UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): January 8,
2010
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PEPCO
HOLDINGS, INC.
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(Exact
name of registrant as specified in its
charter)
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Delaware
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001-31403
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52-2297449
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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701
Ninth Street, N.W., Washington, DC
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20068
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code
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(202)
872-3526
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Not
Applicable
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(Former
name or former address, if changed since last
report.)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Pepco
Holdings, Inc.
Form
8-K
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Item
8.01
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Other
Events
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On January 8, 2010, Pepco Holdings,
Inc. (“PHI”), on behalf of its subsidiaries, Potomac Electric Power Company
(“Pepco”) and Delmarva Power & Light Company (“DPL”) (Pepco and DPL are
referred to herein as “the Applicants”), filed a request with the Maryland
Public Service Commission (“MDPSC”) to suspend the procedural schedule until
June 2010 in the Applicants’ pending proceeding before the MDPSC for approval of
the Mid-Atlantic Power Pathway (“MAPP”), a 150-mile 500 kilovolt interstate
transmission project to be constructed from the Possum Point substation in
northern Virginia, to the Indian River substation on the Delaware
Peninsula.
The Applicants’ request to suspend the
procedural schedule until June 2010 is based on recent developments with regard
to another planned high voltage interstate transmission project, the
Potomac-Appalachian Transmission Highline (“PATH”), where a number of
sensitivity analyses performed by PJM Interconnection, LLC (“PJM”), the regional
grid operator, determined that the PATH project may not be needed in 2014 to
address North American Electric Reliability Corporation reliability standards,
and that PJM would re-evaluate this issue in additional studies to be completed
in June 2010.
PJM has scheduled an in-service date of
2014 for MAPP. However, studies conducted by PJM
for MAPP, to date, rely on the assumption that the PATH transmission line would
be in service in 2014. The possible change in this underlying
assumption necessitates that a full and comprehensive analysis be performed by
PJM and the Applicants to determine the impact on MAPP, and it is anticipated
that these studies will be completed by PJM by June 2010. For these
reasons, the Applicants have requested suspension of the current procedural
schedule, under which evidentiary hearings to determine the need for the line
were scheduled to begin on March 1, 2010, and have also requested that a revised
procedural schedule be established in June 2010.
The 2010 capital expenditures for the
Power Delivery segment related to MAPP, as presented in PHI’s Form 10-Q for the
quarter ended September 30, 2009, are $136 million. Based on the
request to suspend the procedural schedule discussed above, PHI now expects the
2010 capital expenditures related to MAPP to be $24 million. Of this
amount, $8 million is attributable to Pepco and $16 million is attributable to
DPL. The total capital expenditures incurred through 2009 for MAPP
are approximately $36 million, including approximately $30 million incurred in
2009 (of which $22 million was incurred by Pepco and $8 million was incurred by
DPL). The order received by the Applicants from the Federal Energy
Regulatory Commission dated October 31, 2008, allows for recovery of
construction work in progress. The total cost of MAPP remains an
estimated $1.2 billion.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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PEPCO
HOLDINGS, INC.
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(Registrant)
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Date:
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January
8, 2010
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/s/
A. J. KAMERICK
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Name: Anthony
J. Kamerick
Title: Senior
Vice President and
Chief
Financial Officer
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