<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1993
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-1839
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
(Full title of the Plan)
COMMONWEALTH EDISON COMPANY
37th Floor, 10 South Dearborn Street
Post Office Box 767, Chicago, Illinois 60690-0767
(Name of issuer of the securities held pursuant to
the Plan and address of its principal executive offices)
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
INDEX TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
Page No.
Independent Auditor's Report 1
Statements of Net Assets Available for Benefits -
December 31, 1993 and 1992 2
Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1993, 1992 and 1991 3
Notes to Financial Statements 4-24
Schedule I - Investments as of December 31, 1993
Schedule II - Transactions in Excess of 5% of the Current Value
of Plan Assets for the Year Ended December 31, 1993
Note: There were no loans, fixed income obligations or
leases in default at December 31, 1993, and there
were no reportable transactions with any non-exempt
party-in-interest during the year then ended.
<PAGE>
WASHINGTON,PITTMAN & McKEEVER
CERTIFIED PUBLIC ACCOUNTANTS
819 South Wabash Avenue
Suite 600
Chicago, Illinois 60605
(312) 786-0330
FAX (312) 786-0323
INDEPENDENT AUDITOR'S REPORT
To the Commonwealth Edison
Employe Savings and Investment Plan:
We have audited the accompanying statements of net assets
available for benefits of the COMMONWEALTH EDISON EMPLOYE SAVINGS
AND INVESTMENT PLAN as of December 31, 1993 and 1992, and the
related statements of changes in net assets available for
benefits for the years ended December 31, 1993, 1992 and 1991.
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. These standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the COMMONWEALTH EDISON EMPLOYE SAVINGS
AND INVESTMENT PLAN as of December 31, 1993 and 1992, and the
changes in net assets available for benefits for the years ended
December 31, 1993, 1992 and 1991, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules of investments as of December 31, 1993, and
transactions in excess of 5% of the current value of plan assets
for the year ended December 31, 1993, are presented for purposes
of additional analysis and are not a required part of the basic
financial statements but are supplementary information required
by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act
of 1974, as amended. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly
stated, in all material respects, in relation to the basic
financial statements taken as a whole.
WASHINGTON, PITTMAN & McKEEVER
Chicago, Illinois
June 24, 1994
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993 AND 1992
<TABLE>
<CAPTION>
1993 1992
______________ ______________
<S> <C> <C>
ASSETS
INVESTMENTS, AT CURRENT VALUE (Note 2):
Commonwealth Edison Company Common Stock $ 61,063,594 $ 45,384,581
The First National Bank of Chicago Group
Trust for Pension and Profit Sharing
Trusts (Note 5)-
Institutional Cash Management Fund 1,429,969 1,653,110
Collective Trust Funds of The Northern Trust
Company (Note 6)-
Short Term Investment Fund 50,471 401,527
Intermediate Term Bond Fund 51,545,001 44,538,767
Brinson Trust Company
Collective Investment Trust for Pension
and Profit Sharing Trusts (Note 7)-
U.S. Cash Management Fund 3,519,554 1,938,297
Multi-Asset Portfolio Fund 202,582,418 159,049,826
Guaranteed Investment Contracts (Note 8) 121,887,114 104,575,291
Banker's Trust Company
BT Pyramid Trust (Note 9)-
BT Pyramid Discretionary Cash Fund 84 -
BT Pyramid Equity Index Fund 22,161,911 14,555,151
Loans Receivable from Participants 29,758,563 22,868,321
______________ ______________
Total Investments $ 493,998,679 $ 394,964,871
______________ ______________
RECEIVABLES:
Accrued Dividends and Interest $ 1,568,301 $ 1,449,657
Contributions Receivable 3,982 3,279
______________ ______________
$ 1,572,283 $ 1,452,936
______________ ______________
TOTAL ASSETS $ 495,570,962 $ 396,417,807
______________ ______________
LIABILITIES
Payable to Participants $ 2,747,349 $ 4,412,602
Accrued Administrative Expenses 467,176 285,635
______________ ______________
TOTAL LIABILITIES $ 3,214,525 $ 4,698,237
______________ ______________
NET ASSETS AVAILABLE FOR BENEFITS $ 492,356,437 $ 391,719,570
______________ ______________
______________ ______________
</TABLE>
The accompanying Notes to Financial Statements are an integral part of the
above statements
- 2 -
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
<TABLE>
<CAPTION>
1993 1992 1991
______________ ______________ ______________
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
INVESTMENT INCOME:
Dividends on Commonwealth Edison Company
Common Stock $ 3,352,699 $ 4,193,690 $ 4,765,703
Income from Investment in Group and
Collective Investment Trust Funds 21,067,789 18,278,649 15,982,391
Income from Participants' Loans 2,450,443 2,185,908 1,689,716
______________ ______________ ______________
Total Investment Income $ 26,870,931 $ 24,658,247 $ 22,437,810
______________ ______________ ______________
Net Realized Gain on Investments $ 19,107 $ 27,604,907 $ 1,203,111
Net Unrealized Appreciation
(Depreciation) of Investments 22,038,152 (51,183,311) 24,216,281
______________ ______________ ______________
NET APPRECIATION (DEPRECIATION)
OF INVESTMENTS (NOTES 3 AND 4) $ 22,057,259 $ (23,578,404) $ 25,419,392
______________ ______________ ______________
CONTRIBUTIONS:
Participants $ 44,898,697 $ 43,840,111 $ 34,815,334
Employers 22,004,465 20,147,216 14,692,447
Rollovers 779,456 842,484 1,211,991
______________ ______________ ______________
Total Contributions $ 67,682,618 $ 64,829,811 $ 50,719,772
______________ ______________ ______________
TOTAL ADDITIONS $ 116,610,808 $ 65,909,654 $ 98,576,974
______________ ______________ ______________
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
WITHDRAWALS BY PARTICIPANTS $ 14,255,934 $ 14,930,823 $ 11,138,804
ADMINISTRATIVE EXPENSES 1,718,007 1,450,188 1,268,475
______________ ______________ ______________
TOTAL DEDUCTIONS $ 15,973,941 $ 16,381,011 $ 12,407,279
______________ ______________ ______________
NET INCREASE $ 100,636,867 $ 49,528,643 $ 86,169,695
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 391,719,570 342,190,927 256,021,232
______________ ______________ ______________
END OF YEAR $ 492,356,437 $ 391,719,570 $ 342,190,927
______________ ______________ ______________
______________ ______________ ______________
</TABLE>
The accompanying Notes to Financial Statements are an integral part of
the above statements.
- 3 -
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(1) Description of Plan. The following description of the
Commonwealth Edison Employe Savings and Investment Plan (the
"Plan") is provided for general information purposes only. The
official text of the Plan, as amended, should be read for more
complete information.
a. General. The Plan was established by Commonwealth
Edison Company (the "Company"), effective March 1, 1983, to
provide a systematic savings program for eligible employees and
to supplement such savings with Employer contributions. The Plan
is subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (ERISA).
The Plan provides that any regular employee of the
Company or Commonwealth Edison Company of Indiana, Inc., and any
regular salaried employee of Cotter Corporation, excluding any
such employee on an approved leave of absence, who has completed
three months of service with any of such companies or any
subsidiary of the Company, is eligible to become a participant.
Effective July 30, 1993, employees who were formerly employed by
Edison and who transferred employment from Edison to Northwind
Inc. at the request of Edison are eligible to become
participants. These companies are hereinafter referred to as
"Employers."
The Company is the administrator of the Plan and has the
sole authority to appoint and remove members of the Plan
Committee, the Trustee, and any investment manager which may be
provided for under the Trust. The Plan Committee has the
responsibility for day-to-day administration of the Plan,
including authorization of disbursements.
The First National Bank of Chicago is the Trustee (the
"Trustee") under the Plan. The Company and the Trustee have
executed a trust agreement which provides, among other things,
that all amounts received by the Trustee thereunder shall be
held, managed, invested and distributed by the Trustee in
accordance with the Plan and the Trust Agreement. Metropolitan
Life Insurance Company, as recordkeeper, maintains the records of
participants' accounts under the Plan.
b. Contributions. The Plan permits a participant to
establish a Basic Savings Account by authorizing payroll
deductions per payroll period of 1% to 10%, in whole percentages
only, of Compensation, as defined in the Plan, and having such
amounts contributed to the participant's Basic Savings Account.
A participant may also establish a Compensation
Conversion Account by electing to reduce Compensation per payroll
period in an amount equivalent to 1% to 10%, in whole percentages
only, and having such amounts contributed to the participant's
Compensation Conversion Account.
