Pepco — Q1 2014 Earnings Presentation
14 slides from Pepco's earnings presentation, May 7, 2014
Slide 1: First Quarter 2014 Earnings Call
First Quarter 2014 Earnings Call May 7, 2014 Exhibit 99.2
Slide 2: Safe Harbor Statement/Regulation G Information
Safe Harbor Statement/Regulation G Information Some of the statements contained in today’s presentation with respect to Pepco Holdings, Pepco, Delmarva Power and Atlantic C ity Electric, including each of their respective subsidiaries, are forward - looking statements within the meaning of the U.S.
Slide 3: First Quarter Earnings
3 First Quarter Earnings * Calculated, where applicable, using a composite income tax rate of approximately 35%. Note: See Regulation G Information at the beginning of today’s presentation. Three Months Ended March 31, (Millions of Dollars) 2014 2013 Reported (GAAP) Net Income (Loss) from Continuing
Slide 4: Capital Expenditure Forecast
4 (Millions of Dollars) 2014 2015 2016 2017 2018 Total Power Delivery Distribution 776$ 707$ 771$ 729$ 752$ 3,735$ Transmission 318 290 260 255 285 1,408 Gas Delivery 29 28 28 28 29 142 Information Technology 66 33 24 21 22 166 Corporate Support and Other (1) 101 69 75 75 43 363 Total Power Delivery
Slide 5: Distribution Rate Cases – Recent Decision: Delmarva Power Delaware
5 Distribution Rate Cases – Recent Decision Delmarva Power – Delaware Electric Rate Case Request Docket No. 13 - 115 Initial Filing Date 3/22/13 Revenue Requirement Increase (Updated on 9 /20/13) $39.0M Adjusted Rate Base $745.6M Common Equity Ratio 49.2% Return on Equity 10.25% Residential Total Bi
Slide 6: Distribution Rate Cases – Recent Decision: Pepco District of Columbia
6 Distribution Rate Cases – Recent Decision Pepco – District of Columbia Rate Case Request FC Case No. 1103 Initial Filing Date 3/8/13 Revenue Requirement Increase (Updated on 12 /3/13) $44.8M Adjusted Rate Base $1.4B Common Equity Ratio 49.2% Return on Equity 10.25% Residential Total Bill % Increas
Slide 7: Distribution Rate Cases – Pending: Atlantic City Electric New Jersey
7 Distribution Rate Cases – Pending Atlantic City Electric – New Jersey Rate Case Request ER14030245 Initial Filing Date 3/14/14 Test Year January 2013 – December 2013 Adjusted Rate Base $1.4B Common Equity Ratio 50.0% Requested Return on Equity 10.25% Revenue Requirement Increase $61.7M Residential
Slide 8: Distribution Rate Cases – Pending: Pepco Maryland
8 Distribution Rate Cases – Pending Pepco – Maryland Rate Case Request Case No. 9336 Initial Filing Date 12/4/13 Test Year October 2012 – September 2013 Adjusted Rate Base $1.4B Common Equity Ratio 49.9% Requested Return on Equity 10.25% Revenue Requirement Increase $43.3M* Residential Total Bill %
Slide 9: Pepco Energy Services Signed Contracts 2013 vs. 2014
9 Pepco Energy Services Signed Contracts 2013 vs. 2014 (Millions of Dollars) ▪ ESCO market is in the early stages of recovery and contract signings are up from last year • Signed $17 million of energy efficiency contracts in the first quarter of 2014 vs. $1 million in the first quarter of 2013 • Und
Slide 10: Reconciliation of GAAP EPS to Adjusted EPS
10 Reconciliation of GAAP EPS to Adjusted EPS Note: See Regulation G Information at the beginning of today’s presentation. Three Months Ended March 31, 2014 2013 Reported (GAAP) Earnings (Loss) per Share from Continuing Operations $ 0.30 $ (0.47) Adjustments (after - tax )*: Interest associated with
Slide 11: Adjusted Earnings Per Share Variance – Three Months Ended March 31
11 Adjusted Earnings Per Share Variance – Three Months Ended March 31 Three Months Ended March 31, Power Pepco Energy Corporate Total Delivery Services and Other PHI 2013 Earnings (loss) per share from Continuing Operations (GAAP) (1) $ 0.24 $ 0.01 $ (0.72) $ (0.47) 2013 Adjustments (2) Interest ass
Slide 12: 2014 Earnings Guidance
12 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2013 Adjusted* 2014E Guidance 2014 Earnings Guidance Earnings Per Share $ 1.12 - $1.27 $1.14 The guidance range excludes : ▪ The results of discontinued operations and the impact of any special, unusual or extraordinary items ▪ The effect of adoptin
Slide 13: Appendix
Appendix
Slide 14: Reconciliation of GAAP EPS to Adjusted EPS
14 Reconciliation of GAAP EPS to Adjusted EPS Note: See Regulation G Information at the beginning of today’s presentation. Year Ended December 31, 2013 Reported (GAAP) Earnings per Share from Continuing Operations $ 0.45 Adjustments (after - tax )*: Interest associated with c hange in assessment of