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<TITLE>Registration Statement on Form S-8</TITLE>
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<FONT SIZE=3 COLOR="#ff0000"><P ALIGN="CENTER">As filed with the Securities and Exchange Commission on January 3, 2005</FONT></TD>
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<FONT SIZE=2><P ALIGN="RIGHT">Registration No.&nbsp;&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<B><FONT SIZE=4><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D. C.   20549</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Form S-8<BR>
REGISTRATION STATEMENT<BR>
under<BR>
THE SECURITIES ACT OF 1933</B><BR>
<U>_________________________</U></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">PEPCO HOLDINGS, INC. <BR>
</B>(Exact name of registrant as specified in its charter)</FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Delaware<BR>
</B>(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">52-2297449</B><BR>
(I.R.S. Employer <BR>
Identification No.)</FONT></TD>
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<U><FONT SIZE=3><P ALIGN="CENTER">_________________________<BR>
</U><B>701 Ninth Street, NW<BR>
Washington, D.C.  20068<BR>
</B>(Address, including zip code, of registrant's principal executive offices)<BR>
<U>_________________________</U></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Pepco Holdings, Inc. Non-Management Directors Compensation Plan<BR>
</B> (Full title of plan)<BR>
<U>_________________________<BR>
</U></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Ellen Sheriff Rogers<BR>
Vice President and Secretary <BR>
Pepco Holdings, Inc.<U><BR>
</U>701 Ninth Street, N.W.<BR>
Washington, D.C.   20068<BR>
(202) 872-3526<U><BR>
</B></U>(Name, address and telephone number, including area code, of agent for service)<BR>
<U>_________________________</U></FONT></TD>
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<U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U><B>CALCULATION OF REGISTRATION FEE<BR>
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<B><FONT SIZE=3><P ALIGN="CENTER">Title of Securities to<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Be Registered&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Amount to Be<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Registered&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Proposed Maximum<BR>
Offering Price per<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Proposed Maximum Aggregate Offering Price</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Amount of<BR>
Registration Fee</B></FONT></TD>
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<FONT SIZE=3><P>Common Stock,<BR>
&nbsp;&nbsp;&nbsp;$0.01 par value</FONT></TD>
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<FONT SIZE=3><P ALIGN="CENTER">5800,000 (1)</FONT></TD>
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<FONT SIZE=3><P ALIGN="CENTER">$21.365 ________(2)</FONT></TD>
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<FONT SIZE=3><P ALIGN="CENTER">$10,682,500 ________(2)</FONT></TD>
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<FONT SIZE=3><P ALIGN="CENTER">$1,257.33 ________(2)</FONT></TD>
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<FONT SIZE=3><P>(1)</FONT></TD>
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<FONT SIZE=3><P>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "1933 Act"), the number of shares of Common Stock registered hereby is subject to adjustment to prevent dilution by reason of any stock dividend, stock split, recapitalization or similar transaction that results in an increase in the number of outstanding shares of Common Stock.</FONT></TD>
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<FONT SIZE=3><P>(2)</FONT></TD>
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<FONT SIZE=3><P>Calculated in accordance with Rule&nbsp;457(h) under the 1933 Act based on the average of the high and low sales prices per share of the common stock of Pepco Holdings, Inc. on December 31, 2004, as reported by the New York Stock Exchange ("NYSE").  </FONT></TD>
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<FONT SIZE=3 COLOR="#0000ff"><P>______________________________________________________________________________________________</FONT></TD>
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<FONT SIZE=3><P ALIGN="CENTER">PART II</FONT></TD>
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<FONT SIZE=3><P ALIGN="CENTER">INFORMATION REQUIRED IN REGISTRATION STATEMENT</FONT></TD>
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<B><FONT SIZE=3><P>Item 3.&nbsp;&nbsp;Incorporation of Certain Documents By Reference.</B></FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by Pepco Holdings, Inc. (the "Registrant") with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the "1934 Act"), are incorporated in this Registration Statement by reference:</FONT></TD>
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<FONT SIZE=3><P>(a)</FONT></TD>
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<FONT SIZE=3><P>The Annual Report on Form 10-K of the Registrant for the year ended December 31, 2003, as amended by a Form 10-K/A, dated March&nbsp;31, 2004 (except for Items 7 and 8 which are included in the Registrant's Current Report on Form 8-K dated December&nbsp;14, 2004); </FONT></TD>
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<FONT SIZE=3><P>(b)</FONT></TD>
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<FONT SIZE=3><P>The Quarterly Reports on Form 10-Q of the Registrant for the quarters ended March&nbsp;31, June 30, and September 30, 2004;</FONT></TD>
