UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                   Three year period ending December 31, 2005
                     FORM U-12 (I)-B (THREE-YEAR STATEMENT)


        Statement Pursuant to Section 12(i) of the Public Utility Holding
        Company Act of 1935 by a Person Regularly Employed or Retained by a
        Registered Holding Company or a Subsidiary Thereof and Whose Employment
        Contemplates Only Routine Expenses as Specified in Rule 71(b).

(To be filed in DUPLICATE. If acknowledgement is desired, file in triplicate).

1.  Name and business address of person filing statement.

    Michael Ratchford
    Pepco Holdings, Inc.
    701 Ninth Street, N.W.
    Washington, D.C. 20068

2.  Names and business addresses of any persons through whom the undersigned
proposes to act in matters included within the exemption provided by paragraph
(b) of Rule U-71.

    Not Applicable

3.  Registered holding companies and subsidiary companies by which the
undersigned is regularly employed or retained.

    Pepco Holdings, Inc. and its subsidiaries

4.  Position or relationship in which the undersigned is employed or retained
by each of the companies named in item 3, and brief description of nature of
services to be rendered in each such position or relationship.

    Pepco Holdings, Inc., VP, Federal Affairs; Responsible for monitoring
    and tracking legislation, policy development, relationship
    building, and making recommendations.

5. a) Compensation received during the current year and estimated to be received
over the next two calendar years by the undersigned or others, directly or
indirectly, for services rendered by the undersigned, from each of the companies
designated in item 3. (Use column (a) as supplementary statement only.)

                        Salary or other
                        compensations
                        ---------------
                        Received to be               Person or company from whom
Name of Recipient       (a)            (b)           received or to be received
--------------------------------------------------------------------------------
Michael Ratchford       N/A         $156,000         Pepco Holdings, Inc. and
                                                     its subsidiaries
(b) Basis for compensation if other than salary.

    Not Applicable

6.  (To be answered in supplementary statement only. See instructions.) Expenses
incurred by the undersigned or any person named in item 2, above, during the
calendar year in connection with the activities described in item 4, above, and
the source of reimbursement for same.

    (a) Total amount of routine expenses charged to client: Not Applicable
    (b) Itemized list of all other expenses: Not Applicable

Date: March 13, 2003

Signed:  /s/Michael Ratchford
            Michael Ratchford