For Immediate Release
Washington - For the first quarter of 2011, Pepco made $97 million in capital improvements to its electric system, compared to $65 million for the comparable period in 2010. The increase in investment was primarily due to higher spending for distribution reliability and transmission infrastructure. Also during the first quarter of 2011, Pepco spent $102 million for operations and maintenance of the electric system, compared to $88 million in the first quarter of 2010. The increase in spending was primarily due to emergency restoration costs incurred during severe storms in the first quarter of 2011, higher costs from trimming more trees, and increased spending on corrective and preventive maintenance of the electric system.
"Pepco's investment in infrastructure in the first quarter of this year increased by $32 million versus the same quarter last year, reflecting our commitment to implementing the company's Reliability Enhancement Plan," said Anthony J. Kamerick, Pepco Holdings, Inc. Senior Vice President and Chief Financial Officer. "These funds were associated with new equipment, advanced technology and other assets that will help the system operate more effectively and reliably while offering customers additional tools to help them monitor, control and reduce their energy usage." Kamerick added, "Implementing reliability improvements to Pepco's electric distribution system is Pepco's number one priority."
Pepco is a wholly owned subsidiary of PHI, which is a shareholder-owned public utility holding company. PHI's financial results are derived primarily from the operating results of its wholly owned subsidiaries: Pepco, Atlantic City Electric, Delmarva Power and Pepco Energy Services. Financial information for PHI and each of its operating utilities, including Pepco, can be found in their respective Forms 10-Q for the quarter ended March 31, 2011, as filed with the Securities and Exchange Commission. The Forms 10-Q are also available at www.pepcoholdings.com/investors .
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Pepco, a subsidiary of Pepco Holdings, Inc. (NYSE: POM), delivers safe, reliable and affordable electric service to more than 789,000 customers in Maryland and the District of Columbia . Pepco Holdings, Inc. is one of the largest energy delivery companies in the Mid-Atlantic region, serving about 1.9 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. PHI provides energy efficiency and renewable energy services through Pepco Energy Services.