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<FONT SIZE=3><P>(c)</FONT></TD>
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<FONT SIZE=3><P>The Current Reports on Form 8-K of the Registrant, dated January 16, January 29, August 24, September 9, December 3, December 14, December 14 and December 21, 2004;</FONT></TD>
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<FONT SIZE=3><P>(d)</FONT></TD>
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<FONT SIZE=3><P>The description of the Common Stock set forth in the Registrant's Registration Statement on Form 8-A filed on August&nbsp;7, 2001, pursuant to Section 12 of the 1934 Act, including any amendments or reports updating such description;</FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the 1934 Act on or subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.</FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this Registration Statement modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of the Registrant included <A NAME="OLE_LINK1">in this Registration Statement by reference to the Registrant's Current Report on Form 8-K, dated December&nbsp;14, 2004, and the consolidated financial statement schedule incorporated in this Registration Statement by reference to the Annual Report on Form 10-K/A, dated March&nbsp;31, 2004, of the Registrant have been so incorporated in reliance on the reports thereon (the report on the consolidated financial statements contains an explanatory paragraph that the Registrant revised the presentation of its consolidated statement of earnings for the year ended December&nbsp;31, 2003) of </A>PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </FONT></TD>
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<FONT SIZE=1><P ALIGN="CENTER">1</FONT><B><FONT SIZE=3 COLOR="#0000ff"><BR>
____________________________________________________________________________________</B></FONT></TD>
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<B><FONT SIZE=3><P>Item 4.&nbsp;&nbsp;Description of Securities.</B></FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</FONT></TD>
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<B><FONT SIZE=3><P>Item 5.&nbsp;&nbsp;Interests of Named Experts and Counsel.</B></FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the securities offered hereby has been passed upon for the Registrant by Kirk J. Emge, who is regularly employed by the Registrant as its Vice President -- Legal Services.  Mr. Emge beneficially owns 13,384 shares of Common Stock and, under the Registrant's incentive compensation arrangements, has been granted options to purchase 15,300 shares of Common Stock.</FONT></TD>
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<B><FONT SIZE=3><P>Item 6.&nbsp;&nbsp;Indemnification of Directors and Officers.</B></FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware law permits a corporation to include a provision in its certificate of incorporation eliminating or limiting the personal liability of each of its directors, but not an officer in his or her capacity as such, to the corporation and its stockholders for monetary damages for breach of fiduciary duty as a director, except that such provision cannot eliminate or limit the liability of a director for (1) any breach of the director's duty of loyalty to the corporation or its stockholders, (2) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) liability under section 174 of the Delaware General Corporation Law for unlawful payment of dividends or stock purchases or redemptions, or (4) any transaction from which the director derived an improper personal benefit.  The Registrant's certificate of incorporation provides that the personal liability of the directors of the Registrant to the Registrant and its stockholders for monetary damages shall be eliminated or limited to the fullest extent permissible under applicable law as may be amended from time to time.<BR>
</FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Delaware law, a corporation is permitted to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that the person is or was an officer, director, employee or agent of the corporation or is or was serving at the request of the corporation as an officer, director, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such proceeding: (1) if the person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation; and (2) in the case of a criminal proceeding, the person had no reasonable cause to believe that his conduct was unlawful. </FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation also is permitted to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to obtain a judgment in its favor by reason of the fact that the person is or was an officer, director, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorney's fees) actually and reasonably incurred in connection  with the defense or settlement of such action or suit if the person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, provided that no such indemnification is permitted with respect to any claim, issue or matter as to which the person is found liable to the corporation unless and only  to the extent that the Delaware Court of Chancery or the court in which the action or suit is brought determines the person is fairly and reasonably entitled to indemnification for such expenses as the court shall deem proper. </FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Delaware law, a corporation is required to indemnify any current or former director or officer of the corporation who is successful on the merits or otherwise in the defense of any action, suit</FONT></TD>