Employer contributions to a participant's Employer
Contribution Account shall be equal to 70% of the participant's
contributions for each payroll period to the participant's Basic
Savings Account and Compensation Conversion Account, but shall
not exceed 70% of 5% of the participant's Compensation. Employer
contributions shall be invested in the same
4
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
investment funds and in the same percentages as specified by the
participant for the participant's employee accounts.
The Plan Committee is authorized to establish and
maintain a Rollover Account for a participant to record a
qualified total distribution or direct trust transfer made by or
on behalf of the participant including distributions made to or
on behalf of a participant upon the termination of the
Commonwealth Edison Company Employe Stock Ownership Plan.
The total contributions allocated to a participant's
accounts for any calendar year are limited to meet the
requirements of the Internal Revenue Code.
c. Investment Funds. The Plan provides for five
investment funds described as follows:
Fund A is the Commonwealth Edison Company Common Stock
Fund. This fund is invested primarily in Common Stock of the
Company. Each purchase of Common Stock is made from the Company
on the day contributions are transferred to the Trustee at a
price which is the average of the high and low sales prices of
the Company's Common Stock, as reported as New York Stock
Exchange - Composite Transactions, on the day preceding the day
of transfer. Dividends are reinvested in the Company's Common
Stock under the Company's Dividend Reinvestment and Stock
Purchase Plan.
Fund B is a Fixed Income Securities Fund. This fund is
invested in major portion in high grade debt securities with
expected maturities of five years or less from the date of
purchase. Such investments may be made directly, or indirectly
through investment in common, collective or pooled investment
funds.
Fund C is a Diversified Fund. This fund is invested
primarily in corporate equity securities and corporate debt
securities. Investments may also be made in other appropriate
investments, including, but not limited to, real estate, foreign
securities and venture capital opportunities. Such investments
may be made directly, or indirectly through investment in common,
collective or pooled investment funds.
Fund D is a Stated Return Fund. This fund is invested
primarily in one or more investment contracts issued by either
one or more insurance carriers, banks or trust companies. The
investment contracts will stipulate rates of return to be
credited to funds invested in the contracts for specified periods
of time. The actual rate of return of Fund D will depend on the
weighted average return of all the contracts in which such
amounts are invested, and is determined by the level of
contributions to, and withdrawals from, Fund D.
Fund E is a Stock Index Fund. This fund is invested
primarily to perform as closely as possible to the Standard and
Poor's 500 Stock Price Index. Such investments may be made
directly, or indirectly through investment in common, collective
or pooled investment funds.
5
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Amounts in each of the investment funds may temporarily
be held in cash or invested in short-term cash equivalents
pending investment or other disposition.
A participant elects the investment of contributions to
the participant's accounts in Fund A, Fund B, Fund C, Fund D and
Fund E in specified multiples of 10%. A participant may change
investment elections effective as of any January 1, April 1, July
1 or October 1 by filing a change form at least 30 days prior to
the effective date of the change. Changes may be made in
multiples of 10% for amounts already contributed to and held in
the participant's accounts or for future contributions, or for
both. Certain restrictions relate to the transfer of investments
between Funds B and D.
At December 31, 1993, the number of participants in
Fund A, Fund B, Fund C, Fund D and Fund E was 8,749, 6,724,
13,459, 9,337 and 3,849, respectively.
d. Participant Loans. A participant may upon written
application to the Plan Committee, together with payment of an
application fee, borrow from the Plan in accordance with the
following rules established in the Plan and by the Plan
Committee: (1) only one loan is permitted to a participant in
any calendar year and the aggregate number of outstanding loans
to a participant may not exceed five; (2) a loan acceptance fee
may be required by the Plan Committee on each loan in addition to
the required application fee; (3) the amount of a loan shall not
be less than $1,000, and the aggregate amount of all outstanding
loans to a participant may not exceed the lesser of (i) 50% of a
participant's vested balance in the Plan and (ii) $50,000 minus
the excess of the highest outstanding balance of all loans from
the Plan to the participant during the previous 12-month period
over the outstanding balance of all loans from the Plan to the
participant on the day the loan is made; (4) the amount of a loan
will be charged against the participant's plan accounts and an
investment fund or funds in accordance with rules established by
the Plan Committee; (5) the period for repayment of a loan may
not exceed five years from the date of such loan. A loan may be
prepaid in its entirety, without penalty, after 12 months by
delivering cash to the Plan Committee in an amount equal to the
entire unpaid balance of such loan including interest. No
partial prepayment is permitted. A loan will be made only if the
participant consents to have substantially equal installments
deducted from the participant's regular payroll checks during the
term of such loan; (6) a loan must be evidenced by the
participant's collateral promissory note, in the form prescribed
by the Plan Committee, for the amount of the loan and secured by
an assignment of the participant's Plan accounts; (7) each loan
will bear interest at the rate established by The First National
Bank of Chicago for loans secured by certificates of deposit and
in effect on the last business day of the month preceding the
issuance of the loan; and (8) the outstanding balance of all
loans made to the participant generally becomes immediately due
and payable upon termination of employment. No distribution from
the Plan will be made to a participant who has received a loan,
or to a beneficiary of any such participant, until the loan,
including interest, has been repaid out of the funds otherwise
distributable.
e. Vesting and Forfeiture of Participants' Accounts. A
participant's Basic Savings Account, Compensation Conversion
Account and Rollover Account are fully vested at all times. A
participant who remains in employment with an Employer or any
subsidiary of the
6
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Company becomes vested in the Employer Contribution Account at
the rate of 20% per year (as of each January 1) after the
participant first becomes a participant. A participant also
becomes fully vested in the Employer Contribution Account
upon retirement (as defined in the Plan), total disability or
death.
If a participant terminates employment, other than by
reason of retirement, total disability or death, before being
fully vested in the participant's Employer Contribution Account,
the non-vested portion of the participant's Employer Contribution
Account will be segregated from such Account and will continue to
be invested in accordance with the participant's investment
election then in effect until December 31 of the year in which
the participant's termination of employment occurs. As of
December 31 of such year, the non-vested amount shall be invested
in Fund D until the non-vested amount is again credited to the
participant's account or reallocated among participants'
accounts. If the participant is not rehired by an Employer or a
subsidiary of the Company within five years of the date on which
employment was terminated, the portion so segregated will become
a forfeiture at the end of such period. Such forfeitures
generally will be allocated per capita among the active and
inactive participants who are employees of such Employer and
credited to their Employer Contribution Accounts as of the end of
the Plan year in which the forfeitures occur.
f. Withdrawals by Participants While Employed. A
participant may withdraw up to the entire balance of the
participant's Basic Savings Account once each calendar year,
except that while any loan to the participant remains
outstanding, the amount available for withdrawal shall be the
balance in such Account less twice the balance of any loan
subaccount. A withdrawal from the participant's Basic Savings
Account suspends the participant's right to make contributions to
the Plan for six months.
A participant may make withdrawals from the participant's
Compensation Conversion Account, but only if the participant has
attained age 59-1/2 or, prior to that age, only in an amount
required to alleviate financial hardship as determined by the
Plan Committee. While any loan to the participant remains
outstanding, the amount available for withdrawal shall be the
balance in the Compensation Conversion Account less twice the
balance of any loan subaccount. Financial hardship withdrawals
from a Compensation Conversion Account suspend the participant's
right to make contributions to the Plan for six months.
A participant may withdraw up to an amount equal to the
balance in his Rollover Account, except that while any loan to
the participant remains outstanding, the amount available for
withdrawal shall be the balance in such Account less twice the
balance of any loan subaccount.
g. Distributions Upon Termination of Employment. Upon
termination of employment, retirement, total disability or death
of a participant, distribution of the balances of the
participant's Basic Savings Account, Compensation Conversion
Account, Rollover Account and the vested portion of the Employer
Contribution Account is made to the participant or, in the event
of the participant's death, to the participant's designated
7
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
beneficiary or beneficiaries. Such distribution will be made, as
elected by the participant, in the form of either a lump-sum
payment or, if the participant's account exceeds $3,500, in
substantially equal annual installments over a period not
exceeding the lesser of 15 years or the life expectancy of the
participant or beneficiary, as the case may be. If payment is to
be made in annual installments, the unpaid balance of the
participant's Accounts will be invested as selected by the
participant or beneficiary in accordance with the rules of the
Plan as described previously under "Investment Funds."
Distributions will be made in cash, except that, if the
participant's Accounts are to be paid in a lump sum, then the
participant may request that all of the vested portion of the
participant's Accounts invested in Fund A be distributed in whole
shares of Company Common Stock with any fractional share being
paid in cash. If distribution is to be made in periodic
payments, such payments shall include net income or loss
allocable to the participant for each year. If such periodic
payments have begun to be paid to a participant and the
participant dies before all such payments have been made, the
length of the period over which the remaining payments are to be
made to the participant's beneficiary may not exceed the number
of years for which payments remain to be made to the participant.
