Sign in

POM on NYSE

Pepco Holdings, Inc.

Logo: Pepco Holdings, Inc., Public domain, via Wikimedia Commons5

Defunct American corporation

Pepco Holdings was a holding company incorporated in February 2001 for the purpose of effecting the acquisition of Conectiv Power Delivery by Potomac Electric Power Company (better known as "Pepco"). The acquisition was completed on August 1, 2002, at which time Pepco and Conectiv became wholly owned subsidiaries of PHI. Conectiv itself had been formed in 1998 to be the holding company of Delmarva Power & Light Company (DPL, better known as "Delmarva Power") and Atlantic City Electric Company (ACE) in connection with the combination of DPL and ACE.3 Its shares trade on NYSE under the symbol POM.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

Feb 9, 2001Founded1

Compare with another stock.

  • TickerPOM on NYSE1
  • Industryenergy supply1
  • HeadquartersWashington, D.C.1
  • Websitewww.pepcoholdings.com
  • Legal formlimited liability company1
  • LEI0IYTXJPU5BH89F2Z1F314
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATE CREATIONS NETWORK INC., 19803 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 33548754

See how the biggest companies compare on our leaderboards

Pepco Holdings was a holding company incorporated in February 2001 for the purpose of effecting the acquisition of Conectiv Power Delivery by Potomac Electric Power Company (better known as "Pepco"). The acquisition was completed on August 1, 2002, at which time Pepco and Conectiv became wholly owned subsidiaries of PHI. Conectiv itself had been formed in 1998 to be the holding company of Delmarva Power & Light Company (DPL, better known as "Delmarva Power") and Atlantic City Electric Company (ACE) in connection with the combination of DPL and ACE. In 2005, PHI resumed the use of the Delmarva Power and ACE brands for purposes of operations, with the result that Conectiv Energy was the only remaining Conectiv brand and was restricted for PHI's energy production facilities. Operations of the various companies controlled by Pepco Holdings take place in the Mid-Atlantic states of the United States. Pepco serves Washington, D.C., and its Maryland suburbs, Delmarva Power serves the Delaware and Maryland portions of the Delmarva Peninsula, and Atlantic City Electric serves South Jersey. In 2008, Delmarva Power sold its service area in the Virginia portion of the peninsula to A&N Electric Cooperative and Old Dominion Electric Cooperative for US$44 million. In April 2010, Conectiv Energy was sold to Calpine Corporation.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2015

13.4%Operating margin8
6.5%Net margin8
3.0%Revenue growth, 20158
7.4%Return on equity8
1.06×Debt to equity8
-$291.0MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2015

  • Other costs85¢$4.3B
  • Interest6¢$280.0M
  • Income tax3¢$129.0M
  • Profit7¢$327.0M

Out of $5.0B in revenue.8

Where each dollar of operating cash went, fiscal 2015

  • Capital spending82¢$1.2B
  • Dividends paid18¢$275.0M

Out of $939.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue8$5.0B in 2015+3% since 2014
0$2.0B$4.0B$6.0B2014: $4.9B$4.9B20142015: $5.0B$5.0B2015+3%
Operating income8$673.0M in 2015+11% since 2014
0$200.0M$400.0M$600.0M$800.0M2014: $604.0M$604.0M20142015: $673.0M$673.0M2015+11%
Net income8$327.0M in 2015+35% since 2014
0$100.0M$200.0M$300.0M$400.0M2014: $242.0M$242.0M20142015: $327.0M$327.0M2015+35%
Fiscal year20142015
Revenue$4.9B8$5.0B8
Operating income$604.0M8$673.0M8
Interest$268.0M8$280.0M8
Income tax$138.0M8$129.0M8
Net income$242.0M8$327.0M8
Earnings per share$0.968$1.298
Earnings per share (diluted)$0.968$1.298