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<FONT SIZE=1><P ALIGN="CENTER">2</FONT><B><FONT SIZE=3 COLOR="#0000ff"><BR>
____________________________________________________________________________________</B></FONT></TD>
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<FONT SIZE=3><P>or proceeding against such person by reason of the fact that the person is or was an officer, director, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses actually and reasonably incurred.  Expenses incurred by an officer or director in defending civil, criminal, administrative or investigative proceedings may be paid by the corporation in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that the person is not entitled to be indemnified by the corporation.  Expenses incurred by former officers and directors or other employees or agents in defending such proceedings may be paid upon terms deemed appropriate by the corporation.  Effective as of the time of the Merger, the Registrant's certificate of incorporation will provide that the Registrant shall indemnify and advance expenses to any director, officer or employee of the Registrant, and may indemnify or advance expenses to any other person, who is, was or is threatened to be made a party to an action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of his or her service as a director, officer, employee or agent of the Registrant or his or her service as a director, officer, employee or agent of another entity at the request of the Registrant, to the fullest extent permitted by applicable law; provided that in the case of an advancement of expenses, if required by the Delaware General Corporation Law, an undertaking is first delivered to the Registrant, by or on behalf of such director, officer, employee or agent, to repay all amounts so advanced if it is ultimately determined that the director, officer, employee or agent is not entitled to be indemnified under the certificate of incorporation.</FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's certificate of incorporation provides that the Registrant shall indemnify and advance expenses to any director, officer or employee of the Registrant, and may indemnify or advance expenses to any other person, who is, was or is threatened to be made a party to an action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of his or her service as a director, officer, employee or agent of the Registrant or his or her service as a director, officer, employee or agent of another entity at the request of the Registrant, to the fullest extent permitted by applicable law; provided that in the case of an advancement of expenses, if required by the Delaware General Corporation Law, an undertaking is first delivered to the Registrant, by or on behalf of such director, officer, employee or agent, to repay all amounts so advanced if it is ultimately determined that the director, officer, employee or agent is not entitled to be indemnified under the certificate of incorporation.</FONT></TD>
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<B><FONT SIZE=3><P>Item 7.&nbsp;&nbsp;Exemption From Registration Claimed.</B></FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.<BR>
<BR>
</FONT></TD>
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<B><FONT SIZE=3><P>Item 8.&nbsp;&nbsp;Exhibits.</B></FONT></TD>
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<B><U><FONT SIZE=3><P>Exhibit No.</B></U></FONT></TD>
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<B><U><FONT SIZE=3><P>Description of Exhibits</B></U></FONT></TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT></TD>
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<FONT SIZE=3><P>Restated Certificate of Incorporation of the Registrant *</FONT></TD>
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<TR><TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT></TD>
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<FONT SIZE=3><P>Bylaws of the Registrant, as amended **</FONT></TD>
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<TR><TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP" COLSPAN=6>
<FONT SIZE=3><P>Opinion of Kirk J. Emge, Esq. ***</FONT></TD>
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<TR><TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;23.1</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP" COLSPAN=6>
<FONT SIZE=3><P>Consent of PricewaterhouseCoopers LLP with respect to the financial statements of the Registrant ***</FONT></TD>
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<TR><TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;23.2</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP" COLSPAN=6>
<FONT SIZE=3><P>Consent of Kirk J. Emge, Esq. (included in Exhibit No. 5)</FONT></TD>
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<TR><TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P>    24</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP" COLSPAN=6>
<FONT SIZE=3><P>Powers of Attorney ***</FONT></TD>
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<FONT SIZE=3><P>*&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference to Exhibit 3.1 to the Registrant's Form 10-Q, dated August 13, 2003.</FONT></TD>
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<FONT SIZE=3><P>**&nbsp;&nbsp;Incorporated by reference to Exhibit 3 to the Registrant's Form 10-Q for the quarter ended June 30, 2004.</FONT></TD>
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<FONT SIZE=3><P>***&nbsp;Filed herewith </FONT></TD>
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<FONT SIZE=1><P ALIGN="CENTER">3</FONT><B><FONT SIZE=3 COLOR="#0000ff"><BR>