A participant who has elected distribution in periodic payments
may, at any time after such election is made, elect to receive a
distribution of the remaining amount of his benefits in a lump
sum.
Distribution will be made or commence within 60 days
following the valuation date coincident with or next following
the participant's termination of employment unless the
participant's Plan Accounts to be distributed exceed $3,500 and
either (a) the participant elects prior to termination of
employment to defer receipt of the distribution and have such
distribution made or commence within 60 days following the end of
the Plan year in which the participant attains age 70-1/2 or (b)
the participant has not reached age 65. In the latter case,
distribution will be deferred and will be made or commence within
60 days following the valuation date coincident with or following
the date on which the participant reaches age 65, unless the
participant elects the option described in (a). If distribution
is deferred, the unpaid balance of the participant's Plan
Accounts will be invested in any of the funds as directed by the
participant and such investments may be changed in accordance
with the rules of the Plan as described previously under
"Investment Funds."
In the case of a distribution of a lump sum payment,
interest on the amount of such lump sum payment (other than the
portion, if any, of the distribution that consists of shares of
Company Common Stock) shall be paid to the recipient thereof by
the Fund or Funds from which such distribution is made for the
period from the valuation date on which the amount of such lump
sum distribution is determined to and including the day preceding
the date on which such distribution is made. Interest for such
period shall be calculated at the Tier 1 rate payable by The
First National Bank of Chicago on its First Money Market Account
for the week within which occurs the valuation date on which the
amount of the distribution is determined. Such interest shall be
paid within fifteen days after the date on which distribution of
the lump sum payment is made. To the extent a distribution
consists of shares of Company Common Stock, any declared
dividends having a record date after the valuation date on which
the number of shares is determined and prior to the date of
distribution of the shares shall be paid to the participant as
soon as possible after the dividends are received by the Trustee.
8
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Each participant has the right at any time to designate,
or to rescind or change any designation of, a beneficiary to
receive distribution in the event of the participant's death. If
no beneficiary is designated, or if the designated beneficiary
does not survive the participant, the distribution will be made
to the participant's surviving spouse or, if the participant has
no surviving spouse, to the participant's estate. No designation
of a beneficiary other than a surviving spouse is or will be
effective under the Plan unless the Plan Committee receives (with
certain exceptions) the written consent of the participant's
spouse to such designation.
(2) Summary of Significant Accounting Policies. The significant
accounting policies followed by the Plan are as follows:
a. General. The Plan follows the accrual method of
accounting for recording contributions from participants and
Employers, income from investments, purchases and sales of
investments, withdrawals by participants and administrative
expenses.
b. Valuation of Investments. Investments are stated at
current value.
(3) Realized Gain (Loss) on Investments. The realized gain on
investments in Fund A for the years ended December 31, 1993 and
1991 were $12,531 and $572,574, respectively, and resulted from
proceeds of $900,031 and $2,613,209, respectively, from
disposition of investments having costs of $887,500 and
$2,040,635, respectively. The realized loss on investments in
Fund A for the year ended December 31, 1992 was $486,076 and
resulted from proceeds of $3,450,542 from disposition of assets
having costs of $3,936,618. The realized gains on investments
in Fund B for the years ended December 31, 1992 and 1991 were
$2,325 and $509, respectively, and resulted from proceeds of
$100,109 and $21,517, respectively, from disposition of
investments having costs of $97,784 and $21,008, respectively.
The realized gain on investments in Fund C for the years ended
December 31, 1993, 1992 and 1991 were $6,576, $26,951,008 and
$630,028, respectively, and resulted from proceeds of $200,203,
$147,965,106 and $3,992,634, respectively, from disposition of
investments having costs of $193,627, $121,014,098 and
$3,362,606, respectively. The realized gain on investments in
Fund E for the year ended December 31, 1992 was $1,137,650 and
resulted from proceeds of $11,708,904 from disposition of assets
having costs of $10,571,254. The cost of investments sold was
determined on an average cost basis.
9
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(4) Appreciation (Depreciation) of Investments.
a. Net Unrealized Appreciation (Depreciation) of Investments.
The net unrealized appreciation (depreciation) in the
current value of investments for the years ended December
31, 1991, 1992 and 1993 was as follows:
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E
_____________ ___________ _____________ ________ ____________
Commonwealth Fixed
Edison Company Income Stated Stock
Common Stock Securities Diversified Return Index
Fund Fund Fund Fund Fund Total
_____________ ___________ _____________ ________ ____________ _____________
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1991 $ 7,030,749 $ (193,000) $ 10,888,527 $ - $ (155,591) $ 17,570,685
Net change in unrealized
appreciation (depreciation)
during the year 7,432,939 1,810,184 13,655,810 - 1,317,348 24,216,281
_____________ ___________ _____________ ________ ___________ _____________
Balance at December 31, 1991 $ 14,463,688 $1,617,184 $ 24,544,337 $ - $1,161,757 $ 41,786,966
Net change in unrealized
appreciation (depreciation)
during the year (29,320,870) 378,567 (21,951,759) - (289,249) (51,183,311)
_____________ ___________ _____________ ________ ___________ _____________
Balance at December 31, 1992 $(14,857,182) $1,995,751 $ 2,592,578 $ - $ 872,508 $ (9,396,345)
Net change in unrealized
appreciation (depreciation)
during the year 9,590,173 (420,035) 11,111,255 - 1,756,759 22,038,152
_____________ ___________ _____________ ________ ___________ _____________
Balance at December 31, 1993 $ (5,267,009) $1,575,716 $ 13,703,833 $ - $2,629,267 $ 12,641,807
_____________ ___________ _____________ ________ ___________ _____________
_____________ ___________ _____________ ________ ___________ _____________
</TABLE>
b. Realized and Unrealized Appreciation (Depreciation) of
Investments - Revalued Cost Method. The net appreciation
(depreciation) in current value of investments between
realized and unrealized gains (losses) on investments as
determined in accordance with the "current value" reporting
requirements of the Department of Labor and the Internal
Revenue Service instructions for Form 5500 was as follows.
The realized gains or losses are the difference between the
proceeds received and the current value cost (fair value at
the beginning of the year or at the time of purchase if
acquired during the current year).
1993 1992
_____________ _____________
Net realized gains on investments $ 217,241 $ 924,969
Net unrealized gains (losses) on investments 21,840,018 (24,503,373)
_____________ _____________
Net appreciation (depreciation) in current
value of investments $ 22,057,259 $(23,578,404)
_____________ _____________
_____________ _____________
10
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(5) Participation in The First National Bank of Chicago Group
Trust.
a. Group Trust Institutional Funds. As of December 31,
1993, Funds A, B, D and E had equity in the Institutional Cash
Management Fund which is part of The First National Bank of
Chicago Group Trust for Pension and Profit Sharing Trusts (the
"First Chicago Group Trust").
The Institutional Cash Management Fund can invest no more
than 20% of its assets in securities having maturity dates
exceeding 91 days and have no less than 20% of its assets
comprised of cash, demand obligations and other assets capable of
liquidation on the next business day. All income is credited to
each participating trust.
b. Valuation of Investments. Investments of the Cash
Management Fund are valued at amortized cost plus accrued
interest which approximates current value.
(6) Participation in Collective Trust Funds of The Northern
Trust Company.
a. Collective Trust Funds. As of December 31, 1993,
Fund B had equity in the Short Term Investment Fund and the
Intermediate Term Bond Fund of the Collective Trust Funds of The
Northern Trust Company. The Short Term Investment Fund is
composed of high grade money market investments having maturities
averaging less than three months. The Intermediate Term Bond
Fund invests in major portion in high grade securities having
expected maturities of five years or less.
The equity of participants in the Collective Trust Funds
is represented by fund units. At the end of each valuation
period, the unit values are adjusted to give effect to net gains
or losses, changes in the current value of assets and receipt of
income.
b. Valuation of Investments. Temporary investments in
short-term securities are carried at cost which approximates
current value.
Investments held by the Short Term Investment Fund are
stated at cost. Accreted discount on investments is included in
accrued income receivable. The value of investments at cost plus
the amount of accreted discount approximates current value.
Investments in the Intermediate Term Bond Fund are stated
at current value. Securities traded on security exchanges are
valued at the latest sales price on the valuation date or, in the
absence of any sales, at the bid price on the valuation date.
Securities traded over-the-counter are valued at the final bid
price on the valuation date.
