SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): May 2, 1997
Pennsylvania Electric Company
(Exact name of registrant as specified in charter)
Pennsylvania 1-3522 25-0718085
(State or other (Commission (IRS employer
jurisdiction of file number) identification no.)
incorporation)
26800 Pottsville Pike, Reading, PA 19640-0001
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610) 929-3601
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Item 5. Other Events.
On May 2, 1997, GPU, Inc. ("GPU") announced that in
response to inquiries from parties expressing interest in a
possible purchase of the Oyster Creek Nuclear Generating Station,
GPU would consider the possibility of selling the Three Mile
Island Nuclear Generating Station as well.
GPU has previously announced that it was exploring the
options of either selling or retiring the Oyster Creek Station,
possibly as early as 2000, instead of continuing to operate the
plant until the end of its licensed life in 2009. GPU is not,
however, considering an early retirement of Three Mile Island due
to its lower operating costs.
Three Mile Island is owned by the Corporation (25
percent ownership), Metropolitan Edison Company (50 percent) and
Jersey Central Power & Light Company ("JCP&L") (25 percent).
Oyster Creek is owned by JCP&L. All are subsidiaries of GPU.
A copy of GPU's related news release is annexed as an
exhibit.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits.
1. News Release, dated May 2, 1997.
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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 THEREUNTO DULY
AUTHORIZED.
PENNSYLVANIA ELECTRIC COMPANY
By:/s/ T. G. Howson
T. G. Howson
Vice President and Treasurer
Date: May 7, 1997<PAGE>
EXHIBITS TO BE FILED BY EDGAR
(c) Exhibits.
1. News Release, dated May 2, 1997.<PAGE>
Exhibit 1
(GPU News Release Lettterhead)
Date: May 2, 1997
Further Information: John T. Fidler, 201-263-6479
For Release: Immediately
Release Number 97-006
GPU Considering Additional Nuclear Generation Asset Options
Parsippany, N.J., May 2, 1997 -- GPU, Inc. officials said
today that, in response to inquiries from parties who have
expressed interest in the purchase of the Oyster Creek Nuclear
Generating Station, GPU would be willing to entertain the
possibility of selling the Three Mile Island Nuclear Generating
Station, as well.
Last month, GPU, Inc. announced that in addition to
continuing to operate Oyster Creek until the end of its licensed
life in 2009, it would also explore the possibility of selling or
retiring the plant, possibly as early as 2000.
Unlike Oyster Creek, the early retirement of TMI-1 is not
being considered because of lower operating costs at TMI-1.
No decision about the sale of TMI, or the sale or early
retirement of Oyster Creek, has been made. Both actions would be
subject to review by the New Jersey Board of Public Utilities,
the Pennsylvania Public Utility Commission, the Nuclear
Regulatory Commission, and appropriate action by the GPU, Inc.
and GPU Energy boards of directors.<PAGE>
2
The Oyster Creek options will be part of a restructuring
filing to be made with the New Jersey Board of Public Utilities
in July.
Oyster Creek is owned by Jersey Central Power & Light Co.
and operated by GPU Nuclear, Inc. Both are subsidiaries of GPU.
TMI-1 is owned by JCP&L (25 percent ownership) Metropolitan
Edison Co. (50 percent) and Pennsylvania Electric Co. (25
percent).
JCP&L, Met-Ed and Penelec are now doing business as GPU
Energy, which serves nearly 2 million customers in Pennsylvania
and New Jersey.
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