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Covington Advises Pepco Holdings on $1.7B Sale of Conectiv Energy’s Generation Assets

April 21, 2010

WASHINGTON, DC, April 21, 2010 — In a statement released today, Pepco Holdings, Inc. announced that it has entered into an agreement to sell the power generation assets of its Conectiv Energy segment to Calpine Corporation for approximately $1.7 billion. Covington & Burling LLP advised Pepco Holdings on the transaction.

Pepco Holdings, headquartered in Washington, D.C., delivers electricity and natural gas to about 1.9 million customers in Delaware, the District of Columbia, Maryland, and New Jersey, through its regulated public utility subsidiaries Pepco Electric Power Company, Delmarva Power & Light Company and Atlantic City Electric Company. Calpine is an independent power producer with nearly 25,000 megawatts of generation capacity in 16 states and Canada.

The Washington-based Covington team was led by corporate partner Mike Lefever, with partner Kerry Burke, and associates Scott Roades, Ashley Nelson, Leah Graham and Liz DeYoung. Also advising on the deal were partner Bob Gage, of counsel Heather Haberl, and associates Julie Holmes and Ryan Conley (real estate), partner Corinne Goldstein, senior counsel Ted Garrett, and associate Sharon Jacobs* (environmental), partner Robert Newman (employee benefits), and partners Bill Massey and James Dean, and associate Henry Liu (regulatory).

*Not yet admitted to practice.

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