(7) Participation in Brinson Trust Company Collective Investment
Trust.
a. Collective Trust Funds. As of December 31, 1993,
Fund C had equity in the U. S. Cash Management Fund and the
Multi-Asset Portfolio Fund, both of which are part of
11
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the Brinson Trust Company Collective Investment Trust (the
"Brinson Trust").
The U. S. Cash Management Fund can invest no more than
20% of its assets in securities having maturity dates exceeding
91 days and have no less than 20% of its assets comprised of
cash, demand obligations and other assets capable of liquidation
on the next business day.
The Multi-Asset Portfolio Fund invests in assets of the
U.S. Bond Fund, U.S. Cash Management Fund, Non-U.S. Equity Fund,
U.S. Stock Only Fund, Post-Venture Fund, International Dollar
Bond Fund, Non-U.S. Bond Fund, U.S. High Yield Fund, Brinson MAP
Venture Capital Fund III, and Institutional Venture Capital Fund,
all of which are also part of the Brinson Trust. In addition,
the Multi-Asset Portfolio Fund also has investments in units of
the Institutional Real Estate Fund F and the Institutional
Venture Capital Fund II which are part of the First National Bank
of Chicago Group Trust for Pension and Profit Sharing Trusts, and
in U.S. Treasury Bills.
The equity of participants in the Brinson Trust is
represented by fund units. At the end of each valuation period,
the Trustee of the Brinson Trust adjusts unit values to give
effect to net gains or losses, changes in current value of the
assets and receipt of income. All income is retained in the
various funds, except the U.S. Cash Management Fund where income
is credited to each participating trust.
b. Valuation of Investments. Short-term investments
held by various institutional funds of the Brinson Trust are
stated at cost which approximates current value.
Investments of the U.S. Cash Management Fund are valued
at amortized cost plus accrued interest which approximates
current value.
Investments of the U.S. High Yield Fund, the U.S. Bond
Fund, the U.S. Stock Only Fund, the Non-U.S. Equity Fund, the
Post-Venture Fund, the International Dollar Bond Fund, the
Non-U.S. Bond Fund, the Brinson MAP Venture Capital Fund III, the
Institutional Venture Capital Fund and the Institutional Venture
Capital Fund II are valued at the latest reported sale price on
the valuation date used for securities traded on United States
and foreign stock exchanges. Investments valued in foreign
currencies are converted into U.S. dollars based on quoted
foreign exchange rates on the valuation date. Securities not
listed on such exchanges or for which no sale has been reported
on that date are valued at the latest quoted bid price or at
estimated current value as determined by the fund trustee.
Investments of Real Estate Fund F are stated at estimated
current values as determined by the First Chicago Group Trust
trustee.
12
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(8) Guaranteed Investment Contracts. Fund D had equity in the
following guaranteed investment contracts as of December 31, 1993
and 1992, respectively:
<TABLE>
<CAPTION>
December 31, 1993 December 31, 1992
Table _____________________________ _____________________________
Footnote Current Current
Issuer Reference Cost Value Cost Value
________________________ _________ _____________ _____________ _____________ _____________
<S> <C> <C> <C> <C> <C>
Metropolitan Life
Insurance Company (a) $ 3,956,100 $ 3,956,100 $ 11,603,331 $ 11,603,331
Continental Assurance
Company (b) 19,391,747 19,391,747 26,772,856 26,772,856
Connecticut General Life
Insurance Company (c) 14,509,275 14,509,275 15,043,057 15,043,057
Metropolitan Life
Insurance Company (d) 12,789,536 12,789,536 17,952,050 17,952,050
Principal Mutual Life
Insurance Company (e) 14,093,426 14,093,426 14,978,602 14,978,602
American International
Life Assurance Company
of New York (f) 9,352,959 9,352,959 9,977,944 9,977,944
Aetna Life Insurance
Company (g) 6,991,022 6,991,022 8,247,451 8,247,451
Allstate Life Insurance
Company (h) 10,381,467 10,381,467 - -
The Prudential Insurance
Company of America (i) 12,306,022 12,306,022 - -
John Hancock Mutual Life
Insurance Company (j) 18,115,560 18,115,560 - -
_____________ _____________ _____________ _____________
Total $121,887,114 $121,887,114 $104,575,291 $104,575,291
_____________ _____________ _____________ _____________
_____________ _____________ _____________ _____________
</TABLE>
FOOTNOTES:
(a) Participation in the Metropolitan Life Insurance Company
("Metropolitan") Group Annuity Contract.
Effective October 1, 1989, the Trustee established an
account with Metropolitan to invest amounts contributed by
participants and employers to Fund D from October 1, 1989
through September 30, 1990. Also, on October 2, 1989, 100%
of the amount remaining in a contract issued in July 1986 by
the John Hancock Mutual Life Insurance Company was
transferred to Metropolitan. The account is equal to the
amount of contributions invested plus credited interest, less
any amount withdrawn or transferred. The interest on the
account is computed at an effective annual rate of 8.70%, and
is credited at the end of each day on the amount in the
account at the end of the preceding day. The account will
remain open and continue to credit interest at the annual
rate of 8.70% until September 30, 1994. The amount in the
account in excess of $4,000,000 at September 30, 1993 was
transferred to an account established with John Hancock
Mutual Life Insurance Company (see Note (j)). The remaining
balance will be transferred on
13
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
September 30, 1994. Withdrawals from and transfers to and
from the account are subject to certain restrictions specified
in the contract between Metropolitan and the Trustee which was
executed to establish the account.
(b) Participation in the Continental Assurance Company
("CNA") Guaranteed Return Annuity Contract.
Effective October 1, 1990, the Trustee established an
account with CNA to invest amounts contributed by
participants and employers to Fund D from October 1, 1990
through September 30, 1991, subject to a maximum contribution
amount of $26,000,000. The contribution limit was reached in
July 1991 and no further contributions were made to the
account after July 14, 1991. The account is equal to the
amount of contributions invested, plus credited interest,
less the guaranteed expense charge and any amounts withdrawn
or transferred. The interest on the account is computed at
an effective annual rate of 9.30% and is credited to the
balance in the account on each annual accounting date. The
guaranteed expense charge is computed at an effective annual
rate of 0.25% and is charged annually on each accounting
date. The account will remain open and continue to credit
interest at the annual rate of 9.30% and incur the guaranteed
expense charge at the annual rate of 0.25% until April 1,
1996. Twenty-five percent (25%) of the amount remaining in
the account on April 1, 1993 was transferred to an account
established with Allstate Life Insurance Company (see Note
(h)). The amount remaining in the account will be
transferred to the Trustee or to another account at the
direction of the Trustee in the following increments: one-
third (33.3%) of the account balance on March 31, 1995, one-
half (50%) of the account balance on October 2, 1995, and all
(100%) of the account balance on April 1, 1996. Withdrawals
from and transfers to and from the account are subject to
certain restrictions specified in the contract between CNA
and the Trustee which was executed to establish the account.
(c) Participation in the Connecticut General Life Insurance
Company ("Connecticut General") Group Annuity Contract.
Effective July 15, 1991, the Trustee established an
account with Connecticut General to invest amounts
contributed by participants and employers to Fund D from
July 15, 1991 through September 30, 1992. Twenty-five
percent (25%) of the contributions during this time period
are deposited in the account. Also, on October 1, 1991, the
entire amount remaining in a contract issued in October 1985
by The Prudential Insurance Company of America, and which
expired on September 30, 1991, was transferred to Connecticut
General. The account is equal to the amount of contributions
invested, plus credited interest, less the expense charge and
any amounts withdrawn or transferred. The interest on the
account is computed at an effective annual rate of 9.48% and
is credited monthly. The annual expense charge is 1.16% of
the account balance and is charged monthly. The account will
remain open and continue to credit interest at the annual
rate of 9.48% and incur the expense charge at the annual rate
of 1.16% until September 30, 1996. The amount remaining in
the account will be transferred to the Trustee or to another
account at the direction of the Trustee in fifty percent
(50%) increments on April 1, 1996 and September 30, 1996.
Withdrawals from and transfers to and from the account are
subject to certain restrictions specified in the contract
between Connecticut General and the Trustee which was
executed to establish the account.
(d) Participation in the Metropolitan Life Insurance Company
("Metropolitan") Group Annuity Contract.