Compare Pepco Holdings, Inc. with another company

Corporate structure

Pepco Holdings, Inc. is part of a group headed by Exelon. 66 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Exelon Chicago, Illinois, United States
    • Commonwealth Edison Chicago, Illinois, United States
      • Commonwealth Subsidiary Corporation Subsidiary · United States
    • PECO Energy Company Philadelphia, Pennsylvania, United States
    • Pepco Holdings, Inc. Washington, the District of Columbia, United States
      • AMP Funding, L.L.C. Subsidiary · Delaware, United States
      • Atlantic City Electric Company Subsidiary · New Jersey, United States
      • Atlantic City Electric Transition Funding LLC Subsidiary · Delaware, United States
      • Atlantic Generation, Inc. Subsidiary · New Jersey, United States
      • Atlantic Southern Properties, Inc. Subsidiary · New Jersey, United States
      • ATNP Finance Company Subsidiary · Delaware, United States
      • Clean Jobs for Pennsylvania, LLC Subsidiary · Delaware, United States
      • ComEd Financing III Subsidiary · Delaware, United States
      • Commonwealth Edison Company of Indiana, Inc. Subsidiary · Indiana, United States
      • Conectiv Communications, Inc. Subsidiary · Delaware, United States
      • Conectiv Energy Supply, Inc. Subsidiary · Delaware, United States
      • Conectiv Properties and Investments, Inc. Subsidiary · Delaware, United States
      • Conectiv Solutions LLC Subsidiary · Delaware, United States
      • Conectiv, LLC Subsidiary · Delaware, United States
      • Data Center Enterprise, LLC Subsidiary · Delaware, United States
      • Delaware Operating Services Company, LLC Subsidiary · Delaware, United States
      • E&W Development Corporation Subsidiary · Florida, United States
      • EdiSun, LLC Subsidiary · Delaware, United States
      • ETT Canada, Inc. Subsidiary · New Brunswick, Canada
      • Ex-FM, Inc. Subsidiary · New York, United States
      • Ex-FME, Inc. Subsidiary · Delaware, United States
      • Exelon Business Services Company, LLC Subsidiary · Delaware, United States
      • Exelon Energy Delivery Company, LLC Subsidiary · Delaware, United States
      • Exelon Enterprises Company, LLC Subsidiary · Pennsylvania, United States
      • Exelon Genesis, LLC Subsidiary · Delaware, United States
      • and 32 more
    • Delmarva Power Subsidiary · Wilmington
    • Potomac Electric Power Company Subsidiary · Washington, the District of Columbia, United States
    • BALTIMORE GAS AND ELECTRIC COMPANY Subsidiary · Baltimore, Maryland, United States
    • DELMARVA POWER & LIGHT COMPANY Subsidiary · Newark, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.

What it owns

What Pepco Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$16.2B8 Dec 31, 2015$15.5B8 Dec 31, 2014+4.9%
Accumulated depreciation$4.9B8 Dec 31, 2015$5.0B8 Dec 31, 2014−0.9%
Property and equipment, net$11.3B8 Dec 31, 2015$10.5B8 Dec 31, 2014+7.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$25.0M8 Dec 31, 2015$14.0M8 Dec 31, 2014+78.6%
Stakes in other companies (equity method)$4.6B8 Dec 31, 2015$4.3B8 Dec 31, 2014+8.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.4B8 Dec 31, 2015$1.4B8 Dec 31, 2014−0.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$141.0M8 Dec 31, 2015$141.0M8 Dec 31, 20140%

Properties, in its own words

The Utility Registrants

The Utility Registrants' electric substations and a portion of their transmission rights are located on property that they own. A significant portion of their electric transmission and distribution facilities are located above or underneath highways, streets, other public places, or property that others own. The Utility Registrants believe that they have satisfactory rights to use those places or property in the form of permits, grants, easements, licenses, and franchise rights; however, they have not necessarily undertaken to examine the underlying title to the land upon which the rights rest.

The rest of Item 2

Transmission and Distribution

The Utility Registrants’ high voltage electric transmission lines owned and in service as of December 31, 2025 were as follows:

Voltage · Circuit Miles

(Volts) · ComEd · PECO · BGE · Pepco · DPL · ACE

765,000 · 90 · — · — · — · — · —

500,000(a) · — · 191 · 216 · 109 · 16 · —

345,000 · 2,678 · — · — · — · — · —

230,000 · — · 550 · 352 · 794 · 472 · 259

138,000 · 2,268 · 135 · 55 · 61 · 587 · 215

115,000 · — · — · 700 · 26 · — · —

69,000 · — · 178 · — · — · 570 · 675

(a)In addition, PECO, DPL, and ACE have an ownership interest located in Delaware and New Jersey. See Note 7 — Jointly Owned Electric Utility Plant of the Combined Notes to the Consolidated Financial Statements for additional information.

The Utility Registrants' electric distribution system includes the following number of circuit miles of overhead and underground lines as of December 31, 2025:

Circuit Miles · ComEd · PECO · BGE · Pepco · DPL · ACE

Overhead · 35,349 · 12,972 · 9,101 · 4,172 · 6,014 · 7,349

Underground · 33,180 · 9,898 · 18,262 · 7,412 · 6,715 · 3,149

Gas

The following table presents PECO’s, BGE’s, and DPL’s natural gas pipeline miles as of December 31, 2025.

