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

Stocks in this article: POM

In addition to our efforts to improve system reliability, we have made several enhancements to our emergency restoration process that will improve customer communications during major storms, such as increasing our call center staff and phone system capability, conducting more frequent customer outreach and expanding the use of mobile applications for outage information and reporting.

Turning to Slide 4, our reliability improvement efforts were tested with the arrival of Hurricane Irene in late August. The high winds and driving rains caused significant damage to the electric system throughout our service territories. Approximately 445,000 of our customers were without power at the peak of the storm, or about 25% of our electric customers. About half of the outages occurred in the Pepco service territory. 98% of the customers were restored in a little over 2 days after the storm seized. After restoration was complete, a survey showed that customers gave Pepco good marks on its handling of storm preparedness, restoration and communications. Tony will discuss the cost of our restoration efforts and the recovery of those costs later on this call.

As we are making progress in advancing our Reliability Enhancement Plan, we also are continuing to dialogue with our regulators regarding system reliability and standards.

Turning to Slide 5, we are awaiting the decision in the Maryland proceeding initiated in August 2010 to investigate the reliability of Pepco's distribution system. Certain parties to this case have recommended the imposition of a variety of sanctions and various reporting requirements. As I have stated, we are committed to improving the reliability of Pepco's electric service. However, while we cannot predict the outcome of the case, we will oppose the sanctions requested by the other parties, which we believe are not supported by the record.

Read the rest of this transcript for free on seekingalpha.com

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