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For Immediate Release

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Pepco Proposes $48 Million Customer Credit to Complete Settlement Agreement

Pepco has asked the District of Columbia and Maryland Public Service Commissions for approval to distribute $48 million in bill credits to its 750,000 customers as a result of an earlier legal settlement with Mirant Corp., the company that purchased Pepco's power plants in 2000. This equates to $23 million for District customers and $25.1 million for Maryland customers.

If approved, the typical residential customer in Maryland would receive a one-time bill credit of $20. A typical residential customer in the District would receive a $16 credit.

In filings Friday with both commissions, Pepco also sought permission to fund a special account with money from the Mirant settlement to pay the above market cost of a power-purchase agreement that runs until 2021.

In 2001, Pepco customers were credited with a share of the profits from the sale of its power plants. The additional $48 million proposed credit is based on the same divestiture sharing formula originally approved.

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Pepco, a subsidiary of Pepco Holdings, Inc. (NYSE: POM), delivers safe, reliable and affordable electric service to more than 750,000 customers in Maryland and the District of Columbia.

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