PECO · BGE · DPL

Transmission(a) · 6 · 146 · 8

Distribution · 7,349 · 7,651 · 2,183

Service piping · 6,590 · 6,556 · 1,502

Total · 13,945 · 14,353 · 3,693

(a)DPL has a 10% undivided interest in approximately 8 miles of natural gas transmission mains located in Delaware, which are used by DPL for its natural gas operations and by 90% owner for distribution of natural gas to its electric generating facilities.

The following table presents PECO’s, BGE’s, and DPL’s natural gas facilities as of December 31, 2025.

Registrant · Facility · Location · Storage Capacity(mmcf) · Send-out or Peaking Capacity(mmcf/day)

PECO · LNG Facility · West Conshohocken, PA · 1,200 · 195

PECO · Propane Air Plant · Chester, PA · 105 · 25

BGE · LNG Facility · Baltimore, MD · 1,056 · 332

BGE · Propane Air Plant · Baltimore, MD · 550 · 85

DPL · LNG Facility · Wilmington, DE · 250 · 60

PECO, BGE, and DPL also own 30, 27, and 10 natural gas city gate stations and direct pipeline customer delivery points at various locations throughout their gas service territory, respectively.

First Mortgage and Insurance

The principal properties of ComEd, PECO, Pepco, DPL, and ACE are subject to the lien of their respective mortgages under which their respective First Mortgage Bonds are issued. See Note 14 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information.

The Utility Registrants maintain property insurance against loss or damage to their properties by fire or other perils, subject to certain exceptions. For their insured losses, the Utility Registrants are self-insured to the extent that any losses are within the policy deductible or exceed the amount of insurance maintained. Any such losses could have a material adverse effect in the consolidated financial condition or results of operations of the Utility Registrants.

Security Measures

The Registrants have initiated and work to maintain security measures. On a continuing basis, the Registrants evaluate enhanced security measures at certain critical locations, enhanced response and recovery plans, long-term design changes, and redundancy measures. Additionally, the energy industry has strategic relationships with governmental authorities to ensure that emergency plans are in place and critical infrastructure vulnerabilities are addressed in order to maintain the reliability of the country’s energy systems.

Item 2 of the 10-K filed Feb 12, 2026.9

Leadership

Who has led Pepco Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dennis R. Wraase2006–2009
  2. David M. Velazquez2009
  3. Joseph M. Rigby2009–2016
  4. Gary J. Morsches2009–2010
  5. John U. Huffman2010–2016

Chair

  1. Dennis R. Wraase2006–2009
  2. Joseph M. Rigby2010–2016

President

  1. Dennis R. Wraase2006–2008
  2. David M. Velazquez2006–2009
  3. John U. Huffman2007–2016
  4. Joseph M. Rigby2009–2016
  5. Gary J. Morsches2009–2010

Chief financial officer

  1. Joseph M. Rigby2006–2007
  2. Paul H. Barry2007–2009
  3. Anthony J. Kamerick2009–2012
  4. Frederick J. Boyle2012–2016

Chief operating officer

  1. Thomas S. Shaw2006–2007
  2. John U. Huffman2006–2009
  3. Joseph M. Rigby2008–2009
20052010201520202025
Board members and other officers (34)

Subsidiaries and ownership

Ultimate parent

Subsidiaries (Exhibit 21)

