Hurricane Irene Costly For Pepco

By Washington Business Journal

Pepco Holdings Inc. says damage and repair costs from Hurricane Irene in August may be $50 million.

The company didnâ¿¿t say how those costs would affect financial results for the quarter. Pepco had $95 million in earnings from continuing operations in the previous quarter.

Pepco, which operates Potomac Electric Power Co., Delmarva Power & Light and Atlantic City Electric Co., says total costs to restore power at all three utilities could be between $40 million and $50 million, but says that number may change. Much of the costs will come from independent contractors and other utilities, which have not submitted invoices yet.

Pepco disclosed the cost estimates to the Maryland Public Service Commission Monday.

Pepco (NYSE: POM) is scheduled to report third-quarter results Oct. 28.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/washington/news/2011/10/04/hurricane-irene-costly-for-pepco.html?ana=thestreet

Copyright bizjournals.com 2010

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