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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 repotrted) July 2, 1997
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DELMARVA POWER & LIGHT COMPANY
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(Exact Name of Registrant as Specified in Charter)
Delaware and Virginia I-1405 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 5. Other Events
The following was released by the Company on July 2, 1997:
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Delmarva Power Reviews Business Strategy
Growth Initiatives Expected To Impact 1997 and 1998 Earnings
At a meeting today in New York with electric utility analysts, Howard
Cosgrove, Delmarva Power chairman, president, and chief executive
officer, discussed the importance of his company's plans to make
investments today to grow shareholder value in the future.
"Delmarva Power has developed strategies to be a prominent regional
player in selling energy and premium energy-related products and
services," said Mr. Cosgrove. "To be successful with the coming
deregulation of electric utility markets, it is essential that we act
now and become a leader in the marketplace with well-recognized,
branded products and services."
Since last winter, Delmarva Power has been implementing growth
initiatives. These initiatives involve investments in infrastructure
systems, marketing/branding programs, and new businesses, which offer
expanded products and services.
"As a result of our investments," said Mr. Cosgrove, "we anticipate
1997 and 1998 earnings per share, assuming normal weather and the
timely restart of the Salem Nuclear Power Plant, to be approximately
10 cents to 15 cents lower than the current consensus Wall Street forecast of
$1.76 for 1997 and $1.87 for 1998. Beyond 1998, we expect that our
investments will yield new revenue streams that will result in
earnings growth which will be significantly above industry average."
Mr. Cosgrove indicated to analysts that he felt confident about his
company's chances for success in the changing electric utility
industry. "We have an integrated marketing strategy that leverages off
our strategic assets, we set our sights on a very attractive target
market and we have set realistic goals, and we have put in place the
needed management systems and expertise in our new businesses. In
fact, we have already achieved success selling energy and related
services outside our traditional service territory."
This news release contains certain forward-looking statements, which
are based on Delmarva Power management's beliefs as well as
assumptions concerning future events. Readers are cautioned not to put
undue reliance on such forward-looking statements, which are not a
guarantee of performance and are subject to a number of uncertainties
and other factors, many of which are beyond Delmarva Power's control,
that could cause actual results to differ materially from such
statements. For more information concerning such uncertainties and
other factors, please see Delmarva Power's filings with the Securities
and Exchange Commission. Delmarva Power disclaims any intention or
obligation to update or revise forward-looking statements, whether as
results of new information, future events, or otherwise.
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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: July 2, 1997 /s/DALE G. STOODLEY
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Dale G. Stoodley
Vice President and
General Counsel
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