FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report: May 8, 1997
PECO ENERGY COMPANY
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-1401 23-0970240
(State or other (SEC (IRS Employer
jurisdiction of file number) Identification
incorporation) Number)
230l Market Street, Philadelphia, Pennsylvania 19101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(215) 841-4000
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Item 5. Other Events
As previously reported on January 22, 1997, the Company filed with the
Pennsylvania Public Utility Commission (PUC) an application under the
Pennsylvania Electricity Generation Consumer Choice and Competition Act
(Competition Act) for securitizing $3.6 billion of stranded and related
transaction and use of proceeds costs. On May 8, 1997, the PUC conducted a
non-binding polling of the Commissioners regarding the Company's application.
The PUC Commissioners' non-binding poll would allow the Company to securitize
$1.1 billion of its stranded and related transaction and use of proceeds costs
at this time. The Commissioners directed the PUC Staff to prepare a written
order to that effect. The PUC is required to issue an order by May 22, 1997.
The $1.1 billion of securitized costs allowed by the Commissioners consists of
the following items:
$607 million Generation Plant
$373 million Regulatory Assets
$ 96 million 1996 Deferred Fuel Balance
$ 22 million Issuance and use-of-proceeds costs
(debt and preferred only)
The PUC Commissioners deferred without prejudice all other aspects of the
Company's securitization application. The Company expects that the PUC will
consider any further securitization of stranded and other costs in connection
with the Company's restructuring plan. An order regarding that filing is
scheduled for December 1997.
* * * *
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SIGNATURES
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.
PECO ENERGY COMPANY
s\ J. B. Mitchell
Vice President - Finance
and Treasurer
May 8, 1997
