As Filed with the Securities
and Exchange Commission
on May 26, 2005

U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-9C-3


QUARTERLY REPORT PURSUANT TO RULE 58 OF
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935

For the quarterly period ended March 31, 2005


Pepco Holdings, Inc.
Conectiv
(Name of Registered Holding Companies)

701 Ninth Street, N.W.
Washington, DC 20068
(Address of Principal Executives Offices)


Inquiries concerning this Form U-9C-3 may
be directed to:

Anthony J. Kamerick
Vice President and Treasurer
Pepco Holdings, Inc.
701 Ninth Street, N.W.
Washington, DC 20068
(202) 872-2056
 




_____________________________________________________________________________

Pepco Holdings, Inc.
FORM U-9C-3
For the Quarter Ended March 31, 2005


Table of Contents
 

Page

Item 1. Organization Chart

1

Item 2. Issuance and Renewals of Securities and Capital Contributions

2

Item 3. Associated Transactions

3

Item 4. Summary of Aggregate Investment

5

Item 5. Other Investments

5

Item 6. Financial Statements and Exhibits

5

SIGNATURE

6














_____________________________________________________________________________

Item 1. - ORGANIZATION CHART




Name of Reporting Company


Energy or Gas
Related
Company



State of
Organization



Date of
Organization

% of
Voting
Securities
Held

Pepco Holdings, Inc.

        

  Microcell Corporation

Energy related

NC

1/3/00

14.4

  Pepco Energy Services, Inc.

Energy related

DE

3/7/95

100

   Trigen-Pepco Energy Services, LLC

Energy related

DC

12/15/00

50

   Pepco Government Services LLC

Energy related

DE

9/30/99

100

   Distributed Generation Partners, LLC

Energy related

DE

10/15/03

50

   Eastern Landfill Gas, LLC

Energy related

DE

9/2/04

75

   Blue Ridge Renewable Energy, LLC

Energy related

DE

9/3/04

75

   Conectiv Thermal Systems, Inc.

Energy related

DE

5/5/94

100

     ATS Operating Services, Inc.

Energy related

DE

3/31/95

100

     Atlantic Jersey Thermal Systems, Inc

Energy related

DE

5/10/94

100

     Thermal Energy L.P. I

Energy related

DE

7/21/95

100

   Pepco Building Services, Inc.

Energy related

DE

12/7/98

100

     MET Electrical Testing Company, Inc

Energy related

DE

12/7/98

100

     Seaboard Mechanical Services, Inc.

Energy related

DE

6/27/01

100

     Engineered Services, Inc.

Energy related

DE

11/27/00

100

     Unitemp, Inc.

Energy related

DE

5/31/01

100

 Conectiv

        

    Conectiv Energy Holding Company

        

     Conectiv Energy Supply, Inc.

Energy related

DE

7/3/75

100

     Delaware Operating Services Company

Energy related

DE

12/19/02

100

     PHI Operating Services Company

Energy related

DE

12/19/02

100

    Atlantic Generation, Inc.

Energy related

DE

10/9/86

100

     Vineland Limited, Inc.

Energy related

DE

8/24/90

100

       Vineland Cogen. Limited Partnership

Energy related

DE

9/27/90

50

     Vineland General, Inc.

Energy related

DE

8/24/90

100

     Pedrick Gen, Inc.

Energy related

DE

7/28/89

100

     Binghamton Limited, Inc.

Energy related

DE

5/2/90

100

     Binghamton General, Inc.

Energy related

DE

5/2/90

100

    Conectiv Solutions LLC

        

     ATE Investment, Inc.

        

       King Street Assurance Ltd.

        

         Enertech Capital Partners, LP

Energy related

DE

8/9/96

94

         Enertech Capital Partners II, LP

Energy related

DE

4/14/00

11

    Conectiv Properties and Investments, Inc.

        

     DCTC-Burney, Inc.

Energy related

DE

6/26/87

100

     Forest Products, L.P.

