September 25, 2016 12:49 PM ET

Electric Utilities

Company Overview of Atlantic City Electric Company

Company Overview

Atlantic City Electric Company engages in the transmission, distribution, and supply of electricity to residential, commercial, and industrial customers in southern New Jersey. The company’s electric distribution service territory covers approximately 2,700 square miles in Gloucester, Camden, Burlington, Ocean, Atlantic, Cape May, Cumberland and Salem counties. As of December 31, 2015, it served approximately 1.1 million customers. The company was incorporated in 1924 and is based in Newark, Delaware. Atlantic City Electric Company is a subsidiary of Conectiv, LLC.

500 North Wakefield Drive

2nd Floor

Newark, DE 19702

United States

Founded in 1924

560 Employees

Phone:

202-872-2000

Key Executives for Atlantic City Electric Company

Chief Executive Officer and President
Age: 56
Chief Financial Officer
Age: 58
Chairman, Chairman of the Board of Pepco Holdings Inc,Chief Executive Officer of Pepco Holdings Inc and President of Pepco Holdings Inc
Age: 59
Chief Executive Officer Pepco Energy Services Inc and President of Pepco Energy Services Inc
Age: 56
Region President of Atlantic City Electric
Compensation as of Fiscal Year 2016.

Atlantic City Electric Company Key Developments

The New Jersey Board of Public Utilities Approves Settlement Agreement with Atlantic City Electric Co

The New Jersey Board of Public Utilities approved a settlement agreement with Exelon Corp. subsidiary Atlantic City Electric Co. to increase its base electric rates by 3.89% from current rates set in 2014. The New Jersey Board of Public Utilities has approved a 3.89% rate increase for Exelon Corp. subsidiary Atlantic City Electric Co. to support the utility's investments in its electric distribution system and to pay off storm costs. The higher rates take effect immediately and will result in additional base revenues of $45 million for the utility. Atlantic City's original application in March would have resulted in a 6.3% increase, but the utility agreed to the lower increase in a settlement with ratepayer advocates and board staff. Under the new rates, a typical residential customer, using 750 kWh of electricity per month, would see a monthly bill increase of about $5.33, while larger residential customers using about 1,000 kWh per month would see an increase of roughly $7.05 per month, the utility said in a release.

Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company and Atlantic City Electric Company Enter into an Amendment to Their Second Amended and Restated Credit Agreement

On May 26, 2016, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company and Atlantic City Electric Company entered into an amendment to their Second Amended and Restated Credit Agreement dated as of August 1, 2011, which (i) extended the maturity date of the facility to May 26, 2021, (ii) removed PHI as a borrower under the facility and (iii) decreased the size of the facility from $1.5 billion to $900 million.

Atlantic City Electric Selling $150 Million of 1st Mortgage Bonds

Atlantic City Electric Company is selling $150 million of its first mortgage bonds, 3.50% series due December 1, 2025, under an agreement with certain institutional investors. The company expects to receive about $149 million in net proceeds, which will be used to repay outstanding commercial paper and for general corporate purposes. The closing of the bond sale is expected to occur on December 8, 2015.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
December 1, 2015
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