment of the MAPP project are eligible to be recovered, but set for hearing the prudence of the abandoned costs and the amortization period for those costs. FERC required the deduction of previously approved incentive adders amounting to 150 basis points, as well as a 50 basis point adder for being a member of a regional transmission organization, resulting in a 10.8% approved ROE with respect to the abandoned costs. FERC also denied recovery of approximately $2 million, or 50%, of the prudently incurred abandoned costs prior to November 1, 2008, the date of FERC’s MAPP incentive order. While Pepco Holdings continues to review the FERC order and assess its responses to it, Pepco Holdings believes that the FERC order is not consistent with prior precedent and will vigorously pursue its rights to recover all prudently incurred abandoned costs associated with the MAPP project, as well as the full ROE previously approved by FERC.
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