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For Immediate Release

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Pepco Reports 2001 Earnings; Announces Dividend

For Immediate Release
January 24, 2002

Potomac Electric Power Company (NYSE: POM) today reported 2001 consolidated earnings, before special items, of $198.6 million, or $1.83 per share, on operating revenues of $2.5 billion, compared with consolidated earnings, before special items, of $188.6 million, or $1.64 per share, on operating revenues of $3 billion in 2000.

The $1.83 earnings per share for 2001 exclude the impact of special items comprised of a 9 cent per share contribution from the net gain on the sale of Pepco`s generating plants, a 2-cent loss per share related to the Company`s severance plan, and a 39-cent loss per share that resulted from the write-down of two financial investments at a Pepco subsidiary. The $1.64 earnings for 2000 exclude a net gain of $1.38 per share from the sale of the Company`s generation assets.

The earnings for 2001 include $1.68 from Utility operations and a 15-cent per share contribution from the Utility`s wholly owned subsidiary, POM Holdings, Inc. (PHI), formerly Pepco Holdings, Inc. For the previous 12-month period, Pepco`s comparable earnings were $1.64 per share including $1.61 from Utility operations and 3 cents from PHI.

Before special items, consolidated per share earnings for the quarter ended Dec. 31, 2001 were 26 cents per share on consolidated operating revenues of $503.7 million. This excludes the impact of special items comprised of a 1-cent loss per share representing an adjustment to the previously reported gain on the sale of Pepco`s generating plants, a 1-cent loss per share related to the Company`s severance plan, and a combined 40 cents per share loss related to the write-down of two financial investments. Excluding special items, the fourth-quarter results compared with earnings of 4 cents per share on consolidated operating revenues of $1 billion during the corresponding period in 2000.

Dividend Declared
Pepco`s Board of Directors today declared a dividend on common stock of 25 cents per share payable March 29, 2002, to shareholders of record on March 11, 2002. Dividends on preferred stock were declared payable March 1, 2002, to shareholders of record on Feb. 4, 2002.

Conference Call for Investors
Pepco will host a conference call to discuss fourth-quarter and year-end results on Friday, Jan. 25, at 9 a.m. EST. The call will be available to the general public at (212) 346-6380 and broadcast live on the company`s Web site at www.pepco.com. An audio archive of the call will be available on the Web site following the call. The call can also be accessed for replay by dialing 1-800-633-8284; pass code is 20115269.

About Pepco
Pepco is an investor owned company that delivers electricity to more than 700,000 customers in Washington, D.C. and the Maryland suburbs. Through its family of subsidiaries, Pepco also operates in the competitive arena of telecommunications and energy products and services in the mid-Atlantic region. For more information visit the company`s web site at www.pepco.com.

Forward-Looking Statements:
Except for historical statements and discussions, the statements in this news release constitute "forward-looking statements" within the meaning of federal securities law. These statements contain management`s beliefs based on information currently available to management and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events. They are subject to a number of uncertainties and other factors, many of which are outside the Company`s control. Factors that could cause actual results to differ materially from those in the forward-looking statements herein include general economic, business and financing conditions; weather conditions; competition; governmental actions; and other presently unknown or unforeseen factors. These uncertainties and factors could cause actual results to differ materially from such statements. Pepco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results and prospects of Pepco.

For Detailed Summary of Earnings, Quarterly and Year-to-Date Results, and Charts click here.

Point of Contact:
Robert Dobkin

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