WASHINGTON — Pepco Holdings is preparing to spend up to $720 million to upgrade the electrical grid in some of Washington’s fastest-growing neighborhoods.

Pepco chief executive David Velazquez says the company is trying to put in the infrastructure that will allow the city to grow over the next 30 years.

The plan is meant to help the company meet the requirements of Washington’s shifting economic landscape. A recent influx of young workers has prompted a redevelopment boom in neighborhoods such as Shaw.

This project comes a year after Exelon acquired Pepco Holdings for $6.8 billion.

The D.C. Public Service Commission voted 2 to 1 to approve the deal, saying the upgrades were in the public’s interest.

Construction on what’s being called the “Capital Grid Project” is set to begin next year.

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