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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 25, 1994
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DELMARVA POWER & LIGHT COMPANY
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(Exact Name of Registrant as Specified in Charter)
Delaware and Virginia I-I405 51-0084283
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
800 King Street, P.O. Box 231, Wilmington, Delaware 19899
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code 302-429-3448
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None
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Former Name or Former Address, if Changed Since Last Report
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibits
Exhibit No. Description of Exhibit Reference
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99 Press Release of Delmarva Power Filed Herewith
& Light Company
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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.
Delmarva Power & Light Company
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(Registrant)
Date: May 25, 1994 /s/ B. S. Graham
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Barbara S. Graham, Vice President
& Chief Financial Officer
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EXHIBIT INDEX
Exhibit 99. Additional Exhibits
Contents Page No.
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Press Release of Delmarva Power & Light Company 5
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Contact: Wallace C. Judd, Jr.
Manager Media Relations
800 King Street P.O. Box 231
Wilmington, DE 19899
(302) 429-3595 [LOGO OF DELMARVA POWER
APPEARS HERE]
NEWS RELEASE
For Release: May 25, 1994
PECO Energy To Sell Conowingo Power Company
To Delmarva Power & Light Company
PECO Energy Company announced that it has entered into a stock purchase
agreement to sell its Maryland retail electric subsidiary, Conowingo Power
Company (COPCO) to Delmarva Power & Light Company.
Under the terms of the sale, Delmarva Power will pay $150 million for
COPCO. The transaction also includes a ten year contract for PECO Energy to sell
power to Delmarva Power. The sale is subject to State and Federal regulatory
approvals.
In announcing the agreement, PECO Energy Chairman and Chief Executive
Officer Joseph F. Paquette Jr. said, "After a comprehensive evaluation, the
Board selected the proposal which would bring value to our shareholders, while
at the same time, provide for lower rates to COPCO customers."
In commenting on this purchase Delmarva Power Chairman and Chief Executive
Officer, Howard Cosgrove said, "This agreement makes winners out of all
concerned. COPCO customers benefit from a lower cost of service. Also, it
improves Delmarva's business position while adequately compensating PECO
Energy shareholders."
The agreement provides that upon the closing COPCO employees will be
employed by Delmarva Power.
This sale agreement does not involve the Conowingo Hydro-Electric Station,
which is owned by Susquehanna Power Company, a PECO Energy subsidiary.
Electric service to York County (Pa.) customers now served by COPCO will be
provided by PECO Energy.
Conowingo Power Company supplies electric service to about 35,000 customers
in portions of Cecil and Harford (Md.) counties with annual revenues of $77.5
million.
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