Form 8-K PEPCO HOLDINGS INC For: Apr 27

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):                April 27, 2015               

 

PEPCO HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-31403		52-2297449
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

701 Ninth Street, N.W., Washington, DC		20068
(Address of principal executive offices)		(Zip Code)
Registrant's telephone number, including area code		(202) 872-2000

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02.

Results of Operations and Financial Condition.

 

On May 1, 2015, Pepco Holdings, Inc. issued a news release announcing its operating results for the first quarter of 2015. The news release is furnished as Exhibit 99 to this Form 8-K. The information being furnished pursuant to this Item 2.02, including Exhibit 99, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the Securities Act), except as shall be expressly set forth by specific reference in such filing. Exhibit 99 is hereby incorporated by reference in response to this Item 2.02.

 

Item 3.02.

Unregistered Sales of Equity Securities.

 

On April 27, 2015, Pepco Holdings issued 1,800 originally issued shares of non-voting, non-convertible and non-transferable Series A preferred stock, par value $0.01 per share (the Preferred Stock), to Exelon Corporation, a Pennsylvania corporation (Exelon), for a purchase price of $18,000,000. The Preferred Stock was issued in connection with that certain Subscription Agreement (the Subscription Agreement), dated April 29, 2014, between Pepco Holdings and Exelon, pursuant to which Pepco Holdings issued to Exelon on April 30, 2014, 9,000 originally issued shares of Preferred Stock for a purchase price of $90,000,000. The Subscription Agreement was entered into in connection with the execution of that certain Agreement and Plan of Merger, dated April 29, 2014, as amended and restated on July 18, 2014, among Exelon, Purple Acquisition Corp., an indirect, wholly-owned subsidiary of Exelon (Merger Sub), and Pepco Holdings, providing for the merger of Merger Sub with and into Pepco Holdings, with Pepco Holdings surviving the merger as an indirect, wholly-owned subsidiary of Exelon. Under the terms of the Subscription Agreement, Exelon also committed to purchase 1,800 originally issued shares of Preferred Stock for a purchase price of $18,000,000 at the end of each 90 day period following the date of the Subscription Agreement, up to an aggregate of 18,000 shares of Preferred Stock, for a maximum aggregate consideration of $180,000,000. There are currently 16,200 shares of Preferred Stock issued and outstanding, all of which are held by Exelon.

 

The issuance of the Preferred Stock was exempt from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof because such issuance did not involve a public offering.

 

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits

 

The following exhibits are filed herewith:

 

Exhibit No.		Description of Exhibit
4		Certificate of Series A Non-Voting Non-Convertible Preferred Stock (incorporated by reference from Exhibit 4.1 to Pepco Holdings, Inc.’s Form 8-K, April 30, 2014)
10		Subscription Agreement, dated April 29, 2014, by and between Pepco Holdings, Inc. and Exelon Corporation (incorporated by reference from Exhibit 2.2 to Pepco Holdings, Inc.’s Form 8-K, April 30, 2014)
The following exhibit is furnished herewith:
Exhibit No.		Description of Exhibit
99		News Release of Pepco Holdings, Inc., dated May 1, 2015

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

			PEPCO HOLDINGS, INC.
			(Registrant)
Date:	April 30, 2015		/s/ FRED BOYLE
			Name:	Frederick J. Boyle
			Title:	Senior Vice President and Chief Financial Officer

 

 

INDEX TO EXHIBITS FILED HEREWITH

 

Exhibit No.		Description of Exhibit
4		Certificate of Series A Non-Voting Non-Convertible Preferred Stock (incorporated by reference from Exhibit 4.1 to Pepco Holdings, Inc.’s Form 8-K, April 30, 2014)
10		Subscription Agreement, dated April 29, 2014, by and between Pepco Holdings, Inc. and Exelon Corporation (incorporated by reference from Exhibit 2.2 to Pepco Holdings, Inc.’s Form 8-K, April 30, 2014)

 

INDEX TO EXHIBIT FURNISHED HEREWITH

 

Exhibit No.		Description of Exhibit
99		News Release of Pepco Holdings, Inc., dated May 1, 2015

