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August 05, 2015 9:28 AM ET

Multi-Utilities

Company Overview of Delmarva Power & Light Co.

Company Overview

Delmarva Power & Light Company, a regulated public utility, engages in the transmission, distribution, and supply of electricity in the portions of Delaware and Maryland. The company also distributes and supplies natural gas in New Castle County, Delaware; and provides transportation-only services to retail customers that purchase natural gas from other suppliers. It serves approximately 500,000 residential, commercial, and industrial clients. The company was incorporated in 1909 and is based in Newark, Delaware. Delmarva Power & Light Company is a subsidiary of Pepco Holdings, Inc.

500 North Wakefield Drive

2nd Floor

Newark, DE 19702

United States

Founded in 1909

883 Employees

Phone:

202-872-2000

Key Executives for Delmarva Power & Light Co.

Chief Executive Officer and President
Age: 55
Chief Financial Officer, Senior Vice President, Chief Financial Officer of Pepco Holdings Inc, Chief Financial Officer of Potomac Electric Power Company, Chief Financial Officer of Atlantic City Electric Company, Senior Vice President of Pepco Holdings Inc and Senior Vice President of Potomac Electric Power Company
Age: 57
Chairman, Chairman of ACE, Chairman of Pepso, Chief Executive Officer of PHI, Chief Executive Officer of ACE and President of PHI
Age: 58
Chief Executive Officer of Pepco Energy Services Inc and President of Pepco Energy Services Inc
Age: 55
Principal Accounting Officer, Vice President, Controller, Principal Accounting Officer of Pepco Holdings, Principal Accounting Officer of Pepco, Principal Accounting Officer of ACE, Vice President of Pepco, Vice President of Pepco Holdings, Controller of Pepco Holdings, Controller of ACE and Controller of Pepco
Age: 59
Compensation as of Fiscal Year 2015.

Delmarva Power & Light Co. Key Developments

Pepco Holdings, Inc., Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company Enter into Third Amendment to Second Amended and Restated Credit Agreement

On May 1, 2015, Pepco Holdings, Inc., Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company entered into a Third Amendment to Second Amended and Restated Credit Agreement (the Amendment) among certain Lenders, Bank of America, N.A., as syndication agent and as an issuer of letters of credit, and Wells Fargo Bank, National Association, as (i) agent on behalf of the various financial institutions (the Lenders) from time to time party to that certain Second Amended and Restated Credit Agreement dated as of August 1, 2011, and as amended on August 2, 2012, extended on June 6, 2013 and amended on May 20, 2014 (the Credit Agreement), (ii) the swingline lender and (iii) as an issuer of letters of credit.

Delmarva Power Wins Project to Rebuild 50 Year Old Electric Transmission Line Between Berlin and Ocean City

Delmarva Power will hold a community meeting at Ocean City Volunteer Fire Company to provide details on its plan to rebuild a more than 50 year old electric transmission line between Berlin and Ocean City. The approximately $43 million project to rebuild the existing nine-mile, 69,000-volt transmission line is scheduled to begin in October of this year and is intended to increase electric system capacity to handle customer load growth and improve overall area electric reliability. The project involves the replacement of approximately 150, 45- to 60-foot tall wooden poles with 80- to 90-foot tall steel poles that are more durable, require less maintenance and can withstand hurricane force winds of 120 miles per hour. Work also will entail the installation of a new underwater cable under Isle of Wight Bay between West Ocean City and downtown Ocean City at 2nd Street bayside. The rebuild of the overhead line is targeted for completion by May 2015, with the underwater section scheduled to be finished by May 2016.

Delmarva Power Extends Labor Contracts

Delmarva Power reached an agreement with the labor unions that represent its bargaining unit employees to extend the current collective bargaining agreements by three years. The contracts with IBEW, Local 1238, which represents employees in Delmarva Power's New Castle region and North East region in Maryland, as well as employees Martin Luther King Boulevard facility and Carneys Point (N.J.) Call Center; and IBEW, Local 1307, which represents employees in Bay region in Salisbury, Md., will now expire in 2020. Pepco Holdings Inc., on April 30 announced a merger with Chicago-based Exelon Corp. That transaction is expected to be completed by the second or third quarter of 2015. Exelon has committed to no net involuntary merger-related job losses of PHI utility employees for at least two years after the merger and to honor all collective bargaining agreements. Delmarva Power has also committed to hire a substantial number of bargaining unit employees after the merger is completed.

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