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 22, 1998
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 disclosed in the Company's Quarterly Report on Form 10-Q dated
March 31, 1998, the Company is undergoing a Competitive Cost Review (CCR) in
order to improve its efficiency, cost competitiveness and performance.
On May 22, 1998, Company management presented to the Board of Directors its
comprehensive plan designed to achieve significant cost savings. Under CCR, the
Company is committed to achieving savings of at least $150 million over the next
few years. Savings will be realized, in part, through reductions in
labor-related expenses, including the elimination of approximately 1,200
positions. The Company anticipates that it will incur a one-time charge to
earnings in 1998 to recognize costs related to CCR; however, the magnitude of
such charge is not known at this time.
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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. Barry Mitchell
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Vice President, Finance
and Treasurer
May 26, 1998