Effective July 23, 1991, the Trustee established an
account with Metropolitan to invest amounts contributed by
participants and employers to Fund D from July 23, 1991
through September 30, 1992. Seventy-five percent (75%) of
the contributions during this time period are deposited in
the account. The account is equal to the amount of
contributions invested plus credited interest, less any
amounts withdrawn or transferred. The interest on the
account is computed at an effective annual rate of 8.37% and
is credited daily. The account will remain open and continue
to credit interest at the annual rate of 8.37% until
March 31, 1997. The amount remaining in the account will be
transferred to the Trustee or to another account at the
direction of the Trustee in twenty-five percent (25%)
increments on March 31, 1994, March 31, 1995, March 31, 1996,
and March 31, 1997. On March 31, 1993 the amount remaining
in the account which was in excess of $13,500,000 as of
October 31, 1992 was transferred to an account established
with Allstate Life Insurance Company (see Note (h)).
Withdrawals from and transfers to and from the account are
subject to certain restrictions specified in the contract
between Metropolitan and the Trustee which was executed to
establish the account.
14
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(e) Participation in the Principal Mutual Life Insurance
Company ("Principal Mutual") Group Annuity Contract.
Effective August 26, 1992, the Trustee established an
account with Principal Mutual to invest sixty percent (60%)
of the value of investment contracts which matured September
30, 1992. The account is equal to the amount of
contributions invested plus credited interest, less any
amounts withdrawn or transferred. The interest on the
account is computed at an effective annual rate of 5.70% and
is credited daily. The account will remain open and continue
to credit interest at the annual rate of 5.70% until
September 30, 1997. Any amount remaining in the account in
excess of $12,000,000 on April 1, 1994, $10,000,000 on
October 3, 1994, $8,000,000 on October 2, 1995, and
$5,000,000 on April 1, 1997, will be transferred to the
Trustee or to another account at the direction of the Trustee
on those respective dates. Withdrawals from and transfers to
and from the account are subject to certain restrictions
specified in the contract between Principal Mutual and the
Trustee which was executed to establish the account.
(f) Participation in the American International Life
Assurance Company of New York ("American International")
Group Annuity Contract.
Effective October 1, 1992, the Trustee established an
account with American International to invest a portion of
the value of investment contracts which matured September 30,
1992. The account is equal to the amount of contributions
invested plus credited interest, less any amounts withdrawn
or transferred. The interest on the account is computed at
an effective annual rate of 5.30% and is credited daily. The
account will remain open and continue to credit interest at
the annual rate of 5.30% until March 31, 1997. The amount
remaining in the account will be transferred to the Trustee
or to another account at the direction of the Trustee in
twenty percent (20%) increments on March 31, 1994,
September 30, 1994, September 29, 1995, September 30, 1996,
and March 31, 1997. Withdrawals from and transfers to and
from the account are subject to certain restrictions
specified in the contract between American International and
the Trustee which was executed to establish the account.
(g) Participation in the Aetna Life Insurance Company
("Aetna") Guaranteed Investment Contract.
Effective October 15, 1992, the Trustee established an
account with Aetna to invest amounts contributed by
participants and employers to Fund D from October 1, 1992
through March 31, 1993. The account is equal to the amount
of contributions invested plus credited interest, less any
amounts withdrawn or transferred. The interest on the
account is computed at an effective annual rate of 6.31% and
is credited daily. The account will remain open and continue
to credit interest at the annual rate of 6.31% until March
31, 1998. The amount remaining in the account will be
transferred to the Trustee or to another account at the
direction of the Trustee in one-third (33-1/3%) increments on
March 31, 1997, September 30, 1997, and March 31, 1998. On
September 30, 1993 the amount remaining in the account which
was in excess of $7,300,000 as of March 31, 1993 was
transferred to an account established with John Hancock
Mutual Life Insurance Company (see Note (j)). Withdrawals
from and transfers to and from the account are subject to
certain restrictions specified in the contract between Aetna
and the Trustee which was executed to establish the account.
(h) Participation in the Allstate Life Insurance Company
("Allstate") Guaranteed Investment Contract.
Effective March 18, 1993, the Trustee established an
account with Allstate to invest a portion of the value of
investment contracts which matured March 31, 1993. The
maturing contracts were issued in 1990 and 1991 by CNA and
Metropolitan (see Notes (b) and (d)). The account is equal
to the amount of contributions invested plus credited
interest, less any amounts withdrawn or transferred. The
interest on the account is computed at an effective annual
rate of 5.76% (net of expenses) and is credited daily. The
account will remain open and continue to credit interest at
the annual rate of 5.76% until September 30, 1998. The
amount remaining in the account will be transferred to the
Trustee or to another account at the direction of the Trustee
in one-third (33-1/3%) increments on September 30, 1997,
March 31, 1998, and September 30, 1998. Withdrawals from and
transfers to and from the account are subject to certain
restrictions specified in the contract between Allstate and
the Trustee which was executed to establish the account.
15
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(i) Participation in The Prudential Insurance Company of
America ("Prudential") Group Pension Annuity Contract.
Effective April 1, 1993, the Trustee established an
account with Prudential to invest amounts contributed by
participants and employers to Fund D from April 1, 1993
through September 30, 1993. The account is equal to the
amount of contributions invested plus credited interest, less
any amounts withdrawn or transferred. The interest on the
account is computed at an effective annual rate of 5.72% (net
of expenses) and is credited daily. The account will remain
open and continue to credit interest at the annual rate of
5.72% until September 30, 1998. The amount remaining in the
account will be transferred to the Trustee or to another
account at the direction of the Trustee in one-third
(33-1/3%) increments on September 30, 1997, March 31, 1998,
and September 30, 1998. Withdrawals from and transfers to
and from the account are subject to certain restrictions
specified in the contract between Prudential and the Trustee
which was executed to establish the account.
(j) Participation in the John Hancock Mutual Life Insurance
Company ("John Hancock") Group Annuity Contract.
Effective August 23, 1993, the Trustee established an
account with John Hancock to invest amounts contributed by
participants and employers to Fund D from October 1, 1993
through March 31, 1994, as well as a portion of the value of
investment contracts which matured September 30, 1993. The
maturing contracts were issued in 1989 and 1992 by
Metropolitan and Aetna (see Notes (a) and (g)). The account
is equal to the amount of contributions invested plus
credited interest, less any amounts withdrawn or transferred.
The interest on the account is computed at an effective
annual rate of 5.30% and is credited daily. The account will
remain open and continue to credit interest at the annual
rate of 5.30% until October 1, 1998. The amount remaining in
the account will be transferred to the Trustee or to another
account at the direction of the Trustee in twenty-five
percent (25%) increments on October 1, 1996, April 1, 1997,
April 1, 1998, and October 1, 1998. Withdrawals from and
transfers to and from the account are subject to certain
restrictions specified in the contract between John Hancock
and the Trustee which was executed to establish the account.
(9) Participation in Bankers Trust Company BT Pyramid Trust.
a. Collective Trust Funds. As of December 31, 1993,
Fund E had equity in the BT Pyramid Discretionary Cash Fund and
the BT Pyramid Equity Index Fund, both of which are part of the
Bankers Trust Company BT Pyramid Trust.
The BT Pyramid Discretionary Cash Fund invests primarily
in income producing short-term investments.
The BT Pyramid Equity Index Fund consists principally of
a portfolio of common stocks constructed and maintained with the
objective of providing investment results which approximate the
overall performance of the common stocks included in Standard &
Poor's Composite Index of 500 stocks. The fund may also hold
Standard & Poor's Composite Index Futures contracts.
Periodically, the fund may hold other investments including
preferred stocks, corporate notes, convertible debentures and
other corporate investments as a result of corporate
reorganizations, distributions or other transactions initiated by
investee corporations.
16
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The equity of participants in the BT Pyramid Trust is
represented by fund units. At the end of each valuation period,
the trustee of the fund adjusts unit values to give effect to net
gains or losses, changes in current value of the assets and
receipt of income. All income is retained in the various funds,
except the BT Pyramid Discretionary Cash Fund where income is
credited to each participating trust.
b. Valuation of Investments. Investments of the BT
Pyramid Discretionary Cash Fund are stated at cost which
approximates fair value.
Equity securities traded on a national securities
exchange are valued at the last reported sales price on the
valuation date; securities traded in the over-the-counter market
and listed securities for which no sales were reported on the
valuation date are valued at the last reported bid price. Fixed
income securities are valued at fair value by the trustee of the
fund based on current market yields for investments with similar
characteristics such as maturity, coupon, and quality as
determined by an independent source. Securities representing
units of other funds are valued at net asset value as reported by
such funds. Security transactions are accounted for on the trade
date and dividend income is recorded on the ex-dividend date.
Futures contracts are valued daily with the resulting adjustments
recorded as realized gains and losses. Realized gains and losses
on transactions are determined using the average cost method.