____________________________________________________________________________________</B></FONT></TD>
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<B><FONT SIZE=3><P>Item 9.&nbsp;&nbsp;Undertakings.</B></FONT></TD>
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<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P>(a)</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=9>
<FONT SIZE=3><P>The Registrant hereby undertakes:</FONT></TD>
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<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=3><P>(1)</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP" COLSPAN=8>
<FONT SIZE=3><P>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></TD>
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<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P ALIGN="RIGHT">(i)</FONT></TD>
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<FONT SIZE=3><P>To include any prospectus required by Section 10(a)(3) of the 1933 Act;</FONT></TD>
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<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P ALIGN="RIGHT">(ii)</FONT></TD>
<TD WIDTH="70%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and</FONT></TD>
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<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P ALIGN="RIGHT">(iii)</FONT></TD>
<TD WIDTH="70%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P>To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=12>
<FONT SIZE=3><P>PROVIDED, HOWEVER, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by references in this registration statement;</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=3><P>(2)</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP" COLSPAN=8>
<FONT SIZE=3><P>That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=3><P>(3)</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP" COLSPAN=8>
<FONT SIZE=3><P>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P>(b)</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=9>
<FONT SIZE=3><P>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the 1933 Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the 1934 Act that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P>(c)</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=9>
<FONT SIZE=3><P>Insofar as indemnification for liabilities arising under the Securities Act of 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=12>
<FONT SIZE=1><P ALIGN="CENTER">4</FONT><B><FONT SIZE=3 COLOR="#0000ff"><BR>
____________________________________________________________________________________</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=12>
<B><FONT SIZE=3><P ALIGN="CENTER">SIGNATURES</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=12>
<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, who is duly authorized to sign, in the City of Washington, District of Columbia, on the 3rd day of January 2005.</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=10 HEIGHT=53><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=2 HEIGHT=53>
<FONT SIZE=3><P>PEPCO HOLDINGS, INC.</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=10>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P>By:&nbsp;&nbsp;&nbsp;<U>&nbsp;/s/ D. R. WRAASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dennis R. Wraase<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=12>
<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following person in the capacities indicated.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=27>
<FONT SIZE=3><P>Signature</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=27>
<FONT SIZE=3><P>Title</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=27>
<FONT SIZE=3><P>Date</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=80>
<U><FONT SIZE=3><P>&nbsp;/s/ D. R. WRAASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Dennis R. Wraase<BR>
</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=80>
<FONT SIZE=3><P>Chairman of the Board, President and Chief Executive Officer (principal executive officer)</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=80>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<U><FONT SIZE=3><P>&nbsp;/s/ JOSEPH M. RIGBY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Joseph M. Rigby<BR>
</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Senior Vice President and Chief Financial Officer (principal financial officer) </FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<U><FONT SIZE=3><P>&nbsp;/s/ JAMES P. LAVIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
James P. Lavin<BR>
</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Vice President and Controller (principal accounting officer)</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>EDMUND B. CRONIN, JR.&nbsp;&nbsp;</U><BR>
Edmund B. Cronin, Jr.</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>J. B. DUNN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Jack B. Dunn, IV</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>T. C. GOLDEN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Terence C. Golden</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>GEORGE F. MacCORMACK&nbsp;</U><BR>
George F. MacCormack</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT FACE="Letter Gothic"><P>*</FONT><U><FONT SIZE=3>RICHARD B. McGLYNN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Richard B. McGlynn</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>FLORETTA D. McKENZIE&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Floretta D. McKenzie</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=12 HEIGHT=13>
