4037836 Formal Case N o. 1099, In the Matter of the Application of Potomac Electric Power Company for a Certificate Authorizing it to Issue and Sell up to $850,000,00 of Long-term Secured and Unsecured Debt Securities

Public Service Commission of the District of Columbia

 

 

Notice of FINAL Rulemaking

 

 

Formal Case No. 1099, In the matter of the Application of Potomac Electric Power Company for a certificate authorizing it to issue and sell up to $850,000,000 of long-term secured and unsecured Debt Securities

 

1.                  The Public Service Commission of the District of Columbia (“Commission”) hereby gives notice, pursuant to D.C. Official Code §§ 2-505, 34-502 and 34-503, of its final rulemaking action taken approving the Application of Potomac Electric Power Company (“Pepco” or “Company”) for a certificate authorizing the Company to issue and sell up to $850,000,000 of long-term secured or unsecured debt securities.[1]

 

2.                  On June 8, 2012, Pepco filed an Application seeking authority to issue and sell up to $850,000,000 of long-term secured or unsecured debt securities through public sale or by way of private placement and in domestic and foreign markets.[2]  Pepco also seeks expedited review of its Application under the Commission’s expedited review process in Chapter 35 of the Commission’s rules.^[3]

 

3.                  A Notice of Proposed Rulemaking was published in the D.C. Register on June 22, 2012, inviting public comments or objections to the Application.[4]  On July 23, 2012, the Office of People’s Counsel and the Apartment and Office Building Association of Metropolitan Washington filed comments.[5]  AOBA’s comments raised concerns about how Pepco has handled past debt issuances and requested further Commission inquiry that would be incompatible with the deadlines established in the Commission’s expedited review process.[6]  On July 27, 2012, Pepco filed reply comments.[7]  On August 1, 2012, the Commission granted AOBA’s objection to handling Pepco’s Application through an expedited procedure.[8]  After addressing the concerns raised by the parties, the Commission, by Order No. 16898, approved Pepco’s Application to become effective upon publication of this Notice of Final Rulemaking in the D.C. Register.[9]

 

4.                  Pepco's Application and supporting documentation are on file with the Commission and may be reviewed at the Office of the Commission Secretary, 1333 H Street, N.W., Second Floor, West Tower, Washington, D.C. 20005, between the hours of 9:00 a.m. and 5:30 p.m., Monday through Friday, or may be viewed on the Commission's website at www.dcpsc.org.  Copies of the Application are available, upon request, at a per-page reproduction fee.

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[1]               Formal Case No. 1099, In the matter of the Application of Potomac Electric Power Company for a certificate authorizing it to issue and sell up to $850,000,000 of long-term secured and unsecured Debt Securities (“F.C. No. 1099”), filed June 8, 2012 (“Pepco’s Application”).

 

[2]               F.C. No. 1099, Pepco’s Application at 2.

 

[3]               Id. at 1, 15 DCMR § 3500, et seq.

 

[4]               59 D.C. Register at 7513-7514 (June 22, 2012).

 

[5]               F.C. No. 1099, Comments of the Office of People's Counsel Regarding Potomac Electric Power Company’s Application for Expedited Review and Authorization to Issue Debt, filed June 23, 2012; and F.C. No. 1099, Comments of the Apartment and Office Building Association of Metropolitan Washington, filed June 23, 2012 (“AOBA’s Comments”).

 

[6]               F.C. No. 1099, AOBA’s Comments at 4.

 

[7]               F.C. No. 1099, Reply Comments of Potomac Electric Power Company Regarding its Application for Expedited Review and Authorization to Issue Debt, filed July 27, 2012.

 

[8]               F.C. No. 1099, Order No. 16851, ¶ 3, rel. August 1, 2012.

 

[9]               F.C. No. 1099, Order No. 16898, ¶ 14, rel. September 7, 2012.