<PAGE>
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)
January 25, 1999
CONECTIV
(Exact Name of Registrant as Specified in Charter)
Delaware 1-13895 51-0377417
(State or other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) No.)
800 King Street, P.O. Box 231, Wilmington, Delaware 19899
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (302) 429-3114
None
(Former Name or Former Address, if Changed Since Last Report)
1
<PAGE>
Item 5. Other Events
As previously noted in the Company's Form 10-Q for
the quarters ending March 31, June 30 and September 30,
1998, the Company is in transition caused by electric
utility restructuring in New Jersey, Delaware, Maryland
and elsewhere in the region served by Conectiv.
Legislation (House Bill No. 570) providing the
Company's Delaware retail customers with the ability to
choose their electric supplier beginning in July 1999
was passed by the Delaware House of Representatives on
June 2, 1998. On June 30, 1998, however, the Delaware
General Assembly adjourned without a Senate vote on
House Bill No. 570, delaying consideration of Delaware
restructuring legislation until 1999.
The Alliance for Fair Electric Competition Today, which
includes the Company, worked with Delaware executive
branch representatives and representatives of the
Delaware Public Service Commission ("DPSC") staff to
develop consensus restructuring legislation for
passage early in 1999. On January 19, 1999, consensus
legislation, House Bill No. 10, was introduced in the
Delaware General Assembly and was reported out of the
appropriate House Committee on January 20, 1999.
House Bill No. 10 would allow the Company's
Delaware customers to choose their electricity
suppliers beginning on October 1, 1999 (for customers
with peak demands of 1000 kW or more), January 15,
2000 (for customers with peak demands of 300 kW or
more), and 18 months after the legislation is enacted
(for all other customers). House Bill No. 10 also
provides for a residential rate reduction of 7.5%
beginning October 1, 1999. Thereafter, except for a
deferred fuel balance "true-up" and increases for
extraordinary costs, residential rates may not be
changed for four years; and rates for customers in
commercial and industrial rate classes may not be
changed for three years. Under House Bill No. 10,
certain low-income energy assistance and environmental
programs are funded at an annual level of about $1.6
million by a charge in electric rates.
Among other matters, unbundled rates to be charged
by the Company during these "rate freeze" periods
have been agreed upon by the DPSC in a restructuring
plan proceeding contemplated by House Bill No. 10. In
addition, House Bill No. 10 gives the DPSC authority to
establish a variety of consumer protection measures,
including electricity supplier licensing regulations.
2
<PAGE>
The Company is reviewing the financial impact on
the Company of the enactment of House Bill No. 10 in
its present form. The Company is unable to predict the
financial impact of restructuring on the Company
because of market conditions, timing and other factors
associated with restructuring in New Jersey, Delaware , Maryland
and other states.
3
<PAGE>
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: January 25, 1999 /s/ L.M. Walters
Treasurer
4
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: January 25, 1999 L.M. Walters
Treasurer
5