<FONT SIZE=1><P ALIGN="CENTER">5</FONT><B><FONT SIZE=3 COLOR="#0000ff"><BR>
____________________________________________________________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>LAWRENCE C. NUSSDORF&nbsp;&nbsp;</U><BR>
Lawrence C. Nussdorf</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>PETER F. O'MALLEY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Peter F. O'Malley</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>FRANK ROSS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Frank K. Ross</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>PAULINE A. SCHNEIDER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Pauline A. Schneider</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>WILLIAM T. TORGERSON&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
William T. Torgerson</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" COLSPAN=9 HEIGHT=13>
<FONT SIZE=3><P>*<U>A. T. YOUNG&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
A. Thomas Young</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<FONT SIZE=3><P>Director</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=3><P>January 3, 2005</FONT></TD>
</TR>

<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=11 HEIGHT=13>
<FONT SIZE=3><P>By:&nbsp;&nbsp;<U> /s/ ELLEN SHERIFF ROGERS, Attorney-in-Fact&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellen Sheriff Rogers<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-In-Fact </FONT></TD>

<TD WIDTH="34%" VALIGN="TOP" HEIGHT=13><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=12 HEIGHT=280>
<FONT SIZE=1><P ALIGN="CENTER">6</FONT><B><FONT SIZE=3 COLOR="#0000ff"><BR>
____________________________________________________________________________________</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=3></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=630>
<TR><TD WIDTH="14%" VALIGN="TOP">
<B><U><FONT SIZE=3><P>Exhibit No.</B></U></FONT></TD>
<TD WIDTH="86%" VALIGN="TOP">
<B><U><FONT SIZE=3><P>Description of Exhibits</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=3><P>5.</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP">
<FONT SIZE=3><P>Opinion of Kirk J. Emge, Esq.</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=3><P>23.1</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP">
<FONT SIZE=3><P>Consent of PricewaterhouseCoopers LLP with respect to the financial statements of the Registrant</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=3><P>23.3</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP">
<FONT SIZE=3><P>Consent of Kirk J. Emge, Esq. (included in Exhibit No. 5)</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=2 HEIGHT=448>
<FONT SIZE=1><P ALIGN="CENTER">7</FONT><B><FONT SIZE=3 COLOR="#0000ff"><BR>
____________________________________________________________________________________</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2></FONT></BODY>
</HTML>
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{"company-data": {"conformed-name": "PEPCO HOLDINGS INC", "cik": "0001135971", "assigned-sic": "4931", "irs-number": "522297449", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-121823", "film-number": "05504145"}, "business-address": {"street1": "SUITE 1300", "street2": "701 NINTH STREET, NW", "city": "WASHINGTON", "state": "DC", "zip": "20068", "phone": "202-872-2000"}, "mail-address": {"street1": "SUITE 1300", "street2": "701 NINTH STREET, NW", "city": "WASHINGTON", "state": "DC", "zip": "20068"}, "former-company": {"former-conformed-name": "NEW RC INC", "date-changed": "20010302"}}
Registration Statement on Form S-8
As filed with the Securities and Exchange Commission on January 3, 2005
Registration No.  333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.   20549
Form S-8
REGISTRATION STATEMENT
under
THE SECURITIES ACT OF 1933
_________________________
PEPCO HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
52-2297449
(I.R.S. Employer
Identification No.)
_________________________
701 Ninth Street, NW
Washington, D.C.  20068
(Address, including zip code, of registrant's principal executive offices)
_________________________
Pepco Holdings, Inc. Non-Management Directors Compensation Plan
(Full title of plan)
_________________________
Ellen Sheriff Rogers
Vice President and Secretary
Pepco Holdings, Inc.
701 Ninth Street, N.W.
Washington, D.C.   20068
(202) 872-3526
(Name, address and telephone number, including area code, of agent for service)
_________________________
CALCULATION OF REGISTRATION FEE
Title of Securities to
Be Registered
Amount to Be
Registered
Proposed Maximum
Offering Price per
Share
Proposed Maximum Aggregate Offering Price
Amount of
Registration Fee
Common Stock,
$0.01 par value
5800,000 (1)
$21.365 ________(2)
$10,682,500 ________(2)
$1,257.33 ________(2)
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "1933 Act"), the number of shares of Common Stock registered hereby is subject to adjustment to prevent dilution by reason of any stock dividend, stock split, recapitalization or similar transaction that results in an increase in the number of outstanding shares of Common Stock.
(2)
Calculated in accordance with Rule 457(h) under the 1933 Act based on the average of the high and low sales prices per share of the common stock of Pepco Holdings, Inc. on December 31, 2004, as reported by the New York Stock Exchange ("NYSE").
______________________________________________________________________________________________
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3.  Incorporation of Certain Documents By Reference.
