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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 29, 1999
CONECTIV
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-13895 51-0377417
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(State or Other Jurisdiction (Commission IRS Employer
of Incorporation) File Number) Identification No.)
800 King Street, P.O. Box 231, Wilmington, Delaware 19899
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code 302-429-3525
None
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(Former Name or Former Address, if Changed Since Last Report
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Item 5. Other Events
As previously reported by the Company, the Delaware General Assembly
passed the Electric Utility Restructuring Act of 1999 (the "Delaware Act")
on March 25, 1999. On March 31, 1999, the Governor of Delaware signed the
Delaware Act. The Company is scheduled to file a compliance plan with the
Delaware Public Service Commission by April 15, 1999.
* * * *
As previously reported by the Company, electric utility restructuring
legislation was introduced in the Virginia General Assembly on January 21, 1999.
The Virginia General Assembly passed the Virginia Electric Utility Restructuring
Act (the "Virginia Act") on March 25, 1999. On March 29, 1999, the Governor of
Virginia signed the Virginia Act.
* * * *
On April 2, 1999, the Maryland General Assembly passed legislation to
restructure the electric utility industry (the "Maryland Act"). On April 8,
1999, the Governor of Maryland signed the Maryland Act. The major elements of
the Maryland Act include:
* Phase-in of retail choice beginning in July 2000, with full choice for
all customers by July 2003;
* Rate reductions of 3% to 7.5% for residential customers, with rates
then "frozen" for four years;
* The Company is not required to transfer or sell its generating assets, but
the Company's generating assets are deregulated if it sells such assets to a
non-affiliate or transfers the assets to an affiliate prior to January 1,
2001;
* Recovery of stranded costs and other costs associated with the transition to
retail choice is permitted through a method to be determined by the Maryland
Public Service Commission (MPSC);
* No requirement that a municipal utility provide retail choice unless the
municipal utility provides service to customers outside its service
territory;
* Imposition by the MPSC of an environmental surcharge on each kilowatt hour
distributed in the State.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONECTIV
(Registrant)
Date: April 14, 1999 /s/ Louis M. Walters
Treasurer
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