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): December 11, 1995
Commission Registrant; State of Incorporation; IRS Employer
File Number Address; and Telephone Number Identification No.
___________ _____________________________________ __________________
1-11375 UNICOM CORPORATION 36-3961038
(an Illinois corporation)
37th Floor, 10 South Dearborn Street
Post Office Box A-3005
Chicago, Illinois 60690-3005
312/394-7399
1-1839 COMMONWEALTH EDISON COMPANY 36-0938600
(an Illinois corporation)
37th Floor, 10 South Dearborn Street
Post Office Box 767
Chicago, Illinois 60690-0767
312/394-4321
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Item 5. Other Events.
On December 11, 1995, Commonwealth Edison Company ("ComEd")
announced a series of customer initiatives as part of its larger
ongoing effort to address the need to give all customer classes the
opportunity to benefit from competition, while retaining the benefits
(such as reliability) of current regulation and insuring utilities'
cost recovery for commitments made under the obligation to serve
customers. The initiatives include (i) a five-year freeze on base
electric rates, (ii) certain energy monitoring and management programs
designed to monitor and control energy usage, particularly during
certain peak periods, (iii) single statement, or unified, billing for
certain multi-site customers, (iv) certain incentives for manufacturing
customers looking to expand operations or to locate in northern
Illinois and (v) market pricing options for up to ten percent of
certain large industrial customers' existing electric energy
requirements and all of their incremental requirements. ComEd
anticipates that the initiatives, when fully implemented, will affect
its revenues through lower energy utilization and its costs through
some additional depreciation charges. At present, it estimates that
such effects (including the effects of previously implemented
initiatives, which are expected to reduce future years' earnings per
common share by approximately $0.10) will reduce 1997 income (after
reflecting income tax effects) by approximately $45 to $50 million or
$0.20 to $0.25 per common share.
The five-year base rate freeze becomes effective immediately
and will extend until January 1, 2001. The rate freeze does not affect
ComEd's fuel cost or nuclear decommissioning cost recovery provisions.
ComEd's fuel costs will continue to be collected through its fuel
adjustment clause, and such collections will continue to be subject to
annual reconciliation proceedings before the Illinois Commerce
Commission ("ICC"). Nuclear decommissioning costs will continue to be
collected under a rider that was approved in the ICC's January 1995
rate order in ComEd's most recent rate case; and such rider is intended
to allow annual adjustments in decommissioning cost recoveries from
ratepayers as changes in cost estimates occur. For additional
information regarding the decommissioning costs rider, see Note 1 of
Notes to Financial Statements in Unicom Corporation's and ComEd's
Quarterly Reports on Form 10-Q for the quarterly period ended September
30, 1995.
ComEd is also working on certain proposals which would
require changes to the Illinois Public Utilities Act in order to be
implemented and which it expects to present in the very near future.
Other Illinois utilities have also initiated both legislative and
regulatory proposals. It is not possible to predict whether, or in
what form, any of these proposals may be approved. For additional
information, see "Management's Discussion and Analysis of Financial
Condition and Results of Operations," subcaption "Liquidity and Capital
Resources--Utility Operations--Business and Competition" in Unicom
Corporation's and ComEd's Quarterly Reports on Form 10-Q for the
quarterly period ended September 30, 1995.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.
UNICOM CORPORATION
(Registrant)
Date: December 11, 1995 By: John C. Bukovski
-------------------------
John C. Bukovski
Vice President
COMMONWEALTH EDISON COMPANY
(Registrant)
Date: December 11, 1995 By: John C. Bukovski
-------------------------
John C. Bukovski
Vice President
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