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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
December 24, 1999
Duquesne Light Company
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(Exact name of registrant as specified in its charter)
Pennsylvania 1-956 25-0451600
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
411 Seventh Avenue
Pittsburgh, Pennsylvania 15219
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 393-6000
N/A
(Former name or former address, if changed since last report.)
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Items 1-4. Not applicable.
Item 5. Other Events.
Incorporated herein by reference as Exhibit 99.1 is a press release issued
on December 24, 1999.
Item 6. Not applicable.
Item 7. Exhibit.
99.1 Press release.
Items 8-9. Not applicable.
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 thereunto duly authorized.
Duquesne Light Company
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(Registrant)
Date December 24, 1999 /s/Morgan K. O'Brien
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(Signature)
Morgan K. O'Brien
Vice President, Finance
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EXHIBIT 99.1
[DQE Logo] INFORMATION
Box 68 FOR THE
Pittsburgh, PA 15230-0068 FINANCIAL
COMMUNITY
CONTACT: Barry Kukovich
(412) 393-4060 FOR IMMEDIATE RELEASE
DUQUESNE LIGHT PUC FILING SEEKS GENERATION TITLE TRANSFER
Pittsburgh, PA, December 24, 1999 -- Today Duquesne Light Company, a DQE
subsidiary, filed with the Pennsylvania Public Utility Commission (PUC) a
request to transfer title to its generation fleet to Baltimore-based Orion Power
Holdings Inc. (Orion), the winning bidder in Duquesne's previously approved
generating station auction. Orion will pay Duquesne $1.705 billion for seven
wholly owned fossil-fired generation stations, certain transmission facilities,
and the right and obligation to supply power at wholesale to serve Duquesne's
Provider of Last Resort customers. As a result, Duquesne will end stranded cost
collection in 2001 for most major rate classes of customers, thereby reducing
rates by more than 25%, assuming market prices for electricity remain at or
below the Commission-approved shopping credits.
In conjunction with the accounting for the reduction in its stranded cost
recovery, the company will adjust its fourth quarter earnings by approximately
$15 million (after-tax). This earnings increase primarily relates to
synchronizing the beginning of the stranded cost recovery period with the
functional unbundling of customer bills and the application of specific customer
rates to the collection of stranded cost. The foregoing statements are forward-
looking regarding the adjustment to earnings and future financial results of
Duquesne. Actual results could materially differ from those implied by such
statements due to known and unknown risks and uncertainties, including, but not
limited to, the final PUC approvals of Duquesne's stranded cost accounting.
DQE is a growth utility, delivering essential commodities, including
electricity, water, and propane, and providing related services that increase
the value and usefulness of energy, utility and information commodities.
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