WASHINGTON, May 9 /PRNewswire/ -- The Board of Directors of Potomac Electric Power Company (NYSE: POM) today elected Dennis Wraase, 56, President of the Company. John M. Derrick, Jr., 60, continues to serve as Chairman of the Board and Chief Executive Officer.

Wraase joined Pepco in 1974, and was elected Vice President and Comptroller in 1985. He was named Senior Vice President and Chief Financial Officer in April of 1996, and Executive Vice President and CFO in 1999. He has been a member of the Board of Directors since 1998. He will continue as CFO for an interim period.

Derrick acknowledged Wraase's significant contributions to Pepco as the electric utility industry undergoes restructuring and diversification arising from changing national and regional regulation. "Dennis Wraase has been directly involved with both the regulatory side of our utility business as well as the newer enterprise side," said Derrick. He added that Wraase will continue as Chairman and CEO of Pepco's wholly-owned subsidiary, Pepco Holdings, Inc. PHI owns a number of businesses in the competitive arenas of telecommunications and energy products and services.

"Dennis and I will work together planning the organizational changes for Pepco that will follow the opening of our retail electricity market to competition, which will begin in July, and the divestiture of our generating assets which is expected to be completed by the end of the year," said Derrick.

Wraase was born in Washington, D.C., and graduated from the University of Maryland with a bachelors degree in accounting. He also holds a masters degree in finance from The George Washington University and is a Certified Public Accountant. He is an executive board member of the National Capital Area Council of Boy Scouts of America. SOURCE Potomac Electric Power Company

CONTACT: Media: Nancy Moses, 202-872-2680; or Investor Relations: E. Bourscheid, 202-872-2797; both of Potomac Electric Power Company/