November 6, 2012 / 12:17 PM / 8 years ago

Pepco sees restoration costs of up to $65 million due to Sandy

(Reuters) - Washington, D.C.-based power company Pepco Holdings Group Inc, whose service territories were severely affected by superstorm Sandy, estimated additional costs of between $45 million and $65 million to restore its systems.

A general view of the exterior of the Pepco Holdings Inc corporate headquarters in Washington, March 30, 2012. REUTERS/Jonathan Ernst

The actual costs may vary from this estimate, Pepco said in a statement announcing its quarterly results.

The company said it would try to recover the incremental system restoration costs when distribution rates come up for revision.

Pepco said last Wednesday that it had fully restored power to all customers, who had lost electricity during the storm. The company had to restore power to more than 130,000 customers after the storm struck Washington last week.

Pepco serves about two million customers in Delaware, the District of Columbia, Maryland and New Jersey.

Pepco reported a better-than-expected quarterly profit on higher electric transmission and distribution revenue and lower expenses.

Net income rose 40 percent to $112 million, or 49 cents per share, in the third quarter, from $80 million, or 35 cents per share, a year earlier.

Adjusted profit was 47 cents per share.

Operating revenue fell 10 percent to $1.48 billion.

Analysts on average had expected 42 cents per share on revenue of $1.72 billion, according to Thomson Reuters I/B/E/S.

Pepco narrowed its earnings guidance range for 2012 to $1.15 to $1.25 per share from $1.15 to $1.30. (Reporting by Swetha Gopinath in Bangalore)

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