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Pepco Holdings was a
2011 Annual Report Pepco Holdings was placed at 283rd on the 2006
pepcoholdings.com
{{Authority control Companies formerly listed on the New York Stock Exchange Electric power companies of the United States Holding companies established in 2001 Companies based in Washington, D.C. 2001 establishments in Washington, D.C.
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
incorporated in February 2001 for the purpose of effecting the acquisition of Conectiv Power Delivery by Potomac Electric Power Company
The Potomac Electric Power Company (PEPCO) is an American utility company that supplies electric power to the city of Washington, D.C. and to surrounding communities in Maryland. It is owned by Exelon.
The company's current trademarked slogan ...
(better known as "Pepco"). The acquisition was completed on August 1, 2002 at which time Pepco and Conectiv became wholly owned subsidiaries of PHI. Conectiv itself had been formed in 1998 to be the holding company of Delmarva Power & Light Company (DPL, better known as "Delmarva Power") and Atlantic City Electric Company (ACE) in connection with the combination of DPL and ACE. In 2005, PHI resumed the use of the Delmarva Power and ACE brands for purposes of operations, with the result that Conectiv Energy was the only remaining Conectiv brand and was restricted for PHI's energy production facilities. Operations of the various companies controlled by Pepco Holdings take place in the Mid-Atlantic states of the United States. Pepco serves Washington, D.C. and its Maryland suburbs, Delmarva Power serves the Delaware and Maryland portions of the Delmarva Peninsula
The Delmarva Peninsula, or simply Delmarva, is a large peninsula and proposed state on the East Coast of the United States, occupied by the vast majority of the state of Delaware and parts of the Eastern Shore regions of Maryland and Virginia. ...
, and Atlantic City Electric serves South Jersey
South Jersey comprises the southern portion of the U.S. state of New Jersey located between the lower Delaware River and the Atlantic Ocean. The designation of South Jersey with a distinct toponym is a colloquialism rather than an administrativ ...
. In 2008, Delmarva Power sold its service area in the Virginia portion of the peninsula to A&N Electric Cooperative
A&N Electric Cooperative (ANEC) is a utility cooperative that distributes electricity to Accomack and Northampton counties in the state of Virginia along with Smith Island in Maryland, in the southern portion of the Delmarva Peninsula. The co ...
and Old Dominion Electric Cooperative
Old Dominion Electric Cooperative (ODEC) is an electric generation and transmission cooperative headquartered in Glen Allen, Virginia. ODEC provides wholesale power to its 11 member electric cooperatives in the states of Virginia, Maryland, and D ...
for $44 million. In April 2010, Conectiv Energy was sold to Calpine Corporation.Pepco Holdings2011 Annual Report Pepco Holdings was placed at 283rd on the 2006
Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune (magazine), Fortune'' magazine that ranks 500 of the largest United States Joint-stock company#Closely held corporations and publicly traded corporations, corporations by ...
, a list of American companies ranked by gross revenue
In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business.
Commercial revenue may also be referred to as sales or as turnover. Some companies receive reven ...
. In 2010, the company paid only 10% of the taxes it had paid in the previous year, dropping from US$104 million to US$11 million. The company experienced a doubling of operating profit in 2011, in part due to approved utility rate increases in the states of Delaware, Maryland, and New Jersey along with Washington, DC.
Merger with Exelon
Exelon announced the proposed purchase of Pepco Holdings, Inc on April 30, 2014. The merger was rejected by the District of Columbia Public Service Commission in August 2015, though it was approved by other federal and state regulators. On March 23, 2016, the merger withExelon
Exelon Corporation is an American Fortune 100 energy company headquartered in Chicago, Illinois and incorporated in Pennsylvania. It generates revenues of approximately $33.5 billion and employs approximately 33,400 people. Exelon is the largest ...
was approved by the District of Columbia Public Service Commission, under a revised set of terms. The merger was completed on that same day.
Criticism
In December 2011, the non-partisan organization Public Campaign criticized Pepco Holdings for spending $3.76 million onlobbying
In politics, lobbying, persuasion or interest representation is the act of lawfully attempting to influence the actions, policies, or decisions of government officials, most often legislators or members of regulatory agencies. Lobbying, whic ...
and not paying any taxes during 2008-2010, instead getting $508 million in tax rebates, despite making a profit of $882 million and increasing executive pay by 118% to $9.7 million in 2010 for the top 5 executives.
Restatement
In 2006, Pepco Holdings restated its previously reported consolidated financial statements for the three and six months ended June 30, 2005, to correct the accounting for certain deferred compensation arrangements.References
External links
pepcoholdings.com
{{Authority control Companies formerly listed on the New York Stock Exchange Electric power companies of the United States Holding companies established in 2001 Companies based in Washington, D.C. 2001 establishments in Washington, D.C.