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
June 22, 2000
(Date of earliest
event reported)
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.
On June 22, 2000 the Company issued the following press release:
PENNSYLVANIA PUC UNANIMOUSLY APPROVES
PECO ENERGY'S MERGER WITH UNICOM
Philadelphia, Pa., June 22, 2000 - The Pennsylvania Public Utility Commission
today unanimously approved the proposed merger between PECO Energy Company, of
Philadelphia, and Unicom Corporation, of Chicago.
The vote was 5-0.
Corbin A. McNeill, Jr., chairman, president and CEO of PECO Energy, and John W.
Rowe, chairman, president and CEO of Unicom, said they were pleased with the PUC
approval, as it takes the merger one step closer to completion. They will become
co-CEOs of the new Exelon Corporation.
The PUC approval followed the submission on March 24, 2000, by PECO Energy of a
joint petition for settlement reached with various parties to the Company's
proceedings before the PUC involving the merger.
The settlement agreement provides comprehensive customer benefits, including
$200 million in rate reductions from 2002 through 2005, an 18-month extension on
existing energy delivery rate caps, an additional $3 million for service funds
that assist low-income households, quality service benchmarks and performance
measurement criteria for electric reliability and customer service, a nearly $20
million investment to support the development of wind and solar power
generation, and several provisions that will further promote electric
competition in Pennsylvania.
Additionally the Company committed, through January 1, 2008, to keep its
distribution headquarters in Philadelphia, retain employment at the headquarters
at not less than 1,100 and maintain charitable and community development
contributions at least at current levels.
In addition to the Pennsylvania PUC, the merger also has been approved by the
Federal Energy Regulatory Commission, the Department of Justice and the Illinois
Commerce Commission.
Additional regulatory review and approvals of the merger include shareholders of
both companies, the Nuclear Regulatory Commission and the Securities and
Exchange Commission. Target date for closing the merger remains September, 2000.
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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/ Jean H. Gibson
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Vice President & Controller
June 22, 2000
