Pricing Supplement Dated January 23, 1998 Rule 424(b)(5)
(To Prospectus dated January 16, 1998 and File No. 333-17847
Prospectus Supplement dated January 16, 1998) Page 1 of 2
ILLINOVA CORPORATION
MEDIUM-TERM NOTES, SERIES A
FIXED RATE
_______________
<TABLE>
<CAPTION>
<S> <C> <C> <C>
_________________________________________________________________________________________________________
Principal Amount: $40,000,000 Interest Rate: 6.46%
Agents' Discounts or Commissions: 0.45% Stated Maturity Date: 10/01/02
Net Proceeds to Issuer: $39,820,000 Original Issue Date: 1/28/98
Registered CUSIP: 452322 AA 8 Default Rate: N/A
_________________________________________________________________________________________________________
</TABLE>
Interest Payment Dates:
[X] February 1 and August 1, commencing August 1, 1998 per the
Prospectus Supplement dated January 16, 1998.
[ ] Other:
Day Count Convention:
[X] 30/360 for the period from January 28, 1998 to October 1, 2002
[ ] Other:
Redemption:
[X] The Notes cannot be redeemed prior to the Stated Maturity Date.
[ ] The Notes may be redeemed prior to the Stated Maturity Date.
Initial Redemption Date: _______________
Initial Redemption Percentage: _____%
Annual Redemption Percentage Reduction: ____% until Redemption
Percentage is 100% of the principal amount.
Optional Repayment:
[X] The Notes cannot be repaid prior to the Stated Maturity Date.
[ ] The Notes may be repaid prior to the Stated Maturity Dated at the
option of the holder of the Notes.
Optional Repayment Dates:
Repayment Price: ___%
Original Issue Discount: [ ] Yes [X] No
Total Amount of OID: ______%
Yield to Maturity: ______________________
Initial Accrual Period:________________
Form: [X] Book-Entry [ ] Certificated
<PAGE>
Pricing Supplement Dated January 23, 1998 Rule 424(b)(5)
(To Prospectus dated January 16, 1998 and File No. 333-17847
Prospectus Supplement dated January 16, 1998) Page 2 of 2
ILLINOVA CORPORATION
MEDIUM-TERM NOTES, SERIES A
FIXED RATE
_______________
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Agents: [X] Merrill Lynch & Co., $20,000,000 Deliver to DTC #5132
Merrill Lynch, Pierce,
Fenner & Smith
Incorporated
[X] Salomon Brothers Inc $20,000,000 Deliver to DTC #274
Agents Acting in the capacity as indicated below:
Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated:
[X] Agent [ ] Principal
Salomon Brothers Inc:
[ ] Agent [X] Principal
</TABLE>
If as Principal:
[ ] The Notes are being offered at varying prices related
to prevailing market prices at the time of resale.
[X] The Notes are being offered at a fixed initial public
offering price of 100% of principal amount.
If as Agent:
[ ] The Notes are being offered at varying prices related to
prevailing market prices at the time of resale.
[X] The Notes are being offered at a fixed initial public offer-
ing price of 100% of principal amount.
Specified Currency:
[X] United States dollars
[ ] Other:
Authorized Denomination:
[X] $1,000 and integral multiples thereof
[ ] Other:
Exchange Rate Agent: N/A
Other Provisions:
