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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) October 27, 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 2. Acquisition or Disposition of Assets
Sale of Pine Grove Landfill, Inc. and Pine Grove Hauling Company
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On October 17, 1997, the Delmarva Capital Technology Company, an
indirect wholly owned subsidiary of the Company, entered into an
agreement to sell one hundred percent (100%) of the issued and
outstanding shares of capital stock of Pine Grove, Inc. to Eastern
Environmental Services, Inc.("Eastern"). Pine Grove, Inc. owns one
hundred percent (100%) of the issued and outstanding shares of capital
stock of each of Pine Grove Landfill, Inc. and Pine Grove Hauling
Company. Eastern is a non-hazardous solid waste management company
specializing in the collection, transportation and disposal of
residential, industrial, commercial and special waste, principally in
the eastern United States. Pine Grove Landfill, Inc., a 174 acre
solid waste disposal facility located in Schuykill County,
Pennsylvania, and Pine Grove Hauling Company are indirect subsidiaries
of the Company. The sale is subject to review by the U.S. Department
of Justice and the Federal Trade Commission under the Hart Scott
Rodino Antitrust Improvement Act of 1976 as well as certain other
conditions. The Company anticipates that the sale will close by
December 31, 1997. The subsidiaries being sold have a net book value
of approximately $13 million and reported revenues in 1996 of
approximately $14 million. The Company expects to receive gross
proceeds from the sale of approximately $46 million, of which $13
million will be used to pay off debt not assumed by Eastern, resulting
in net proceeds of approximately $33 million.
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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: October 27, 1997 /s/BARBARA S. GRAHAM
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Barbara S. Graham
Senior Vice President and
Chief Financial Officer
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