  • AMP Funding, L.L.C. Delaware6
  • ATNP Finance Company Delaware6
  • Atlantic City Electric Company New Jersey6
  • Atlantic City Electric Transition Funding LLC Delaware6
  • Atlantic Generation, Inc. New Jersey6
  • Atlantic Southern Properties, Inc. New Jersey6
  • Baltimore Gas and Electric Company Maryland6
  • Clean Jobs for Pennsylvania, LLC Delaware6
  • ComEd Financing III Delaware6
  • Commonwealth Edison Company Illinois6
  • Commonwealth Edison Company of Indiana, Inc. Indiana6
  • Conectiv Communications, Inc. Delaware6
  • Conectiv Energy Supply, Inc. Delaware6
  • Conectiv Properties and Investments, Inc. Delaware6
  • Conectiv Solutions LLC Delaware6
  • Conectiv, LLC Delaware6
  • Data Center Enterprise, LLC Delaware6
  • Delaware Operating Services Company, LLC Delaware6
  • E&W Development Corporation Florida6
  • ETT Canada, Inc. New Brunswick6
  • EdiSun, LLC Delaware6
  • Ex-FM, Inc. New York6
  • Ex-FME, Inc. Delaware6
  • ExTel Corporation, LLC Delaware6
All 62 listed subsidiaries
  • Exelon Business Services Company, LLC Delaware6
  • Exelon Energy Delivery Company, LLC Delaware6
  • Exelon Enterprises Company, LLC Pennsylvania6
  • Exelon Genesis, LLC Delaware6
  • Exelon InQB8R, LLC Delaware6
  • Exelon Mechanical, LLC Delaware6
  • Exelon Microgrid, LLC Delaware6
  • Exelon Transmission Company, LLC Delaware6
  • Exelorate Enterprises, LLC Delaware6
  • F & M Holdings Company, L.L.C. Delaware6
  • Millennium Account Services, LLC Delaware6
  • Northwind Thermal Technologies Canada Inc. New Brunswick6
  • PCI - BT Investing, L.L.C. Delaware6
  • PCI Air Management Corporation Nevada6
  • PCI Air Management Partners, L.L.C. Delaware6
  • PEC Financial Services, LLC Pennsylvania6
  • PECO Energy Capital Corp. Delaware6
  • PECO Energy Capital Trust III Delaware6
  • PECO Energy Capital Trust IV Delaware6
  • PECO Energy Capital, L.P. Delaware6
  • PECO Energy Company Pennsylvania6
  • PECO Wireless, LLC Delaware6
  • PH Holdco LLC Delaware6
  • PHI Service Company Delaware6
  • Pepco Holdings LLC Delaware6
  • Potomac Capital Investment Corporation Delaware6
  • Potomac Delaware Leasing Corporation Delaware6
  • Potomac Leasing Associates, L.P. Delaware6
  • RF HoldCo LLC Delaware6
  • RITELine Illinois, LLC Illinois6
  • RITELine Transmission Development, LLC Delaware6
  • Ramp Investments, L.L.C. Delaware6
  • Scherer Holdings 1, LLC Delaware6
  • Scherer Holdings 2, LLC Delaware6
  • Scherer Holdings 3, LLC Delaware6
  • UII, LLC Illinois6
  • Wansley Holdings 1, LLC Delaware6
  • Wansley Holdings 2, LLC Delaware6

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

  1. 2001Potomac Electric Power Company became a subsidiary1
  2. Succeeded by Exelon1

Exelon announced the proposed purchase of Pepco Holdings, Inc on April 30, 2014. The merger was rejected by the District of Columbia Public Service Commission in August 2015, though it was approved by other federal and state regulators. On March 23, 2016, the merger with Exelon was approved by the District of Columbia Public Service Commission, under a revised set of terms. The merger was completed on that same day.

From Wikipedia’s article on Pepco Holdings, shared under CC BY-SA 4.0.7

Timeline

  1. Jul 30, 20268-K Results of operations; Regulation FD disclosure59
  2. May 6, 20268-K Results of operations; Regulation FD disclosure60
  3. Apr 16, 20268-K Regulation FD disclosure; Other events61
  4. Feb 12, 20268-K Results of operations; Regulation FD disclosure62
  5. Nov 4, 20258-K Results of operations; Regulation FD disclosure63
  6. Jul 31, 20258-K Results of operations; Regulation FD disclosure64
  7. May 1, 20258-K Results of operations; Regulation FD disclosure65
  8. Feb 12, 20258-K Results of operations; Regulation FD disclosure66
  9. Oct 30, 20248-K Results of operations; Regulation FD disclosure67
  10. Aug 29, 20248-K Entered a material agreement68
  11. Aug 1, 20248-K Results of operations; Regulation FD disclosure69
  12. May 2, 20248-K Results of operations; Regulation FD disclosure70
  13. Mar 23, 2016Dissolved Dissolved1
  14. Jan 26, 2010New chief executive John U. Huffman becomes CEO10
  15. Mar 10, 2009New chief executive Gary J. Morsches becomes CEO13
  16. Mar 2, 2009New chief executive Joseph M. Rigby becomes CEO12
  17. Jan 6, 2009New chief executive David M. Velazquez becomes CEO11
  18. Jan 30, 2006New chief executive Dennis R. Wraase becomes CEO14
  19. Feb 9, 2001Founded Founded1