Energy related

DE

10/5/89

1

     Burney Forest Products, a Joint Venture

Energy related

CA

n/a

44.44







1

_____________________________________________________________________________

Item 2. - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS

ISSUANCES AND RENEWALS OF SECURITIES




Company Issuing
Security



Company To
Whom Security
Was Issued



Type of
Security
Issued




Issue or
Renewal


Amount of
Securities
During
Period ($)



Interest
Rate
(%)



Cumulative
Amount of
Securities ($)

Delaware
Operating Services
Company

Conectiv Energy
Holding Company

Short-Term
Note

N/A

*

*

*

PHI Operating
Services Company

Conectiv Energy
Holding Company

Short-Term
Note

N/A

*

*

*

Pepco Energy
Services, Inc.

PHI Service
Company, Agent

Money Pool
Advance

N/A

*

*

*

Note: PHI Service Company serves as agent for the PHI System Money Pool.


CAPITAL CONTRIBUTIONS:

None.

* Confidential Treatment Requested












2

_____________________________________________________________________________

Item 3. - ASSOCIATED TRANSACTIONS

Part I. - Transactions performed by reporting companies on behalf of associate companies.

Reporting Company
Rendering Services

Associate Company
Receiving Services

Types of Services
Rendered

Direct Costs
Charged ($)

Indirect Costs
Charged ($)

Total Amount
Billed ($)

Conectiv Energy
Supply, Inc.

Conectiv Atlantic
Generation, L.L.C.

Fuel

*

  

*

Conectiv Energy
Supply, Inc.

Delmarva Power &
Light Company

Power, Capacity
and Ancillary
Services

*

  

*

Conectiv Energy
Supply, Inc.

Delmarva Power &
Light Company

PJM
Reimbursement

*

  

*

Conectiv Energy
Supply, Inc.

Delmarva Power &
Light Company

Transo Imbalance
Gas

*

  

*

Conectiv Energy
Supply, Inc.

Delmarva Power &
Light Company

Power - MD SOS

*

  

*

Conectiv Energy
Supply, Inc.

Delmarva Power &
Light Company

Conowingo
Contract
Amortization

*

  

*

Conectiv Energy
Supply, Inc.

Pepco Energy Services,
Inc.

Gas

*

  

*

Pepco Energy Services,
Inc.

Conectiv Energy
Supply, Inc.

Gas

*

  

*

Conectiv Energy
Supply, Inc.

Pepco Energy Services,
Inc.

Capacity

*

  

*

PHI Operating Services
Company

Conectiv Bethlehem,
LLC

Operations and
Maintenance

*

  

*

Pepco Energy Services,
Inc.

Potomac Power
Resources LLC

Asset
Management
Services

*

  

*

Conectiv Energy
Supply, Inc.

Potomac Power
Resources LLC

Dispatch Services

*

  

*

Fauquier Landfill Gas,
LLC

Pepco Energy Services,
Inc.

Energy and
Energy Credits

*

  

*

MET Electrical Testing
Company, Inc.

Delmarva Power &
Light Company

Maintenance

*

  

*

Unitemp, Inc.

Pepco Energy Services,
Inc.

Maintenance

*

  

*

MET Electrical Testing
Company

Rolling Hills Landfill
Gas, LLC

Maintenance

*

  

*

Unitemp, Inc.

Pepco Government
Services, LLC

Maintenance

*

  

*

* Confidential Treatment Requested



3

_____________________________________________________________________________

Part II - Transactions performed by associate companies on behalf of reporting companies.

Associate Company
Rendering Services

Reporting Company
Receiving Services

Types of Services
Rendered

Direct Costs
Charged ($)

Indirect Costs
Charged ($)

Total Amount
Billed ($)

Conectiv Delmarva
Generation, Inc.

Conectiv Energy
Supply, Inc.

Electric Energy,
Capacity and
Ancillary Services

*

  

*

Conectiv Delmarva
Generation, Inc.

Conectiv Energy
Supply, Inc.

Steam

*

  

*

Conectiv Atlantic
Generation, L.L.C.

Conectiv Energy
Supply, Inc.

Electric Energy,
Capacity and
Ancillary Services

*

  

*

Conectiv Bethlehem,
LLC

Conectiv Energy
Supply, Inc.

Electric Energy,
Capacity and
Ancillary Services

*

  

*

Atlantic City Electric
Company

Conectiv Energy
Supply, Inc.

Power

*

  

*

Delmarva Power &
Light Company

Conectiv Energy
Supply, Inc.

Tetco Contract
Amortization

*

  

*

Potomac Power
Resources LLC

Pepco Energy Services,
Inc.

