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<TABLE>
<CAPTION>
Exhibit FS-2 DPL
DELMARVA POWER & LIGHT COMPANY
ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2000
(Dollars in Thousands)
(Unaudited)
Pro Forma
Actual Adjustments Pro Forma
------------- --------------- --------------
ASSETS
Current Assets
<S> <C> <C> <C>
Cash and cash equivalents $ 10,342 $ 5,715 $ 16,057
Accounts receivable net of allowance -
for doubtful accounts of $8,785 331,810 331,810
Intercompany loan receivable 74,128 74,128
Inventories, at average cost
Fuel (coal, oil and gas) 26,719 26,719
Materials and supplies 24,149 (286) 23,863
Prepayments 21,099 (113) 20,986
Deferred energy supply costs 2,480 2,480
Deferred income taxes, net 7,856 7,856
------------- --------------- --------------
498,583 5,316 503,899
------------- --------------- --------------
Investments 78,660 (27,902) 50,758
------------- --------------- --------------
Property, Plant and Equipment
Electric generation 631,625 (4,848) 626,777
Electric transmission and distribution 1,434,593 1,434,593
Gas transmission and distribution 269,245 269,245
Other electric and gas facilities 185,421 185,421
Other property, plant, and equipment 12,526 12,526
------------- --------------- --------------
2,533,410 (4,848) 2,528,562
Less: Accumulated depreciation 1,154,803 (28,642) 1,126,161
------------- --------------- --------------
Net plant in service 1,378,607 23,794 1,402,401
Construction work-in-progress 79,758 (4,348) 75,410
Leased nuclear fuel, at amortized cost 25,476 (13,708) 11,768
Goodwill, net 68,441 68,441
------------- --------------- --------------
1,552,282 5,738 1,558,020
------------- --------------- --------------
Deferred Charges and Other Assets
Recoverable stranded costs, net 32,965 32,965
Deferred recoverable income taxes 68,843 68,843
Prepaid employee benefits costs 159,678 159,678
Unamortized debt expense 10,864 10,864
Deferred debt refinancing costs 8,565 8,565
Other 21,909 21,909
------------- --------------- --------------
302,824 - 302,824
------------- --------------- --------------
Total Assets $2,432,349 ($16,848) $2,415,501
============= =============== ==============
See accompanying Notes to Consolidated Financial Statements on FS-8.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit FS-2 DPL
DELMARVA POWER & LIGHT COMPANY
ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2000
(Dollars in Thousands)
(Unaudited)
Pro Forma
Actual Adjustments Pro Forma
------------- --------------- --------------
CAPITALIZATION AND LIABILITIES
Current Liabilities
<S> <C> <C> <C>
Long-term debt due within one year $ 1,753 $ 1,753
Variable rate demand bonds 104,830 104,830
Accounts payable 195,295 195,295
Taxes accrued 56,022 $ (8,444) 47,578
Interest accrued 23,352 23,352
Dividends payable 6,134 6,134
Current capital lease obligation 12,507 (6,854) 5,653
Above-market purchased energy contracts
and other electric restructuring liabilities 25,313 (3,676) 21,637
Other 31,972 (800) 31,172
------------- --------------- --------------
457,178 (19,774) 437,404
------------- --------------- --------------
Deferred Credits and Other Liabilities
Deferred income taxes, net 297,490 9,643 307,133
Deferred investment tax credits 24,981 (1,300) 23,681
Long-term capital lease obligation 13,977 (6,854) 7,123
Above-market purchased energy contracts
and other electric restructuring liabilities 92,220 92,220
Other 23,694 (1,700) 21,994
------------- --------------- --------------
452,362 (211) 452,151
------------- --------------- --------------
Capitalization
Common stock: $2.25 par value;
1,000,000 shares authorized; 1,000 shares outstanding 2 2
actual and pro forma
Additional paid-in capital 212,612 212,612
Retained earnings 227,954 3,137 231,091
------------- --------------- --------------
Total common stockholders' equity 440,568 3,137 443,705
Preferred stock not subject to mandatory redemption 89,703 89,703
Preferred securities of subsidiary trust subject to
mandatory redemption 70,000 70,000
Long-term debt 922,538 922,538
------------- -------------- --------------
1,522,809 3,137 1,525,946
------------- -------------- -------------
------------- -------------- --------------
Total Capitalization and Liabilities $2,432,349 ($16,848) $ 2,415,501
============= =============== ==============
See accompanying Notes to Consolidated Financial Statements on FS-8.
</TABLE>
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