Calendar

Coming up

  1. Around Oct 23, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
  2. Oct 21, 2026Split Reverse split 1:3.71

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results59
  2. May 6, 2026Reported quarterly or annual results60
  3. Feb 12, 2026Reported quarterly or annual results62
  4. Nov 4, 2025Reported quarterly or annual results63
  5. Jul 31, 2025Reported quarterly or annual results64
  6. May 1, 2025Reported quarterly or annual results65
  7. Feb 12, 2025Reported quarterly or annual results66
  8. Oct 30, 2024Reported quarterly or annual results67

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

41 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 22 major events. The latest 20:

  1. Jul 30, 202610-Q EDGAR
  2. Jul 30, 20268-K EDGAR
  3. May 6, 202610-Q EDGAR
  4. May 6, 20268-K EDGAR
  5. Apr 16, 20268-K EDGAR
  6. Feb 12, 202610-K EDGAR
  7. Feb 12, 20268-K EDGAR
  8. Nov 4, 202510-Q EDGAR
  9. Nov 4, 20258-K EDGAR
  10. Jul 31, 202510-Q EDGAR
  11. Jul 31, 20258-K EDGAR
  12. May 1, 202510-Q EDGAR
  13. May 1, 20258-K EDGAR
  14. Feb 12, 202510-K EDGAR
  15. Feb 12, 20258-K EDGAR
  16. Oct 30, 202410-Q EDGAR
  17. Oct 30, 20248-K EDGAR
  18. Aug 29, 20248-K EDGAR
  19. Aug 1, 202410-Q EDGAR
  20. Aug 1, 20248-K EDGAR

The 41 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC21,273$30.8K0.0%New
UBS Group AG3,463$5.0K0.0%New
Caitong International Asset Management Co., Ltd893$1.3K0.0%New
Arax Advisory Partners722$1.0K0.0%New
Steward Partners Investment Advisory, LLC111$1610.0%New
Rhumbline Advisers41$600.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Pepco Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPEPCO HOLDINGS LLC2
  • CIK0001135971
  • Employer ID (EIN)23-29901909
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company9
  • Incorporated inPennsylvania9
  • Fiscal year endsDecember 312
  • Industry code (SIC)4931 Electric & Other Services Combined2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business addressSuite 1300, 701 Ninth Street, Nw, Washington, DC 200682
  • Phone202-872-20002
  • Shares outstanding1,022,892,585 shares; 127,021,422 Commonwealth Edison Co shares; 170,478,507 Peco Energy Co shares; 1,000 Baltimore Gas And Electric Company shares; 100 Potomac Electric Power Company shares; 1,000 Delmarva Powerand Light Company shares; 8,546,017 Atlantic City Electric Company shares as of Jan 31, 20269
  • Public float$43.8B as of Jun 30, 20259
  • AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting9
  • On EDGAR sinceMar 14, 20012
  • Filings1,835 in all: 4 (950), 8-K (348), 10-Q (76), DEFA14A (70), 11-K (29), 10-K (24), 3 (24), 4/A (24)2
    All 61 form types

    UPLOAD (23), SC 13G/A (22), 35-CERT (17), SC 13G (16), 424B5 (14), 5 (14), U-1/A (14), CORRESP (13), DEF 14A (13), U-6B-2 (13), U-9C-3 (13), 8-K/A (8), 424B2 (7), S-8 (7), S-8 POS (7), 10-K/A (6), U-1 (6), S-4/A (5), 10-Q/A (4), 11-KT (4), ARS (4), FWP (4), S-3 (4), S-3ASR (4), SE (4), 15-12G/A (3), NO ACT (3), U-12-IB (3), U-13-60 (3), U5S (3), 3/A (2), 424B3 (2), NT 11-K (2), S-3D (2), S-4 (2), U5B/A (2), 10-K405 (1), 15-12B (1), 15-12G (1), 25-NSE (1), 5/A (1), 8-A12B (1), 8-A12G (1), CERTNYS (1), DEFM14A (1), EFFECT (1), POS AM (1), PRE 14A (1), PREM14A (1), S-3DPOS (1), U5A (1), U5B (1), U5S/A (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Oct 28, 2015
    Latest 8-K (8-K) Jul 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, without par valueEXCThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).9

Risk factors and legal proceedings

The risks Pepco Holdings, Inc. names in Item 1A of its 10-K filed Feb 12, 2026: 28 risks under these headings, as written.9

