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PHI_ProxyAnnual_Report2004
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include: 1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses. 2) The company made progress on reducing debt and preferred stock by $480 million in 2004 as part of its balance sheet improvement goals. 3) The regulated power delivery business continues as the primary focus due to its stability and cash generation. Earnings from this segment grew to $233.4 million in 2004. 4) Competitive energy businesses also posted profits in 2004 despite challenging markets
