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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A-1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14, 1996
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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The purpose of this Amendment No. 1 is to amend a typographical error
in the first paragraph of Item 5. Other Events below.
Item 5. Other Events.
On March 14, 1996, the Board of Directors of Commonwealth Edison
Company ("ComEd") authorized a program of additional expenditures for its
nuclear operations. Among other things, the Board authorized an acceleration
of the planned replacement of steam generators at ComEd's Byron 1 and
Braidwood 1 nuclear units. This acceleration compresses the timing of such
replacements to a period less than the original six-year schedule. The program
also consists of various operating, maintenance and capital expenditure items,
and overall includes an $89 million increase in ComEd's three-year construction
budget. Nuclear operating and maintenance expenses are anticipated to be
approximately $70 million higher than budgeted, or $50 million higher in 1996
than in 1995. The program further contemplates that ComEd's nuclear operation
and maintenance expenditures will be at a similarly increased level for
1997.
The Board determined that it would be prudent to accelerate certain
capital projects previously scheduled for later years and to implement an
intensive program to make various maintenance and operating improvements in a
shorter period of time than was originally planned. Though safety was not and
is not an issue, management reported that an accelerated expenditure program
was desirable. While a portion of the capital budget increase represents work
that was previously unbudgeted, a majority is work that was originally
scheduled to be performed in later years.
The Board's decisions were based upon a consideration of ComEd's
improved financial position and resources as a result of its increased sales
and profits during 1995 due to the unusually warm weather experienced in
Northern Illinois during the summer of 1995, the effects of its most recently
granted rate increase (which became effective in January 1995) and cost control
initiatives undertaken by management. The Board believes that the increased
expenditures which it has authorized can be undertaken without materially
affecting ComEd's objective of reducing its long-term debt.
The foregoing paragraphs include forward-looking statements with
respect to the future levels of capital and operation and maintenance
expenditure which are necessarily based upon assumptions regarding estimated
costs and availability of materials and services as well as contingencies.
Unforeseen events or conditions may require changes in the scope of work with
consequent changes in the timing and level of the projected expenditures. In
addition, changes in laws and regulations, or their interpretation and
enforcement, can affect the scope of certain projects, the manner in which they
are undertaken and the costs associated therewith. While ComEd gives
consideration to such factors in developing its budgets, such consideration
cannot predict the course of future events or anticipate the interaction of
multiple factors beyond management's control upon project timing and cost.
Consequently, actual results could differ materially from those described.
For additional information regarding ComEd's results of operations, its
operation and maintenance expenses, its cost reduction efforts and its capital
expenditure program, see "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in ComEd's Current Report on Form 8-K
dated January 26, 1996.
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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: March 18, 1996 By: David A. Scholz
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David A. Scholz
Secretary
COMMONWEALTH EDISON COMPANY
(Registrant)
Date: March 18, 1996 By: David A. Scholz
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David A. Scholz
Secretary