  • Risks Related to Legislative, Regulatory, and Legal Factors
  • The Registrants' businesses are highly regulated and electric and gas revenue and earnings could be negatively affected by legislative and/or regulatory actions (All Registrants).
  • Changes in the Utility Registrants' respective terms and conditions of service, including their respective rates, along with adoption of new rate structures and constructs, or establishment of new rate cases, are subject to regulatory approval proceedings and/or negotiated settlements that are at times contentious, lengthy, and subject to appeal, which leads to uncertainty as to the ultimate result, and which could result in uncertainties in rate case outcomes, and/or introduce time delays in effectuating rate changes (All Registrants).
  • The Registrants could be subject to higher costs and/or penalties related to mandatory reliability standards, including the likely exposure of the Utility Registrants to the results of NERC compliance requirements (All Registrants).
  • The Registrants could incur substantial costs to fulfill their obligations related to environmental and other matters (All Registrants).
  • The Registrants could be negatively affected by federal and state RPS, energy conservation and GHG reduction legislation and regulation, and/or changing customer expectations, along with energy conservation by customers (All Registrants).
  • The Registrants could be negatively affected by challenges to tax positions taken, tax law changes, and the inherent difficulty in quantifying potential tax effects of business decisions. (All Registrants).
  • Legal proceedings could result in a negative outcome, which the Registrants cannot predict (All Registrants).
  • The Registrants could be subject to adverse publicity and reputational risks, which make them vulnerable to negative customer perception and could lead to increased regulatory oversight or other consequences (All Registrants).
  • Risks Related to Operational Factors
  • The Utility Registrants' operating costs are affected by their ability to maintain the availability and reliability of their delivery and operational systems (All Registrants).
  • The Registrants are subject to physical security and cybersecurity risks (All Registrants).
The other 18 risks
  • The Registrants’ electricity and natural gas operations are inherently hazardous and involve significant risks to employees, contractors, customers, and the general public (All Registrants).
  • Extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism or sabotage, cyberattacks or compromises, equipment or process failures, public health crises, or other significant events could negatively impact the Registrants' results of operations, ability to raise capital and future growth (All Registrants).
  • The Registrants are subject to risks associated with climate change (All Registrants).
  • The Registrants’ businesses are capital intensive, and their assets could require significant expenditures to maintain, are subject to operational failure and could be impacted by disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs which could result in potential liability (All Registrants).
  • Lack of sufficient generation and energy storage to meet actual or forecasted demand or disruptions at power generation facilities owned by third parties could interrupt transmission and distribution services, impair economic development, cause outages, and result in use limitations or affordability implications for customers. (All Registrants)
  • The Utility Registrants' respective ability to deliver electricity, their operating costs, and their capital expenditures could be negatively impacted by the insufficiency of generation or energy storage resources to meet demand, transmission congestion, and failures of neighboring transmission systems (All Registrants).
  • The Registrants' performance could be negatively affected if they fail to attract and retain an appropriately qualified workforce (All Registrants).
  • The Registrants’ performance could be negatively affected by poor performance of third-party contractors that perform periodic or ongoing work (All Registrants).
  • The Registrants could make acquisitions or investments in new business initiatives and new markets, which may not be successful or achieve the intended financial results (All Registrants).
  • Risks Related to Market and Financial Factors
  • The Registrants are potentially affected by emerging technologies that could over time affect or transform the energy industry (All Registrants).
  • The Registrants could be negatively affected by unstable capital and credit markets (All Registrants).
  • If any of the Registrants were to experience a downgrade in its credit ratings to below investment grade or otherwise fail to satisfy the credit standards in its agreements with its counterparties or regulatory financial requirements, it would be required to provide significant
  • amounts of collateral that could affect its liquidity and could experience higher borrowing costs (All Registrants).
  • The impacts of significant economic downturns or increases in customer rates, could lead to decreased volumes delivered and increased expense for uncollectible customer balances (All Registrants).
  • The Registrants could be negatively affected by the impacts of weather (All Registrants).
  • Long-lived assets, goodwill, and other assets could become impaired (All Registrants).
  • The Registrants could incur substantial costs in the event of non-performance by third-parties under indemnification agreements, or when the Registrants have guaranteed their performance (All Registrants).
  • Market performance and other factors could decrease the value of employee benefit plan assets and could increase the related employee benefit plan obligations, which then could require significant additional funding (All Registrants).

Legal proceedings

The Registrants are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses. For information regarding material lawsuits and proceedings, see Note 2 — Regulatory Matters and Note 16 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements. Such descriptions are incorporated herein by these references.

The opening of Item 3, Legal Proceedings.9

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71