A revisit to defect structure of La0.1Sr0.9Co0.8Fe0.2O3−δ (LSCF1982) by considering its molecular chemical form as La0.1Sr0.9Co0.8Fe0.2Ox+δ, with B-site cations having +2 valence as reference charge, and oxygen interstitials (Oi″) and localized holes as majority ionic and electronic defects, have shown agreement between experimentally measured defect-chemical-properties and those calculated using regular solution model. With respect to oxygen nonstoichiometry (δ), the defect structure showed a positive deviation from ideal solution behavior. However, this regular solution model fails to account for variations of electronic thermopower and electronic conductivity in high oxygen partial pressure regions. In this work, we have analyzed the defect structure in terms of the degeneracy of holes and reinterpreted the positive deviation in defect chemical properties in terms of the activity coefficient of delocalized holes (γh). It is observed that the positive deviation can be ascribed to hole degeneracy, which is quantified by using Joyce-Dixon approximation of Fermi-Dirac integral. The Fermi energy relative to the valence band edge has negative values, indicating that it overlaps with the upper edge of valence band and thus suggesting a strong possibility of band conduction. Variation of hole mobility with temperature indicated a metal-type conduction behavior, which can be accounted by the band conduction from degenerated holes.