The following documents filed by Pepco Holdings, Inc. (the "Registrant") with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the "1934 Act"), are incorporated in this Registration Statement by reference:
(a)
The Annual Report on Form 10-K of the Registrant for the year ended December 31, 2003, as amended by a Form 10-K/A, dated March 31, 2004 (except for Items 7 and 8 which are included in the Registrant's Current Report on Form 8-K dated December 14, 2004);
(b)
The Quarterly Reports on Form 10-Q of the Registrant for the quarters ended March 31, June 30, and September 30, 2004;
(c)
The Current Reports on Form 8-K of the Registrant, dated January 16, January 29, August 24, September 9, December 3, December 14, December 14 and December 21, 2004;
(d)
The description of the Common Stock set forth in the Registrant's Registration Statement on Form 8-A filed on August 7, 2001, pursuant to Section 12 of the 1934 Act, including any amendments or reports updating such description;
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the 1934 Act on or subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this Registration Statement modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
The consolidated financial statements of the Registrant included
in this Registration Statement by reference to the Registrant's Current Report on Form 8-K, dated December 14, 2004, and the consolidated financial statement schedule incorporated in this Registration Statement by reference to the Annual Report on Form 10-K/A, dated March 31, 2004, of the Registrant have been so incorporated in reliance on the reports thereon (the report on the consolidated financial statements contains an explanatory paragraph that the Registrant revised the presentation of its consolidated statement of earnings for the year ended December 31, 2003) of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
1
____________________________________________________________________________________
Item 4.  Description of Securities.
Not applicable.
Item 5.  Interests of Named Experts and Counsel.
The validity of the securities offered hereby has been passed upon for the Registrant by Kirk J. Emge, who is regularly employed by the Registrant as its Vice President -- Legal Services.  Mr. Emge beneficially owns 13,384 shares of Common Stock and, under the Registrant's incentive compensation arrangements, has been granted options to purchase 15,300 shares of Common Stock.
Item 6.  Indemnification of Directors and Officers.
Delaware law permits a corporation to include a provision in its certificate of incorporation eliminating or limiting the personal liability of each of its directors, but not an officer in his or her capacity as such, to the corporation and its stockholders for monetary damages for breach of fiduciary duty as a director, except that such provision cannot eliminate or limit the liability of a director for (1) any breach of the director's duty of loyalty to the corporation or its stockholders, (2) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) liability under section 174 of the Delaware General Corporation Law for unlawful payment of dividends or stock purchases or redemptions, or (4) any transaction from which the director derived an improper personal benefit.  The Registrant's certificate of incorporation provides that the personal liability of the directors of the Registrant to the Registrant and its stockholders for monetary damages shall be eliminated or limited to the fullest extent permissible under applicable law as may be amended from time to time.
Under Delaware law, a corporation is permitted to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that the person is or was an officer, director, employee or agent of the corporation or is or was serving at the request of the corporation as an officer, director, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such proceeding: (1) if the person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation; and (2) in the case of a criminal proceeding, the person had no reasonable cause to believe that his conduct was unlawful.
A corporation also is permitted to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to obtain a judgment in its favor by reason of the fact that the person is or was an officer, director, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorney's fees) actually and reasonably incurred in connection  with the defense or settlement of such action or suit if the person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, provided that no such indemnification is permitted with respect to any claim, issue or matter as to which the person is found liable to the corporation unless and only  to the extent that the Delaware Court of Chancery or the court in which the action or suit is brought determines the person is fairly and reasonably entitled to indemnification for such expenses as the court shall deem proper.
Under Delaware law, a corporation is required to indemnify any current or former director or officer of the corporation who is successful on the merits or otherwise in the defense of any action, suit
2
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or proceeding against such person by reason of the fact that the person is or was an officer, director, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses actually and reasonably incurred.  Expenses incurred by an officer or director in defending civil, criminal, administrative or investigative proceedings may be paid by the corporation in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that the person is not entitled to be indemnified by the corporation.  Expenses incurred by former officers and directors or other employees or agents in defending such proceedings may be paid upon terms deemed appropriate by the corporation.  Effective as of the time of the Merger, the Registrant's certificate of incorporation will provide that the Registrant shall indemnify and advance expenses to any director, officer or employee of the Registrant, and may indemnify or advance expenses to any other person, who is, was or is threatened to be made a party to an action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of his or her service as a director, officer, employee or agent of the Registrant or his or her service as a director, officer, employee or agent of another entity at the request of the Registrant, to the fullest extent permitted by applicable law; provided that in the case of an advancement of expenses, if required by the Delaware General Corporation Law, an undertaking is first delivered to the Registrant, by or on behalf of such director, officer, employee or agent, to repay all amounts so advanced if it is ultimately determined that the director, officer, employee or agent is not entitled to be indemnified under the certificate of incorporation.
