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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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)
January 25, 1999
DELMARVA POWER & LIGHT COMPANY
(Exact Name of Registrant as Specified in Charter)
Delaware 1-1405 51-0084283
(State or other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) No.)
800 King Street, P.O. Box 231, Wilmington, Delaware
19899
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (302) 429-3525
None
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
As previously noted in the Company's Form 10-K for
the year ended December 31, 1997 and its Form 10-Q for
the quarters ended March 31, June 30 and September 30,
1998, the Company is in transition caused by electric
utility restructuring in Delaware, Maryland
and elsewhere in the region served by the Company.
Legislation (House Bill No. 570) providing the
Company's Delaware retail customers with the ability to
choose their electric supplier beginning in July 1999
was passed by the Delaware House of Representatives on
June 2, 1998. On June 30, 1998, however, the Delaware
General Assembly adjourned without a Senate vote on
House bill No. 570, delaying consideration of Delaware
restructuring legislation until 1999.
The Alliance for Fair Electric Competition Today,
which includes the Company, worked with Delaware
executive branch representatives and representatives of
the Delaware Public Service Commission ("DPSC") staff
to develop consensus restructuring legislation for
passage early in 1999. On January 19, 1999, consensus
legislation, House Bill No. 10, was introduced into the
Delaware General Assembly and was reported out of the
House Committee on January 20, 1999.
House Bill No. 10 would allow the Company's
Delaware Customers to choose their electricity
suppliers beginning October 1, 1999 (for customers with
peak demands of 1000 kW or more), January 15, 2000 (for
customers with peak demands of 300 kW or more), and 18
months after the legislation is enacted (for all other
customers). House Bill No. 10 also provides for a
residential rate reduction of 7.5% beginning October 1,
1999. Thereafter, except for a deferred fuel balance
"true-up" and increases for extraordinary costs,
residential rates may not be changed for four years;
and rates for customers in commercial and industrial
rate classes may not be changed for three years. Under
House Bill No. 10, certain low-income energy assistance
and environmental programs are funded at an annual
level of about $1.6 million by a charge in electric
rates.
Among other matters, unbundled rates to be charged
by the Company during these "rate freeze" periods
have been agreed upon by supporters of this consensus
legislation, subject to review by the DPSC in a
restructuring plan proceeding contemplated by House
Bill No. 1. In addition, House Bill No. 10 gives the
DPSC authority to establish a variety of consumer
protection measures, including electricity supplier
licensing regulations.
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The Company is reviewing the financial impact on
the Company of the enactment of House Bill No. 10 in
its present form. The Company is unable to predict the
financial impact of restructuring on the Company
because of market conditions, timing and other factors
associated with restructuring.
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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
(Registrant)
Date: January 25, 1999 /s/ L.M. Walters
Treasurer
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