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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OF 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 29, 2000
Commission Registrant, State of Incorporation I.R.S. Employer
File Number Address and Telephone Number Identification Number
1-1405 Delmarva Power & Light Company 51-0084283
(a Delaware and Virginia
Corporation)
1-3559 Atlantic City Electric Company 21-0398280
(A New Jersey Corporation)
800 King Street
P. O. Box 231
Wilmington, Delaware 19899
Telephone: (302) 429-3114
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Item 5 Other Information
As previously disclosed in Note 13 to the Consolidated Financial Statements
included in Item 8 of Part II of Conectiv's 1999 Annual Report on Form 10-K and
in Note 4 to the Consolidated Financial Statements included in Item 1 of Part I
of Conectiv's Quarterly Report on Form 10-Q for the period ended September 30,
2000, Delmarva Power & Light Company (DPL) and Atlantic City Electric Company
(ACE) previously entered into agreements to sell certain electric generating
plants. Pursuant to agreements with PSEG Power LLC (a subsidiary of Public
Service Enterprise Group Incorporated) and PECO Energy Company (PECO) for the
sale of ownership interests in nuclear electric generating plants, DPL sold its
7.51% interest (representing 164 megawatts of capacity) in Peach Bottom and its
7.41% interest (representing 167 megawatts of capacity) in Salem on December 29,
2000 for approximately $9.2 million. Also, DPL received proceeds for the net
book value of nuclear fuel on hand and used such proceeds to repay in part the
related lease obligation. In accordance with the agreements, DPL transferred its
decommissioning trust funds and related obligation for decommissioning the
nuclear plants to the purchasers.
As previously disclosed in Note 13 to the Consolidated Financial Statements
included in Item 8 of Part II of Conectiv's 1999 Annual Report on Form 10-K and
in Note 8 to the Consolidated Financial Statements included in Item 1 of Part I
of Conectiv's Quarterly Report on Form 10-Q for the period ended September 30,
2000, the New Jersey Board of Public Utilities (NJBPU) issued a Summary Order to
ACE in July 1999 concerning restructuring ACE's electricity supply business,
including among other things, stranded cost recovery and securitization, and
indicated that a more detailed order would be issued at a later time. Issuance
of the NJBPU's final restructuring order to ACE has been delayed due to appeals
of the NJBPU's final restructuring and securitization orders for Public Service
Electric & Gas Company (PSE&G).
As previously disclosed in Note 13 to the Consolidated Financial Statements
included in Item 8 of Part II of Conectiv's 1999 Annual Report on Form 10-K and
in Note 4 to the Consolidated Financial Statements included in Item 1 of Part I
of Conectiv's Quarterly Report on Form 10-Q for the period ended September 30,
2000, consummation of the sales of the nuclear and nonstrategic baseload fossil
fuel fired electric generating plants is subject to the receipt of required
regulatory approvals, including the approval of the NJBPU. Appeals of the
NJBPU's final restructuring and securitization orders concerning PSE&G have
resulted in a delay of the issuance of certain approvals and orders by the NJBPU
and, consequently, a delay in the closing of the sale of certain of the electric
generating units, including ACE's ownership interests in nuclear electric
generating plants.
On December 6, 2000, the New Jersey Supreme Court affirmed the judgment of the
New Jersey Superior Court Appelate Division which had affirmed the NJBPU's final
restructuring and securitization orders concerning PSE&G. Management currently
expects the sales of ACE's nuclear and fossil, and DPL's fossil, electric
generating plants to take place during 2001. However, management cannot predict
the timing or outcome of any appeals of the New Jersey Supreme Court decision,
the timing of the issuance of required NJBPU approvals, the timing or outcome of
appeals, if any, of such approvals, the effect of any of the foregoing on the
ability of ACE or DPL to consummate the sales of various electric generating
plants, or the impact of any of the foregoing on ACE's ability to recover or
securitize any related stranded costs.
Conectiv issued a press release on January 4, 2001 relating to DPL's sale of its
ownership interests in the Peach Bottom and Salem nuclear electric generating
plants, a copy of which is attached hereto as an exhibit and incorporated by
reference in its entirety herein.
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Item 7 Financial Statements, ProForma Financial Information and Exhibits
See Exhibit Index attached hereto
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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 hereunto duly authorized.
DELMARVA POWER & LIGHT COMPANY
ATLANTIC CITY ELECTRIC COMPANY
By:
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Philip S. Reese
Vice President and Treasurer
Date: January 8, 2001
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Exhibit Index
Exhibit No.
99 Press Release dated January 4, 2001 in connection with sales
of nuclear interests by Delmarva Power & Light Company
