(from www.sec.gov)
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Potomac Electric Power Co. |
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From the April 28, 1997, Washington Post
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 2,010,311 | 7.2 |
| Net Income | 236,960 | 151.0 |
Description:
Potomac Electric Power Co. is an investor-owned electric utility that serves 682,000 customers in the Washington area. Its six generating plants supply the District, 94 percent of Montgomery County and 78 percent of Prince George's County. It also supplies electricity at wholesale prices to the Southern Maryland Electric Cooperative Inc.
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Pepco celebrated its 100th birthday last April and may not have another as an independent company. Pepco is seeking to merge with Baltimore Gas & Electric Co. to form a larger utility company called Constellation Energy Corp. The two utilities hope the merger will help them survive the approaching competitive shakeout in the industry. Most of 1996 was spent trying to secure regulatory approval of the merger and planning for the transition.
The Federal Energy Regulatory Commission and the Maryland Public Service Commission have completed their proceedings on the merger. The District's Public Service Commission's proceeding is continuing. One possible complication is a 1913 District law, which the city's corporation counsel has said he thinks requires the merger to be approved by Congress. That is one of the issues on which the District PSC will rule, but it may have to be resolved by the courts.
Pepco also sold or leased most of the $104 million in equipment it no longer needed when its Potomac Capital Investment Corp. subsidiary got out of aircraft leasing in 1995. That subsidiary returned to profitability. The District also signed a contract with Pepco during the year that resulted in the power company resuming servicing and maintenance of traffic and street lights.
To mark its centennial, Pepco donated several islands in the Potomac River to the Nature Conservancy, including the island where Billy Goat Trail is located.
