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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 28, 2000
Registrant, State of
Incorporation, I.R.S. Employer
Commission File Number Address and Telephone Number Identification Number
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1-13895 Conectiv 51-0377417
(a Delaware Corporation)
800 King Street
P. O. Box 231
Wilmington, Delaware 19899
Telephone: (302) 429-3114
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Item 5. Other Events
On July 1, 2000, after receipt of regulatory approvals, certain
electric generating assets of Conectiv's utility subsidiaries, Delmarva Power &
Light Company ("DPL") and Atlantic City Electric Company ("ACE"), were
transferred to other Conectiv affiliates. After the sale of certain other
generating assets, the principal remaining businesses of DPL and ACE will be the
provision of regulated electric transmission and distribution service and, in
the case of DPL, regulated gas distribution service. The businesses of DPL and
ACE will also include supplying electricity to customers who do not choose an
alternative electricity supplier. After the sale of certain other generating
assets, power purchased by DPL and ACE will be the source of the electricity
supplied to these customers.
Approximately 1,866 megawatts of net generating capacity was
transferred to subsidiaries at net book value in exchange for common stock,
followed by a declaration of a capital dividend of the subsidiaries' common
stock to Conectiv by DPL and ACE. Conectiv has since contributed such common
stock to a new Conectiv subsidiary holding company named Conectiv Energy Holding
Company ("CEH"). CEH and its subsidiaries will be engaged in non-regulated
electricity production and sales, energy trading and marketing. The ACE assets
that were transferred will continue to be accounted for as part of the Atlantic
Utility Group (as defined in the Restated Certificate of Incorporation of
Conectiv).
On June 28, 2000, Conectiv announced the sale of a portion of its
district heating and cooling business to Sempra Energy Solutions, Inc. On July
10, 2000, Conectiv also announced the sale of a portion of Conectiv Services,
Inc., its heating, ventilating and air conditioning business, to former owners
of that business. Attached as Exhibit 99a and 99b, respectively, are press
releases distributed in connection with those announcements.
Item 7. Financial Statements, ProForma Financial Information and Exhibits
See Exhibit Index filed herewith.
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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
By: Philip S. Reese
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Philip S. Reese
Vice President and Treasurer
Date: July 10, 2000
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Exhibit Index
Exhibit No.
99a Press Release dated June 28, 2000, distributed in connection with
the sale of certain district heating and cooling assets to Sempra
Energy Solutions, Inc.
99b Press Release dated July 10, 2000, distributed in connection with
the sale of certain portions of the heating, ventilating and air
conditioning business of Conectiv Services, Inc.
