Pepco Holdings, Inc., through its subsidiaries, operates power delivery and competitive energy businesses in the United States. Its power delivery business consists primarily of the transmission, distribution, and supply of electric power. The company conducts its power delivery business through its three regulated utility subsidiaries: Potomac Electric Power Company; Delmarva Power & Light Company; and Atlantic City Electric Company. The competitive energy business provides generation, marketing, and supply of electricity and gas, and related energy management services, primarily in the mid-Atlantic region. Its operations are conducted through Conectiv Energy Holding Company and Pepco Energy Services, Inc. Conectiv Energy provides wholesale electric power, capacity, and ancillary services in the wholesale markets administered by PJM Interconnection, LLC and also supplies electricity to other wholesale market participants under long-term and short-term bilateral contracts. Pepco Energy Services provides retail energy supply, both electricity and natural gas, and energy services primarily to commercial, industrial, and governmental customers. The company was founded in 1896 and is headquartered in Washington, D.C.