17
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(10) Fund Balances. The individual fund balances as of December 31, 1993
are as follows:
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Loans Total
___________ ___________ _____________ ____________ ___________ ___________ ____________
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
INVESTMENTS, AT CURRENT VALUE:
Commonwealth Edison Company
Common Stock $61,063,594 $ - $ - $ - $ - $ - $ 61,063,594
The First National Bank of
Chicago Group Trust for Pension
and Profit Sharing Trusts-
Institutional Cash
Management Fund 428,012 356,962 - 133,745 511,250 - 1,429,969
Collective Trust Funds of The
Northern Trust Company-
Short Term Investment Fund - 50,471 - - - - 50,471
Intermediate Term Bond Fund - 51,545,001 - - - - 51,545,001
Brinson Trust Company
Collective Investment Trust for
Pension and Profit Sharing Trusts-
U.S. Cash Management Fund - - 3,519,554 - - - 3,519,554
Multi-Asset Portfolio Fund - - 202,582,418 - - - 202,582,418
Guaranteed Investment Contracts - - - 121,887,114 - - 121,887,114
Banker's Trust Company
BT Pyramid Trust-
BT Pyramid Discretionary
Cash Fund - - - - 84 - 84
BT Pyramid Equity Index Fund - - - - 22,161,911 - 22,161,911
Loans Receivable from Participants - - - - - 29,758,563 29,758,563
___________ ___________ _____________ ____________ ___________ ___________ ____________
Total Investments $61,491,606 $51,952,434 $206,101,972 $122,020,859 $22,673,245 $29,758,563 $493,998,679
___________ ___________ _____________ ____________ ___________ ___________ ____________
RECEIVABLES:
Accrued Dividends and Interest $ 870,386 $ 2,440 $ 5,960 $ 689,236 $ 279 $ - $ 1,568,301
Contributions Receivable 1,184 78 2,037 353 330 - 3,982
___________ ___________ _____________ ____________ ___________ ___________ ____________
$ 871,570 $ 2,518 $ 7,997 $ 689,589 $ 609 $ - $ 1,572,283
___________ ___________ _____________ ____________ ___________ ___________ ____________
TOTAL ASSETS $62,363,176 $51,954,952 $206,109,969 $122,710,448 $22,673,854 $29,758,563 $495,570,962
___________ ___________ _____________ ____________ ___________ ___________ ____________
LIABILITIES
Payable to Participants $ 428,894 $ 317,749 $ 873,773 $ 981,004 $ 145,929 $ - $ 2,747,349
Accrued Administrative Expenses 23,767 55,768 325,707 51,478 10,456 - 467,176
___________ ___________ _____________ ____________ ___________ ___________ ____________
TOTAL LIABILITIES $ 452,661 $ 373,517 $ 1,199,480 $ 1,032,482 $ 156,385 $ - $ 3,214,525
___________ ___________ _____________ ____________ ___________ ___________ ____________
NET ASSETS AVAILABLE FOR BENEFITS $61,910,515 $51,581,435 $204,910,489 $121,677,966 $22,517,469 $29,758,563 $492,356,437
___________ ___________ _____________ ____________ ___________ ___________ ____________
___________ ___________ _____________ ____________ ___________ ___________ ____________
</TABLE>
18
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(11) Fund Activity. The individual fund activity for the year ended
December 31, 1993 is as follows:
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Loans Total
____________ ____________ ____________ ____________ ___________ ____________ ____________
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
INVESTMENT INCOME:
Dividends on Commonwealth Edison
Company Common Stock $ 3,352,699 $ - $ - $ - $ - $ - $ 3,352,699
Income from Investment in Group and
Collective Investment Trust Funds 22,179 3,715,981 9,291,917 8,031,726 5,986 - 21,067,789
Income from Participants' Loans - - - - - 2,450,443 2,450,443
____________ ____________ ____________ ____________ ___________ ____________ ____________
Total Investment Income $ 3,374,878 $ 3,715,981 $ 9,291,917 $ 8,031,726 $ 5,986 $ 2,450,443 $ 26,870,931
____________ ____________ ____________ ____________ ___________ ____________ ____________
Net Realized Gain on Investments $ 12,531 $ - $ 6,576 $ - $ - $ - $ 19,107
Net Unrealized Appreciation
(Depreciation) of Investments 9,590,173 (420,035) 11,111,255 - 1,756,759 - 22,038,152
____________ ____________ ____________ ____________ ___________ ____________ ____________
NET APPRECIATION (DEPRECIATION)
OF INVESTMENTS $ 9,602,704 $ (420,035) $ 11,117,831 $ - $ 1,756,759 $ - $ 22,057,259
____________ ____________ ____________ ____________ ___________ ____________ ____________
CONTRIBUTIONS:
Participants $ 5,902,670 $ 4,887,111 $ 18,322,875 $ 12,197,269 $ 3,588,772 $ - $ 44,898,697
Employers 3,077,370 2,524,873 8,816,848 6,038,801 1,546,573 - 22,004,465
Rollovers 57,407 108,088 387,256 - 226,705 - 779,456
____________ ____________ ____________ ____________ ___________ ____________ ____________
Total Contributions $ 9,037,447 $ 7,520,072 $ 27,526,979 $ 18,236,070 $ 5,362,050 $ - $ 67,682,618
____________ ____________ ____________ ____________ ___________ ____________ ____________
TOTAL ADDITIONS $22,015,029 $10,816,018 $ 47,936,727 $ 26,267,796 $ 7,124,795 $ 2,450,443 $116,610,808
____________ ____________ ____________ ____________ ___________ ____________ ____________
TRANSFERS BETWEEN FUNDS $(3,359,999) $(1,557,488) $ 6,264,531 $ (2,765,724) $ 1,418,680 $ - $ -
____________ ____________ ____________ ____________ ___________ ____________ ____________
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
WITHDRAWALS BY PARTICIPANTS $ 1,966,641 $ 1,647,658 $ 5,179,287 $ 4,237,582 $ 396,275 $ 828,491 $ 14,255,934
____________ ____________ ____________ ____________ ___________ ____________ ____________
LOANS TO PARTICIPANTS:
Loans Paid Out $ 2,654,900 $ 2,144,217 $ 7,404,073 $ 5,010,701 $ 912,208 $(18,126,099) $ -
Loans Repaid (1,991,395) (1,509,361) (5,270,354) (3,297,144) (789,555) 12,857,809 -
____________ ____________ ____________ ____________ ___________ ____________ ____________
$ 663,505 $ 634,856 $ 2,133,719 $ 1,713,557 $ 122,653 $ (5,268,290) $ -
____________ ____________ ____________ ____________ ___________ ____________ ____________
ADMINISTRATIVE EXPENSES $ 83,572 $ 208,353 $ 1,139,195 $ 253,147 $ 33,740 $ - $ 1,718,007
____________ ____________ ____________ ____________ ___________ ____________ ____________
TOTAL DEDUCTIONS $ 2,713,718 $ 2,490,867 $ 8,452,201 $ 6,204,286 $ 552,668 $ (4,439,799) $ 15,973,941
____________ ____________ ____________ ____________ ___________ ____________ ____________
NET INCREASE $15,941,312 $ 6,767,663 $ 45,749,057 $ 17,297,786 $ 7,990,807 $ 6,890,242 $100,636,867
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 45,969,203 44,813,772 159,161,432 104,380,180 14,526,662 22,868,321 391,719,570
____________ ____________ ____________ ____________ ___________ ____________ ____________
END OF YEAR $61,910,515 $51,581,435 $204,910,489 $121,677,966 $22,517,469 $ 29,758,563 $492,356,437
____________ ____________ ____________ ____________ ___________ ____________ ____________
____________ ____________ ____________ ____________ ___________ ____________ ____________
</TABLE>
19
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(12) Forfeitures. Pursuant to the provisions of the Plan,
forfeitures of $80,841, $68,849 and $78,318 were allocated
December 31, 1993, 1992 and 1991, respectively, to eligible
participants. Forfeitures and the related reallocations have no
effect on the financial statements of the Plan. See Note 1.e.
for further information concerning forfeitures.
(13) Federal Income Tax Effects to Participants.
a. General. The Plan is a qualified plan under Sections
401(a) and 401(k) of the Internal Revenue Code. Such
qualification of the Plan means that a participant is not subject
to federal income tax on amounts contributed to the participant's
Compensation Conversion Account, Employer Contribution Account,
and Rollover Account and on earnings or appreciation on any
amounts held in any account under the Plan. When such amounts
either are withdrawn by the participant or distributed to the
participant or to a beneficiary in the event of the participant's
death, they are generally subject to federal income tax.
b. Contributions to Participants' Accounts.
