Pepco Holdings, Inc. (PHI) is a holding company. The Company through regulated public utility subsidiaries is engaged primarily in the transmission, distribution and supply of electricity. The Company is also involved in the distribution and supply of natural gas. As of September 30, 2014, the Company’s segments include Power Delivery, which operates through regulated public utility subsidiaries include Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL) and Atlantic City Electric Company (ACE); Pepco Energy Services, and Corporate and Other. Each of Pepco, DPL and ACE is a regulated public utility that owns and operates a network of wires, substations and other equipment that is classified as transmission facilities, distribution facilities or common facilities (which are used for both transmission and distribution).