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For Immediate Release

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Pepco Pays $144 Million In Maryland State Taxes

For Immediate Release
January 4, 2000

Pepco and its customers paid more than $144 million in taxes for the 1998 tax year, to seven Maryland counties, dozens of municipalities in Prince George's and Montgomery counties, and the state of Maryland. Next to the cost of fuel, taxes are the second highest component of a Pepco customer's electric bill. Federal, state and local taxes currently account for about 18 percent of a Maryland customer's bill.

Pepco was the single largest taxpayer in Prince George's, Montgomery and Charles counties, the jurisdictions in which three of Pepco's six power plants are located. These tax payments cover Pepco`s operating, real estate and personal property taxes as well as fuel/energy, gross receipts and sales and use taxes. These tax dollars contribute significantly to supporting public services in these jurisdictions. The following is a breakdown of the 1998 Maryland taxes paid:

Property Taxes (total) $67,200,161
Prince George's County $31,225,233
Montgomery County 26,938,319
Charles County 7,748,778
St. Mary's County 82,790
Frederick County 29,833
Howard County 280,300
Calvert County 165,393
25 Prince George's County Municipalities 618,982
3 Montgomery County Municipalities 110,533

County Fuel/Energy Taxes (total) $37,963,037
Prince George's County $22,350,391
Montgomery County 15,612,646

Maryland Sales and Use Taxes $17,246,783
Maryland Gross Receipts Tax $22,335,240

GRAND TOTAL $144,745,221

Pepco provides electric service to about 473,000 residential and commercial customers in Maryland.

Pepco (NYSE:POM) is an investor-owned utility that provides electricity in Washington, D.C. and the Maryland suburbs, serving nearly 700,000 customers. Pepco, through its family of unregulated subsidiaries, also offers electric energy, natural gas, high-speed Internet access, local and long distance telephone, cable television and energy management services in the mid-Atlantic region.

Point of Contact:
David L. Morehead

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