Contributions to the Basic Savings Account of a participant do
not reduce the gross income of the participant for federal income
tax purposes. Contributions to the Compensation Conversion
Account of a participant reduce the gross income of the
participant for federal income tax purposes to the extent of the
contributions. In accordance with the Internal Revenue Code, the
Plan limits the annual amount that participants may elect to
contribute under qualified cash or deferred arrangements, which
includes contributions to Compensation Conversion Accounts, to
$7,000, indexed for inflation. The $7,000 limitation was
increased to $8,994 for 1993 as the result of the annual
inflation adjustment.
c. Withdrawals by Participants While Employed. If a
participant exercises the right to withdraw contributions made
prior to 1987 from the participant's Basic Savings Account while
continuing as an employee, such withdrawal is not subject to
federal income tax. After all of a participant's pre-1987
contributions to the participant's Basic Savings Account have
been withdrawn, a proportionate amount of each subsequent
withdrawal from the participant's Basic Savings Account will be
treated as a distribution of earnings and appreciation on
contributions, which is subject to federal income tax as ordinary
income and, if the participant has not yet attained the age of
59-1/2, generally are subject to an additional 10% federal income
tax. Withdrawals from the Compensation Conversion Account or
Rollover Account will be subject to federal income tax as
ordinary income and, if the participant has not yet attained the
age of 59-1/2, generally are subject to an additional 10% federal
income tax.
d. Distribution upon Termination of Employment. The
Plan provides that a distribution upon retirement, death,
disability or other separation from employment may be made in a
lump sum or in a series of annual installments.
If a distribution is made in a lump sum, the amount of
the distribution equal to a participant's contributions to the
participant's Basic Savings Account not previously withdrawn is
not subject to federal income tax. The amount of the
distribution in excess of
20
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the participant's contributions to the participant's Basic
Savings Account not previously withdrawn, including earnings
on or gains in the value of the participant's contributions,
plus the entire amount of the Compensation Conversion Account,
Rollover Account and the Employer Contribution Account, are
subject to federal income tax as ordinary income and, if made
upon separation from employment other than upon retirement, death
or disability, and, if the participant has not yet attained the
age of 59-1/2, generally are subject to an additional 10% federal
income tax. However, upon participation in the Plan for at least
five calendar years, a qualifying lump-sum distribution may be
eligible in certain circumstances for the special five-year or
ten-year averaging. If a distribution from Fund A is taken upon
termination of employment in shares of Company Common Stock, which
is made as part of a lump-sum distribution, the excess, if any, of
the fair market value of such Company Common Stock over the cost
of the stock to the Trustee is not subject to federal income tax at
the time of distribution but generally will be subject to federal
income tax upon disposition. However, a participant may elect to
have the excess taxed in the year of distribution.
If a distribution is made in installments which began to
be paid prior to July 2, 1986 and an amount equal to the
participant's contributions to the participant's Basic Savings
Account not previously withdrawn will be received by the
participant within three years, the installments received, up to
such amount of the participant's contributions, are not subject
to federal income tax and the entire amounts of all subsequent
installments received are subject to federal income tax as
ordinary income. If the participant's contributions to the
participant's Basic Savings Account not previously withdrawn will
not be received within three years or if the installment payments
begin after July 1, 1986, then the portion of each installment
attributable to the participant's contributions to the
participant's Basic Savings Account is not subject to federal
income tax and the remaining portion is taxed as ordinary income.
A distribution made in installments upon separation from
employment other than retirement, death, or disability, and, if
the participant has not yet attained the age of 59-1/2, generally
are subject to an additional 10% federal income tax.
e. Rollover of a Distribution. If a distribution is
made in a lump sum upon termination of employment, a participant
may, under certain conditions, roll over to an individual
retirement account ("IRA") or another employer's qualified
retirement plan within 60 days after the last amount of the lump
sum distribution is paid all amounts distributed from the
participant's Compensation Conversion Account, Rollover Account
and the participant's Employer Contribution Account and that
portion of the distribution from the participant's Basic Savings
Account in excess of the participant's contributions not
previously withdrawn, and thereby postpone the payment of federal
income tax on the distribution. A subsequent distribution from
an IRA or another employer's qualified retirement plan will be
subject to federal income tax as ordinary income and may be
subject to an additional 10% income tax and a 15% excise tax.
The portion of the distribution from a participant's Basic
Savings Account equal to the participant's contributions to that
account not previously withdrawn may not be rolled over to an
IRA.
f. Penalty and Excise Taxes. As stated above, under the
Tax Reform Act of 1986, an additional 10% federal income tax may
be imposed on the taxable portion of distributions
21
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(including excess contributions) or withdrawals from the Plan
after December 31, 1986 to a participant prior to the
participant's attainment of age 59-1/2 unless certain exceptions
apply. In addition, the taxable portion of distributions to or
withdrawals by a participant from qualified employer retirement
plans (including the Plan) and individual retirement accounts may
be subject to a 15% excise tax if the aggregate distributions and
withdrawals are in excess of certain threshold amounts, indexed
for inflation, during any year. For 1992 and 1993 the threshold
amount is $150,000 or, in the case of certain lump-sum
distributions, $750,000. A special grandfather rule could have
been elected by an individual, which could reduce the excise tax
related to accrued benefits as of August 1, 1986. If that
election was made, the threshold amount is $144,551 for 1993
($722,755 in the case of certain lump-sum distributions).
g. Repayments of Excess Contributions. If excess
contributions are repaid from the participant's Compensation
Conversion Account, such repayment, adjusted to recognize any
earnings, gains or losses attributable thereto, will be included
in the participant's taxable income. If excess contributions are
repaid from a participant's Basic Savings Account, such
repayment, other than earnings, gains or losses attributable
thereto, will not be included in the participant's taxable
income. The taxable portion of a distribution of excess
contributions is not subject to a 10% penalty tax (see discussion
above).
(14) Income Tax Status. The Internal Revenue Service has issued
determination letters that the Plan, as amended through
October 5, 1990, is a qualified defined contribution plan under
Section 401(a) of the Internal Revenue Code, that the cash or
deferred arrangement is qualified under Section 401(k) of the
Internal Revenue Code, and that the Trust, as in effect as of the
amendments of October 1, 1990, is a qualified trust exempt from
federal income tax under Section 501(a) of the Internal Revenue
Code. It is believed that the Plan amendments (as described
below) not covered by the latest determination letter from the
Internal Revenue Service will not adversely affect the qualified
status of the Plan and, therefore, the Plan continues to be a
qualified plan under the Internal Revenue Code.
(15) Plan Amendments. The Plan was amended on June 6, 1991, to
include the following Plan changes: effective June 1, 1991, the
maximum amount a participant may elect to have contributed to his
Compensation Conversion Account increases to a maximum of 7% of
compensation; the maximum amount a participant may elect to have
contributed to his Basic Savings Account remains at 10% or a
lesser percentage as shall equal 15% when combined with the rate
of compensation reduction contributed to the participant's
Compensation Conversion Account; the employer contributions to a
participant's Employer Contribution Account shall increase from
50% to 55% of the participant's contributions not to exceed 55%
of 5% of compensation; effective November 1, 1991, participants
may elect to change investment elections or may transfer funds as
of January 1, April 1, July 1 and October 1.
The Plan was amended on December 12, 1991, to adjust the
language of the Plan to reflect changes in the U.S. Department of
Treasury regulations covering "Section 401(k)" plans. The
amendments to the Plan, which pertain mainly to withdrawals and
distributions, are effective January 1, 1992. Also, effective
January 1, 1992, the Plan was amended to
22
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
provide that base pay for purposes of determining plan
contributions shall not be reduced by any contributions made by
an employer on behalf of a participant to the Commonwealth Edison
Child Care Flexible Spending Account, and to provide that base
pay for purposes of determining plan contributions for an employee
who works a shift schedule other than a 40-hour basic work week
shall be determined by multiplying the number of regularly
scheduled work hours by the participant's basic hourly rate.
The Plan was amended on June 10, 1992, effective June 15,
1992, to include the following Plan changes: the maximum amount
a participant may elect to have contributed to his Basic Savings
Account remains at 10%, but the 15% limitation when combined with
contributions to the participant's Compensation Conversion
Account is deleted; the maximum amount a participant may elect to
have contributed to his Compensation Conversion Account increases
to 10% of compensation; the employer contributions to a
participant's Employer Contribution Account shall increase from
55% to 70% of the participant's contributions not to exceed 70%
of 5% of compensation; a distribution of benefits in periodic
payments may be elected only if the balance of a participant's
account exceeds $3,500 on the valuation date coincident with or
next following the participant's termination of employment; and,
a participant may elect, prior to his termination of employment
(or if he terminated on or after January 1, 1992, and has not
received or begun to receive distribution of his Account balances
prior to September 1, 1992), provided his account balance exceeds
$3,500, to defer distribution and to have payment of his benefits
made or commence within 60 days following the end of the plan
year in which he attains age 70-1/2 (if a participant's
distribution of benefits is deferred until he attains age 70-1/2,
his account balance then distributable shall be determined as of
the valuation date coincident with the last day of the calendar
year in which the participant attains age 70-1/2).
