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Pepco Holdings' CEO Discusses Q3 2011 Results - Earnings Call Transcript

On today's call, we will be referring to Slides, which are available on the Investor Relations section of our website.

Before Joe begins, let me remind you that some of the comments made during today's conference call may be considered forward-looking statements. As such, they should be taken in the context of the risks and uncertainties discussed in the Safe Harbor disclosures contained in our Securities and Exchange Commission filings and found on Slide 2 of our presentation.

Also please note that today's call will include a discussion of our results excluding certain items that we feel are not representative of the company's ongoing business operations. These special items and our financial impact are described in our earnings release dated today. The earnings release can be found on our website at www.pepcoholdings.com/investors. Joe?

Joseph M. Rigby

Thanks, Donna, and good morning, ladies and gentlemen, and thank you for joining us today. Earnings from continuing operations for the third quarter of 2011 were $80 million compared to $21 million for the third quarter of 2010. Excluding special items for the 2010 quarter, earnings would have been $116 million. Our operating results reflect continued progress on executing our strategic plan, including our efforts to improve system reliability and customer service. Our results for both 2011 and 2010 quarters reflect Conectiv Energy's results as discontinued operations. Tony will discuss the financial results on our operating segment performance in more detail but first, I'd like to address some topics of interest.

Improving system reliability remains a top priority for our company. As shown on Slide 3, we continue to make good progress in advancing infrastructure improvements and performance system maintenance focused primarily in the Pepco region that will reduce power outages and improve service for our customers. Since the launching of our Reliability Enhancement Plan last fall for Pepco, we have trimmed trees along more than 2,600 miles of power lines, replaced or upgraded more than 230 miles of underground cable, and added more than 125 automated switches that will reroute power more effectively during storms. Our Reliability Enhancement Plan is on track and we are beginning to see positive trends in the operating performance of our electric system as is demonstrated by improved outage frequency and outage duration statistics for Pepco.

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