Legalectric

(Just looking for an excuse to trot out that pole-dancing bear!)

BEAR ALERT!!! Couldn’t happen to a more deserving company — Google Alert just sent me notice that one of my “favorite” companies is Zack’s “Bear of the Day!”  Why?  Well, they specifically mention that MAPP transmission project that just doesn’t seem to be needed:

Bear Of The Day: Pepco Holdings, Inc. (POM)

By Zacks Investment Research on June 30, 2010 |

Pepco’s (POM: 15.68 -0.11 -0.70%) $1.2 billion Mid-Atlantic Power Pathway (MAPP) transmission project could be delayed due to slower-than-expected load growth. The PJM Interconnection is expected to update the Regional Transmission Expansion Plan (RTEP) in June 2010 and a 1-2 year delay in the project is likely.

Pepco Holdings current trailing 12-month earnings multiple is 17.5, compared to the 21.0 average for the peer group and 18.7 for the S&P 500. Over the last five years, the company s shares have traded in a range of 7.4x to 22.6x trailing 12-month earnings. The trailing 12-month EV/EBITDA multiple is slightly above the industry average.

Check out their individual reports for other utilities and industries.  Let’s hear it for the capital market crash — ain’t the depression grand?!?!?!

How bad is it?  First the Indian River to Salem leg is cancelled, then the whole thing is suspended… and here we sit… waiting… and we all know that PJM demand is down the toilet.

Click here for the last RTEP Mid-Atlantic subcommittee presentation — see if you can download it!

CLICK HERE FOR LATEST TEAC PRESENTATION

And they opened an office and now they announce:

MAPP Office Hours Change

The MAPP Office, located at 828 Airpax Road, Suite B700, Cambridge, Md., has adjusted their hours to coincide with the present patronage of the office.  The new hours will be Mondays from 9 a.m. to 3 p.m., Wednesdays from 9 a.m. to 1 p.m. and Fridays from 9 a.m. to 1 p.m.  Evening hours are available upon request by calling 410-221-6207.

Meanwhile, we wait for the RTEP that just won’t come out.  How delayed can it get?  I guess all that backwards engineering to demonstrate need takes a while, eh?