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For Immediate Release

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Pepco Declares Dividend and Reports Earnings; Milder Weather Affects First Quarter Results

For Immediate Release
April 25, 2002

Potomac Electric Power Company (NYSE: POM) today reported consolidated earnings for the quarter ended March 31, 2002, of $23.3 million, or 22 cents per share, on operating revenues of $499.2 million. For the comparable period in 2001, consolidated earnings were $63.7 million, or 58 cents per share, on operating revenues of $611 million. Last year`s quarterly earnings included a one-time, after-tax gain of $22.4 million, or 20 cents per share, primarily as a result of the sale of the company`s share in a Pennsylvania generating plant.

Earnings for the 2002 quarter include 16 cents from utility operations and a 6-cent-per-share contribution from the utility`s wholly owned subsidiary, POM Holdings, Inc. For the same quarter last year, Pepco`s earnings included 37 cents per share from utility operations (excluding the 20-cent divestiture gain) and a 1-cent-per-share contribution from POM Holdings. Potomac Capital Investment Corporation (PCI) and Pepco Energy Services (PES) are wholly owned subsidiaries of POM Holdings.

The decrease in utility earnings per share during the 2002 period was primarily attributable to lower revenue and sales due to milder weather, lower earnings on generation divestiture proceeds and increased customer migration to alternative suppliers. With normalized sales, utility earnings per share would have been approximately 7 cents higher.

Dividend Declared
Pepco`s Board of Directors today declared a dividend on common stock of 25 cents per share payable June 28, 2002, to shareholders of record on June 10, 2002. Dividends on preferred stock were declared payable June 1, 2002, to shareholders of record on May 6, 2002.

Conference Call for Investors
Pepco will host a conference call to discuss first-quarter results on Friday, April 26, at 9 a.m. EDT. Individual investors, members of the news media and other interested parties may access the conference call "live" on the Internet at www.pepco.com or by telephone at (212) 676-5215. A taped replay of the conference call will be available at 11 a.m. EDT and will remain available through 11 a.m. on May 3. To hear it, call (800) 633-8284 or (858) 812-6440 and enter access code 20514296. An audio archive also will be available on Pepco`s website.

About Pepco
Pepco is an investor-owned utility that delivers electricity in Washington, D.C., and the Maryland suburbs to more than 700,000 customers. Through its family of subsidiaries, Pepco also operates in the mid-Atlantic region in the competitive arenas of diversified energy products and services and telecommunications.

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:
Charles Taylor

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