The Plan was amended on June 16, 1993, effective
January 1, 1993, to include the following Plan changes: the
determination of maximum additions may be made on a payroll
period by payroll period basis rather than on the basis of
cumulative compensation for an entire plan year; upon written
request of an employee, the Plan Committee shall direct the
Trustee to transfer rollover distributions directly from the
trust fund to an eligible retirement plan.
Effective July 23, 1993, in accordance with the
bargaining agreement, a part-time union employee is eligible to
participate in the "Plan" but will only be eligible to receive
the Company matching contribution if the part-time union employee
was participating in the Plan at the time of initial staffing for
part-time employment and volunteered for part-time employment at
a result of the initial canvas.
Effective September 6, 1993 the administration of the
Plan was changed to limit each employee's contributions to 25% of
the employee's taxable compensation from the Company, such
limitations applied on a year-to-date basis.
23
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
The Plan was amended on June 9, 1994 to include the
following Plan changes: effective January 1, 1993, sections of
the Plan concerning rollover contributions and distributions were
amended and restated; effective July 30, 1993 the plan was
amended to include Northwind, Inc. as an employer; effective
January 1, 1994, the Plan was amended to state that for Plan
years beginning on or after January 1, 1996, a participant's
reportable compensation in excess of $150,000 (adjusted for
increases in the cost of living) shall be excluded for
determining compensation for any purpose under the Plan;
effective June 10, 1994, any employee on the management or
executive payroll shall be eligible to become a participant on
the first day of the payroll period following employment.
(16) Plan Termination. The Plan may be amended, modified or
terminated by the Company at any time, subject to certain rights
of participants under the Plan. The Plan may also be terminated
if the Plan is disqualified by the Internal Revenue Service.
Termination of the Plan with respect to an Employer may occur if
there is no successor employer in the event of dissolution,
merger, consolidation or reorganization of such Employer company.
In the event of full or partial termination of the Plan,
assets of affected participants of the terminating Employer or
Employers shall become 100% vested and distributable at fair
market value in the form of cash, securities or annuity
contracts, in accordance with the provisions of the Plan.
24
<PAGE>
Item 27a - Schedule of
Assets Held for
Investment Purposes
(Page 1 of 2)
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
SCHEDULE I - INVESTMENTS AS OF DECEMBER 31, 1993
<TABLE>
<CAPTION>
No. of Shares or
No. of Units Description Cost Current Value
__________________ ________________________________________ _____________ _____________
<C> <S> <C> <C>
Commonwealth Edison Company
2,171,150 shares Common Stock $ 66,330,603 $ 61,063,594
The First National Bank of Chicago
Group Trust for Pension and Profit
Sharing Trusts -
1,429,969 units Institutional Cash Management Fund 1,429,969 1,429,969
Collective Trust Funds of The Northern
Trust Company -
50,471 " Short Term Investment Fund 50,471 50,471
162,736 " Intermediate Term Bond Fund 49,969,285 51,545,001
Brinson Trust Company Collective
Investment Trust for Pension and
Profit Sharing Trusts -
3,519,554 " U. S. Cash Management Fund 3,519,554 3,519,554
385,033 " Multi-Asset Portfolio Fund 188,878,585 202,582,418
Bankers Trust Company BT Pyramid Trust -
84 " BT Pyramid Discretionary Cash Fund 84 84
22,416 " BT Pyramid Equity Index Fund 19,532,644 22,161,911
Metropolitan Life Insurance Company
Group Annuity Contract,
3,956,100 " 8.70%, Matures 09-30-94 3,956,100 3,956,100
Continental Assurance Company
Guaranteed Return Annuity Contract,
19,391,747 " 9.30%, Matures 04-01-96 19,391,747 19,391,747
Connecticut General Life Insurance
Company Group Annuity Contract,
14,509,275 " 9.48%, Matures 09-30-96 14,509,275 14,509,275
Metropolitan Life Insurance
Company Group Annuity Contract,
12,789,536 " 8.37%, Matures 03-31-97 12,789,536 12,789,536
Principal Mutual Life Insurance
Company Group Annuity Contract,
14,093,426 " 5.70%, Matures 09-30-97 14,093,426 14,093,426
American International Life Assurance
Company of New York Group Annuity
9,352,959 " Contract, 5.30%, Matures 03-31-97 9,352,959 9,352,959
</TABLE>
<PAGE>
Item 27a - Schedule of
Assets Held for
Investment Purposes
(Page 2 of 2)
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
SCHEDULE I - INVESTMENTS AS OF DECEMBER 31, 1993
<TABLE>
<CAPTION>
No. of Shares or
No. of Units Description Cost Current Value
__________________ ________________________________________ _____________ _____________
<C> <S> <C> <C>
Aetna Life Insurance Company
Guaranteed Investment Contract,
6,991,022 units 6.31%, Matures 03-31-98 6,991,022 6,991,022
Allstate Life Insurance Company
Guaranteed Investment Contract,
10,381,467 " 5.76%, Matures 09-30-98 10,381,467 10,381,467
The Prudential Insurance Company of
America Group Pension Annuity Contract,
12,306,022 " 5.72%, Matures 09-30-98 12,306,022 12,306,022
John Hanock Mutual Life Insurance
Company Group Annuity Contract,
18,115,560 " 5.30%, Matures 10-01-98 18,115,560 18,115,560
- Participant Loans (7.95% - 7.95%) 29,758,563 29,758,563
_____________ _____________
- Total Investments $481,356,872 $493,998,679
_____________ _____________
_____________ _____________
</TABLE>
<PAGE>
Item 27d - Schedule of
Reportable Transactions
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
SCHEDULE II - TRANSACTIONS IN EXCESS OF 5%
OF THE CURRENT VALUE OF PLAN ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Purchases Sales
________________________________ _________________________________________________________________
Net
Purchase Current Cost of Selling Current Transaction Gain or
Description of Asset Number Price Value Number Security Price Value Expense (Loss)
______________________________ ______ ___________ ___________ ______ ___________ ___________ ___________ _________ _______
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Brinson Trust Company
Collective Investment Trust
for Pension and Profit
Sharing Trusts
U.S. Cash Management Fund 77 $34,776,400 $34,776,400 58 $33,195,144 $33,195,144 $33,195,144 $ - $ -
Multi-asset Portfolio Fund 46 $32,614,964 $32,614,964 1 $ 193,627 $ 200,203 $ 200,203 $ - $ 6,576
The First National Bank of
Chicago Group Trust for
Pension and Profit Sharing
Institutional Cash
Management Fund 270 $68,664,508 $68,664,508 224 $68,887,648 $68,887,648 $68,887,648 $ - $ -
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the trustees (or other persons who administer the
employe benefit plan) have duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
Commonwealth Edison Employe
Date: June 28, 1994 Savings and Investment Plan
(Name of Plan)
/s/ James J. O'Connor
James J. O'Connor
Chairman, Plan Committee
/s/ Samuel K. Skinner
Samuel K. Skinner
Member, Plan Committee
/s/ John C. Bukovski
John C. Bukovski
Member, Plan Committee
/s/ J. Stanley Graves
J. Stanley Graves
Member, Plan Committee
/s/ Roger F. Kovack
Roger F. Kovack
Member, Plan Committee
/s/ Dennis F. O'Brien
Dennis F. O'Brien
Member, Plan Committee
/s/ Pamela B. Strobel
Pamela B. Strobel
Member, Plan Committee
<PAGE>
COMMONWEALTH EDISON EMPLOYE SAVINGS AND INVESTMENT PLAN
EXHIBIT INDEX
Exhibits filed with or incorporated by reference in Form 11-K for
the year ended December 31, 1993:
Exhibit
Number Description of Exhibit
_______ ___________________________________________
23 Consent of independent public accountants.
<PAGE>
WASHINGTON,PITTMAN & McKEEVER
CERTIFIED PUBLIC ACCOUNTANTS
819 South Wabash Avenue
Suite 600
Chicago, Illinois 60605
(312) 786-0330
FAX (312) 786-0323
Exhibit (23)
Commonwealth Edison Company
Form 11-K File No. 1-1839
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to
the incorporation of our report included in this Form 11-K, into
Commonwealth Edison Company's previously filed Registration
Statement File No. 33-5061.
Washington, Pittman & McKeever
Chicago, Illinois
June 24, 1994