Electric Energy,
Capacity and
Ancillary Services

*

  

*

Note: PHI Service Company, the service company for the PHI System, provides services to various reporting companies. Such information is reported on the annual Form U-13-60.

* Confidential Treatment Requested











4

_____________________________________________________________________________

Item 4. - SUMMARY OF AGGREGATE INVESTMENT

Investments in energy-related companies (in millions):

Total consolidated capitalization as of March 31, 2005

$9,189.9

      Line 1

Total capitalization multiplied by 15%
                (Line 1 multiplied by 0.15)


1,378.5


      Line 2

Greater of $50 million or line 2

$1,378.5

      Line 3

Total current aggregate investment:
(categorized by major line of energy-related business)
Energy-related business Category - Rule 58(b)(1)(i)
Energy-related business Category - Rule 58(b)(1)(ii)
Energy-related business Category - Rule 58(b)(1)(iv)
Energy-related business Category - Rule 58(b)(1)(v)
Energy-related business Category - Rule 58(b)(1)(vi)
Energy-related business Category - Rule 58(b)(1)(vii)
Energy-related business Category - Rule 58(b)(1)(viii)



$*
*
*
*
*
*
*

  

Total current aggregate investment

$*


      Line 4

Difference between the greater of $50 million or 15% of
Capitalization and the total aggregate investment of the
registered holding company system (line 3 less line 4)




$*




      Line 5

* Confidential Treatment Requested

Investments in gas-related companies:

NONE

Item 5. - OTHER INVESTMENTS

Prior to the registration of Pepco Holdings, Inc. as a registered holding company on August 1, 2002, Potomac Electric Power Company and its subsidiaries had investments of approximately $140.4 million in "energy-related companies." Such amount is excluded from the calculations in Item 4 above.

Item 6. - FINANCIAL STATEMENTS AND EXHIBITS

A.

Financial Statements:
 

FS-1

Financial statements of Pepco Holdings, Inc. (incorporated by reference to the filing by Pepco Holdings, Inc. on Form 10-Q for the period ended March 31, 2005)
 

FS-2

Financial statements of Pepco Energy Services, Inc. and Subsidiaries (confidential treatment requested)
 

FS-3

Financial statements of Conectiv Energy Supply, Inc. and Subsidiary (confidential treatment requested)
 

FS-4

Financial statements of Atlantic Generation, Inc. and Subsidiaries (confidential treatment requested)
 

FS-5

Financial statements of Conectiv Thermal Systems, Inc. and Subsidiaries (confidential treatment requested)
 

FS-6

Financial statements of DCTC-Burney, Inc. (confidential treatment requested)
 

FS-7

Financial statements of Delaware Operating Services Company (confidential treatment requested)
 

FS-8

Financial statements of PHI Operating Services Company (confidential treatment requested)

B.

Exhibits:
 

B-2.

Certificate of Pepco Holdings, Inc.


5

_____________________________________________________________________________

SIGNATURE

The undersigned registered holding company has duly caused this quarterly report to be signed on its behalf by the undersigned officer thereunto duly authorized pursuant to the requirements of the Public Utility Holding Company Act of 1935.
 

PEPCO HOLDINGS, INC.



By:  Karen G. Almquist
       Karen G. Almquist
       Assistant Treasurer & Assistant Secretary

May 26, 2005

  



















6

_____________________________________________________________________________

Exhibit B-2

Certificate

I hereby certify that the Form U-9C-3 for Pepco Holdings, Inc. for the previous quarter has been provided to the state commissions listed below:

Delaware Public Service Commission
861 Silver Lake Boulevard
Cannon Building, Suite 100
Dover, DE 19904

Maryland Public Service Commission
6 St. Paul Centre, 16th Floor
Baltimore, MD 21202

Virginia State Corporation Commission
1300 E. Main Street
Tyler Building
Richmond, VA 23219

New Jersey Board of Public Utilities
Two Gateway Center
Newark, NJ 07102

Public Service Commission of the District of Columbia
2nd Floor - West Tower
1333 H Street, N.W.
Washington, DC 20005
 

PEPCO HOLDINGS, INC.




By:  Karen G. Almquist
Karen G. Almquist
Assistant Treasurer & Assistant Secretary

Date: May 26, 2005

  










7

_____________________________________________________________________________