 

 

Exhibit 99

 

 

For ImmediAte ReleAse | MAY 1, 2015 Media Contact: Courtney Nogas Office 202-872-2680 | 24/7 Media Hotline 202-872-2680 | [email protected] Investor Contact: Donna Kinzel Office 302-429-3004 | [email protected]

701 Ninth St., NW Washington, DC 20068 pepcoholdings.com NYSE: POM

 

Pepco Holdings Reports First Quarter 2015 Financial Results

 

Pepco Holdings, Inc. (NYSE: POM) today reported first quarter 2015 consolidated earnings as follows:

 

		Three Months Ended March 31,
		2015				2014
Net Income (GAAP)
Net Income ($ in millions)		$	53			$	75
Earnings Per Share		$	0.21			$	0.30
Adjusted Net Income (Non-GAAP)
Adjusted Net Income ($ in millions)		$	61			$	75
Adjusted Earnings Per Share		$	0.24			$	0.30

 

“Our first quarter financial results reflect our investment in utility infrastructure aimed at improving system reliability and customer service,” said Joseph M. Rigby, Chairman, President and Chief Executive Officer. “Higher operation and maintenance costs, largely driven by the implementation of a new customer information system also impacted first quarter consolidated earnings.” Rigby added, “As we work on obtaining the remaining regulatory approvals for the merger with Exelon, we are pleased to have reached a merger settlement agreement with Montgomery and Prince George’s Counties and other parties in Maryland.” Rigby added, “We believe this transaction provides significant benefits for all of our stakeholders and that the commitments we have made meet our jurisdictions’ requirements for merger approval. We continue to expect the transaction to close in the second or third quarter of this year.”

 

 

Pepco Holdings’ GAAP net income for the three months ended March 31, 2015 was $53 million, or 21 cents per share, as compared to $75 million, or 30 cents per share for the same period in 2014. There were no adjustments to GAAP earnings for the first quarter of 2014. Excluding items that we believe are not representative of ongoing business operations, adjusted net income for the first quarter of 2015 would have been $61 million, or 24 cents per share.

 

The primary drivers of the decrease in adjusted net income for the first quarter of 2015, as compared to the 2014 period, were higher operation and maintenance expense (primarily due to the implementation of a new customer information system and increased distribution system maintenance), higher depreciation expense and a 2014 gain on the condemnation of transmission property in the Pepco service territory. Higher electric distribution revenue (primarily due to higher rates driven by increased infrastructure investment and customer growth) partially offset the decrease.

 

Non-GAAP Financial Information

 

Management believes the adjusted net income and related per share data are representative of Pepco Holdings’ ongoing business operations. Management uses this information internally to evaluate Pepco Holdings’ period-over-period financial performance and, therefore, believes that this information is useful to investors. The presentation of adjusted net income and related per share data is intended to complement, and should not be considered as an alternative to, reported earnings and related per share data presented in accordance with generally accepted accounting principles in the United States (GAAP).

 

 

Reconciliation of GAAP Financial Information to Adjusted Financial Information

 

Net Income – millions of dollars				Three Months Ended March 31,
				2015				2014
Reported (GAAP) Net Income				$	53			$	75
Adjustments (after-tax):
·		Incremental merger-related transaction costs			6				–
·		Incremental merger-related integration costs			2				–
Adjusted Net Income (Non-GAAP)				$	61			$	75

 

Earnings per Share				Three Months Ended March 31,
				2015				2014
Reported (GAAP) Earnings per Share				$	0.21			$	0.30
Adjustments (after-tax):
·		Incremental merger-related transaction costs			0.02				–
·		Incremental merger-related integration costs			0.01				–
Adjusted Earnings per Share (Non-GAAP)				$	0.24			$	0.30

 

The income tax effects with respect to the foregoing adjustments, where applicable, were calculated using a composite income tax rate of 35 percent. Most merger-related costs are not tax deductible.

 

Recent Events

 

Pepco Holdings – Exelon Merger

 

·

On March 16, 2015, a settlement agreement in the proposed merger with Exelon Corporation was filed with the Maryland Public Service Commission (MPSC). The agreement was entered into with Montgomery and Prince George’s Counties and certain other parties in Maryland and requires the approval of the MPSC. The current deadline for the decision is May 15, 2015. The approval of a settlement agreement filed with the Delaware Public Service Commission in February 2015 is anticipated on or before June 2, 2015. An application for merger approval is pending with the District of Columbia Public Service Commission (DCPSC). Evidentiary hearings were held in April. District of Columbia law does not impose a time limit on the DCPSC’s review of the merger application. The parties anticipate receiving final approvals and closing the transaction in the second or third quarter of 2015.

 

 

Operations

 

·

Power Delivery electric sales were 12,597 gigawatt hours (GWh) in the first quarter of 2015, compared to 12,264 GWh for the first quarter of 2014. In the electric service territories, heating degree days increased by 3 percent for the first quarter of 2015, compared to the same period in 2014. Weather-adjusted electric sales were 12,034 GWh in the first quarter of 2015, compared to 11,809 GWh for the first quarter of 2014.

 

·

For the three months ended March 31, 2015, PES signed $4 million in energy efficiency contracts and $3 million in underground transmission construction contracts. PES signed $17 million in energy efficiency contracts and $32 million in underground transmission contracts for the same period in 2014.

 

Financing

 

·

On March 16, 2015, Pepco issued $200 million of 4.15 percent first mortgage bonds that are due on March 15, 2043. The bonds were issued at a premium of $8 million, resulting in a 3.9 percent yield to maturity. The net proceeds were used to repay outstanding commercial paper and for general corporate purposes.

 

Further details regarding changes in first quarter consolidated earnings between 2015 and 2014 are provided in the schedules that follow. Additional information regarding financial results and recent regulatory events can be found in the Pepco Holdings, Inc. Form 10-Q for the quarter ended March 31, 2015, as filed with the Securities and Exchange Commission, and which is also available at www.pepcoholdings.com/investors. Pepco Holdings, Inc. routinely makes available this and other important information on its website, which is a key channel of distribution for Pepco Holdings, Inc. to reach its public investors and to disclose material, non-public information. Information on the website is not part of this news release.

 

 

About PHI: Pepco Holdings, Inc. (NYSE: POM) is one of the largest energy delivery companies in the Mid-Atlantic region, serving about 2 million customers in Delaware, the District of Columbia, Maryland and New Jersey. PHI subsidiaries Pepco, Delmarva Power and Atlantic City Electric provide regulated electricity service; Delmarva Power also provides natural gas service. Through Pepco Energy Services, PHI also provides energy savings performance contracting services, underground transmission and distribution construction and maintenance services, and steam and chilled water under long-term contracts.

 

Forward-Looking Statements: Some of the statements contained in this news release with respect to Pepco Holdings, Pepco, Delmarva Power and Atlantic City Electric, including each of their respective subsidiaries (each, a Reporting Company), are forward-looking statements within the meaning of the U.S. federal securities laws, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “could,” “expects,” “intends,” “assumes,” “seeks to,” “plans,” “anticipates,” “believes,” “projects,” “estimates,” “predicts,” “potential,” “future,” “goal,” “objective,” or “continue” or the negative of such terms or other variations thereof or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause one or more Reporting Company’s or their subsidiaries’ actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Therefore, forward-looking statements are not guarantees or assurances of future performance, and actual results could differ materially from those indicated by the forward-looking statements. These factors should be read together with the risk factors included in the “Risk Factors” section and other statements contained in each Reporting Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 27, 2015, and in each Reporting Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, and investors should refer to these risk factor sections and other statements. All of such factors and forward-looking statements are difficult to predict, contain uncertainties, are beyond each Reporting Company’s control and may cause actual results to differ materially from those contained in any forward-looking statements. Any forward-looking statements speak only as to the date this news release was issued, and none of the Reporting Companies undertakes any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for a Reporting Company to predict all such factors. Furthermore, it may not be possible to assess the impact of any such factor on such Reporting Company’s or its subsidiaries’ business (viewed independently or together with the business or businesses of some or all of the other Reporting Companies or their subsidiaries) or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any specific factors that may be provided should not be construed as exhaustive.