The Registrant's certificate of incorporation provides that the Registrant shall indemnify and advance expenses to any director, officer or employee of the Registrant, and may indemnify or advance expenses to any other person, who is, was or is threatened to be made a party to an action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of his or her service as a director, officer, employee or agent of the Registrant or his or her service as a director, officer, employee or agent of another entity at the request of the Registrant, to the fullest extent permitted by applicable law; provided that in the case of an advancement of expenses, if required by the Delaware General Corporation Law, an undertaking is first delivered to the Registrant, by or on behalf of such director, officer, employee or agent, to repay all amounts so advanced if it is ultimately determined that the director, officer, employee or agent is not entitled to be indemnified under the certificate of incorporation.
Item 7.  Exemption From Registration Claimed.
Not applicable.
Item 8.  Exhibits.
Exhibit No.
Description of Exhibits
4.1
Restated Certificate of Incorporation of the Registrant *
4.2
Bylaws of the Registrant, as amended **
5
Opinion of Kirk J. Emge, Esq. ***
23.1
Consent of PricewaterhouseCoopers LLP with respect to the financial statements of the Registrant ***
23.2
Consent of Kirk J. Emge, Esq. (included in Exhibit No. 5)
24
Powers of Attorney ***
*    Incorporated by reference to Exhibit 3.1 to the Registrant's Form 10-Q, dated August 13, 2003.
**  Incorporated by reference to Exhibit 3 to the Registrant's Form 10-Q for the quarter ended June 30, 2004.
*** Filed herewith
3
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Item 9.  Undertakings.
(a)
The Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the 1933 Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;
PROVIDED, HOWEVER, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by references in this registration statement;
(2)
That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the 1933 Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the 1934 Act that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.
4
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, who is duly authorized to sign, in the City of Washington, District of Columbia, on the 3rd day of January 2005.
PEPCO HOLDINGS, INC.
By:
/s/ D. R. WRAASE
Dennis R. Wraase
Chairman of the Board,
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following person in the capacities indicated.
Signature
Title
Date
/s/ D. R. WRAASE
Dennis R. Wraase
Chairman of the Board, President and Chief Executive Officer (principal executive officer)
January 3, 2005
/s/ JOSEPH M. RIGBY
Joseph M. Rigby
Senior Vice President and Chief Financial Officer (principal financial officer)
January 3, 2005
/s/ JAMES P. LAVIN
James P. Lavin
Vice President and Controller (principal accounting officer)
January 3, 2005
*
EDMUND B. CRONIN, JR.
Edmund B. Cronin, Jr.
Director
January 3, 2005
*
J. B. DUNN
Jack B. Dunn, IV
Director
January 3, 2005
*
T. C. GOLDEN
Terence C. Golden
Director
January 3, 2005
*
GEORGE F. MacCORMACK
George F. MacCormack
Director
January 3, 2005
*
RICHARD B. McGLYNN
Richard B. McGlynn
Director
January 3, 2005
*
FLORETTA D. McKENZIE
Floretta D. McKenzie
Director
January 3, 2005
5
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*
LAWRENCE C. NUSSDORF
Lawrence C. Nussdorf
Director
January 3, 2005
*
PETER F. O'MALLEY
Peter F. O'Malley
Director
January 3, 2005
*
FRANK ROSS
Frank K. Ross
Director
January 3, 2005
*
PAULINE A. SCHNEIDER
Pauline A. Schneider
Director
January 3, 2005
*
WILLIAM T. TORGERSON
William T. Torgerson
Director
January 3, 2005
*
A. T. YOUNG
A. Thomas Young
Director
January 3, 2005
By:
/s/ ELLEN SHERIFF ROGERS, Attorney-in-Fact
Ellen Sheriff Rogers
Attorney-In-Fact
6
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Exhibit No.
Description of Exhibits
5.
Opinion of Kirk J. Emge, Esq.
23.1
Consent of PricewaterhouseCoopers LLP with respect to the financial statements of the Registrant
23.3
Consent of Kirk J. Emge, Esq. (included in Exhibit No. 5)
7
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