 

 

Pepco Holdings, Inc.

Earnings Per Share Variance

2015 / 2014

 

		Three Months Ended March 31,
		Power				Pepco Energy				Corporate				Total
		Delivery				Services				and Other				PHI
2014 Earnings (loss) per share (GAAP) (1)		$	0.31			$	-			$	(0.01	)		$	0.30
Change from 2014 earnings (loss) per share
Regulated Operations
·  Distribution Revenue
-    Weather (estimate) (2)			0.01				-				-				0.01
-    Rate Increases			0.07				-				-				0.07
-    Other Distribution Revenue			0.01				-				-				0.01
·  Transmission Revenue			0.02				-				-				0.02
·  ACE Basic Generation Service (primarily unbilled revenue)			(0.01	)			-				-				(0.01	)
·  Operation and Maintenance			(0.10	)			-				-				(0.10	)
·  Depreciation and Amortization			(0.03	)			-				-				(0.03	)
·  Other, net			(0.02	)			-				-				(0.02	)
Pepco Energy Services			-				-				-				-
Corporate and Other			-				-				(0.01	)			(0.01	)
Net Interest Expense			(0.01	)			-				-				(0.01	)
Income Tax Adjustments			-				0.02				(0.01	)			0.01
2015 Adjusted earnings (loss) per share (Non-GAAP)			0.25				0.02				(0.03	)			0.24
2015 Adjustments (3)
·  Incremental merger-related transaction costs			-				-				(0.02	)			(0.02	)
·  Incremental merger-related integration costs			(0.01	)			-				-				(0.01	)
2015 Earnings (loss) per share (GAAP) (4)		$	0.24			$	0.02			$	(0.05	)		$	0.21

 

(1)

The weighted average number of diluted shares outstanding for the 2014 period was 251 million.

 

(2)

The effect of weather compared to the 20-year average weather is estimated to have increased earnings by $0.04 per share.

 

(3)

Management believes the adjusted items are not representative of the Company's ongoing business operations. The presentation of this Non-GAAP financial information is intended to complement, and should not be considered an alternative to, the GAAP information.

 

(4)

The weighted average number of diluted shares outstanding for the 2015 period was 253 million.

 

 

SEGMENT INFORMATION

 

		Three Months Ended March 31, 2015
		Power Delivery				Pepco Energy Services				Corporate and Other (a)				PHI Consolidated
		(millions of dollars)
Operating Revenue		$	1,313			$	60			$	(2	)		$	1,371
Operating Expenses (b)			1,167				61				1				1,229
Operating Income (Loss)			146				(1	)			(3	)			142
Interest Expense			58				-				10				68
Other Income			9				-				-				9
Income Tax Expense (Benefit)			35				(5	)			-				30
Net Income (Loss)			62				4				(13	)			53
Total Assets			14,082				237				1,708				16,027
Construction Expenditures		$	241			$	-			$	5			$	246

 

(a)

Total Assets in this column includes Pepco Holdings’ goodwill balance of $1.4 billion, all of which is allocated to Power Delivery for purposes of assessing impairment. Total assets also include capital expenditures related to certain hardware and software expenditures which primarily benefit Power Delivery. These expenditures are recorded as incurred in Corporate and Other and are allocated to Power Delivery once the assets are placed in service. Corporate and Other includes intercompany amounts of $(2) million for Operating Revenue, $(2) million for Operating Expenses and $(1) million for Interest Expense.

(b)

Includes depreciation and amortization expense of $159 million, consisting of $147 million for Power Delivery, $1 million for Pepco Energy Services and $11 million for Corporate and Other.

 

		Three Months Ended March 31, 2014
		Power Delivery				Pepco Energy Services				Corporate and Other (a)				PHI Consolidated
		(millions of dollars)
Operating Revenue		$	1,272			$	60			$	(2	)		$	1,330
Operating Expenses (b)			1,103				60				(6	)			1,157
Operating Income			169				-				4				173
Interest Expense			55				-				10				65
Other Income			12				-				1				13
Income Tax Expense (Benefit)			47				-				(1	)			46
Net Income (Loss)			79				-				(4	)			75
Total Assets			13,438				287				1,279				15,004
Construction Expenditures		$	264			$	-			$	18			$	282

 

(a)

Total Assets in this column includes Pepco Holdings’ goodwill balance of $1.4 billion, all of which is allocated to Power Delivery for purposes of assessing impairment. Total assets also include capital expenditures related to certain hardware and software expenditures which primarily benefit Power Delivery. These expenditures are recorded as incurred in Corporate and Other and are allocated to Power Delivery once the assets are placed in service. Corporate and Other includes intercompany amounts of $(2) million for Operating Revenue, $(1) million for Operating Expenses and $(1) million for Interest Expense.

(b)

Includes depreciation and amortization expense of $133 million, consisting of $124 million for Power Delivery, $2 million for Pepco Energy Services and $7 million for Corporate and Other.

 

 

PEPCO HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

		Three Months Ended March 31,
		2015				2014
		(millions of dollars, except per share data)
Operating Revenue		$	1,371			$	1,330
Operating Expenses
Fuel and purchased energy			619				614
Other services cost of sales			45				46
Other operation and maintenance			267				216
Depreciation and amortization			159				133
Other taxes			109				104
Deferred electric service costs			30				44
Total Operating Expenses			1,229				1,157
Operating Income			142				173
Other Income (Expenses)
Interest expense			(68	)			(65	)
Other income			9				13
Total Other Expenses			(59	)			(52	)
Income Before Income Tax Expense			83				121
Income Tax Expense			30				46
Net Income		$	53			$	75
Basic and Diluted Share Information
Weighted average shares outstanding – Basic (millions)			253				251
Weighted average shares outstanding – Diluted (millions)			253				251
Basic and Diluted earnings per share		$	0.21			$	0.30

 

 

PEPCO HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

		March 31,				December 31,
		2015				2014
		(millions of dollars)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	141			$	14
Restricted cash equivalents			17				25
Accounts receivable, less allowance for uncollectible accounts of $56 million and $40 million, respectively			978				782
Inventories			148				141
Deferred income tax assets, net			47				50
Income taxes and related accrued interest receivable			13				9
Prepaid expenses and other			67				63
Total Current Assets			1,411				1,084
OTHER ASSETS
Goodwill			1,406				1,407
Regulatory assets			2,291				2,409
Income taxes and related accrued interest receivable			81				81
Restricted cash equivalents			13				14
Other			168				166
Total Other Assets			3,959				4,077
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment			15,546				15,465
Accumulated depreciation			(4,889	)			(4,959	)
Net Property, Plant and Equipment			10,657				10,506
TOTAL ASSETS		$	16,027			$	15,667

 

 

PEPCO HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

		March 31,				December 31,
		2015				2014
		(millions of dollars, except shares)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term debt		$	803			$	729
Current portion of long-term debt and project funding			412				431
Accounts payable			206				174
Accrued liabilities			302				313
Capital lease obligations due within one year			10				10
Taxes accrued			43				41
Interest accrued			75				47
Liabilities and accrued interest related to uncertain tax positions			6				6
Other			300				314
Total Current Liabilities			2,157				2,065
DEFERRED CREDITS
Regulatory liabilities			370				343
Deferred income tax liabilities, net			3,294				3,266
Investment tax credits			15				16
Pension benefit obligation			401				396
Other postretirement benefit obligations			264				265
Liabilities and accrued interest related to uncertain tax positions			2				2
Other			194				193
Total Deferred Credits			4,540				4,481
OTHER LONG-TERM LIABILITIES
Long-term debt			4,649				4,441
Transition bonds issued by ACE Funding			159				171
Long-term project funding			8				8
Capital lease obligations			50				50
Total Other Long-Term Liabilities			4,866				4,670
COMMITMENTS AND CONTINGENCIES
PREFERRED STOCK
Series A preferred stock, $.01 par value, 18,000 shares authorized, 14,400 and 12,600 shares outstanding, respectively			147				129
EQUITY
Common stock, $.01 par value, 400,000,000 shares authorized, 253,043,362 and 252,728,684 shares outstanding, respectively			3				3
Premium on stock and other capital contributions			3,809				3,800
Accumulated other comprehensive loss			(45	)			(46	)
Retained earnings			550				565
Total Equity			4,317				4,322
TOTAL LIABILITIES AND EQUITY		$	16,027			$	15,667

 

 

POWER DELIVERY SALES AND REVENUE

 

		Three Months Ended March 31,
Power Delivery Sales (GWh)		2015				2014
Regulated T&D Electric Sales
Residential			5,577				5,056
Commercial and industrial			6,953				7,139
Transmission and other			67				69
Total Regulated T&D Electric Sales			12,597				12,264
Default Electricity Supply Sales
Residential			4,593				4,054
Commercial and industrial			1,431				1,308
Other			12				11
Total Default Electricity Supply Sales			6,036				5,373
Power Delivery Electric Revenue (millions of dollars)
Regulated T&D Electric Revenue
Residential		$	229			$	204
Commercial and industrial			250				226
Transmission and other			115				109
Total Regulated T&D Electric Revenue		$	594			$	539
Default Electricity Supply Revenue
Residential		$	428			$	383
Commercial and industrial			145				141
Other			48				95
Total Default Electricity Supply Revenue		$	621			$	619
Other Electric Revenue		$	12			$	17
Total Electric Operating Revenue		$	1,227			$	1,175
Power Delivery Gas Sales and Revenue
Regulated Gas Sales (Mcf)
Residential			5,146				4,773
Commercial and industrial			2,732				2,633
Transportation and other			2,325				2,380
Total Regulated Gas Sales			10,203				9,786
Regulated Gas Revenue (millions of dollars)
Residential		$	54			$	54
Commercial and industrial			25				29
Transportation and other			4				4
Total Regulated Gas Revenue		$	83			$	87
Other Gas Revenue		$	3			$	10
Total Gas Operating Revenue		$	86			$	97
Total Power Delivery Operating Revenue		$	1,313			$	1,272

 

 

POWER DELIVERY – CUSTOMERS

		March 31, 2015				March 31, 2014
Regulated T&D Electric Customers (in thousands)
Residential			1,671				1,654
Commercial and industrial			200				200
Transmission and other			2				2
Total Regulated T&D Electric Customers			1,873				1,856
Regulated Gas Customers (in thousands)
Residential			118				117
Commercial and industrial			10				10
Transportation and other			–				–
Total Regulated Gas Customers			128				127

 

WEATHER DATA – CONSOLIDATED ELECTRIC SERVICE TERRITORY

 

		Three Months Ended March 31,
		2015				2014
Heating Degree Days			2,695				2,628
20 Year Average			2,290				2,291
Percentage Difference from Average			18	%			15	%
Percentage Difference from Prior Year			3	%
Cooling Degree Days			–				–
20 Year Average			2				2
Percentage Difference from Average			(100	%)			(100	%)
Percentage Difference from Prior Year			–

 

 

PEPCO ENERGY SERVICES

Financial Information

(Unaudited)

 

(millions of dollars)		Three Months Ended March 31,
		2015				2014
Operating Revenues		$	60			$	60
Cost of Goods Sold			46				47
Gross Margin			14				13
Other Operation and Maintenance Expenses			14				11
Depreciation and Amortization			1				2
Operating Loss			(1	)			-
Other Income			-				-
Loss Before Income Taxes			(1	)			-
Income Tax Benefit			(5	)			-
Net Income (GAAP)		$	4			$	-
(millions of dollars)		March 31,				December 31,
		2015				2014
Total Assets		$	237			$	244
Current Assets			144				146
Property, Plant and Equipment			28				30
Other Assets			65				68
Total Liabilities		$	80			$	90
Current Liabilities			55				64
Long-Term Liabilities			25				26
Equity		$	157			$	154

 

 

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