GPU Files Form 8-K With Securities and Exchange Commission.

MORRISTOWN, N.J.--(BUSINESS WIRE)--Feb. 11, 1998--GPU, Inc., (NYSE:GPU) reported today that in light of the February 9, 1998 written decision by the New Jersey Board of Public Utilities in the rate restructuring proceedings involving its Jersey Central Power & Light Company subsidiary, which was issued today, GPU has filed a further Current Report on Form 8-K with the Securities and Exchange Commission. The text of the Form 8-K filing reporting this development follows: -0- ITEM 5. OTHER EVENTS

The Company on February 6, 1998, had announced that, in a February 4, 1998, oral decision, the New Jersey Board of Public Utilities ("NJBPU") upheld an interim ruling by the Administrative Law Judge hearing Jersey Central Power & Light Company's ("JCP&L") stranded cost and rate unbundling cases. That decision apparently would deny JCP&L's request to update its cost levels from 1992 in order to recover an estimated $150 million annually of distribution related charges as inconsistent with the New Jersey Energy Master Plan. The NJBPU stated in its oral decision, however, that JCP&L could seek recovery of these amounts in a separate base rate proceeding.

On February 11, 1998, the NJBPU issued a written order (dated February 9, 1998) memorializing and clarifying its February 4th action. In its written order, the NJBPU substantially affirmed the ALJ's ruling, but clarified that (1) JCP&L could update its 1992 cost of service study to reflect adjustments consistent with the NJBPU approved "Global Settlement" which, among other things, recognized certain increased expense levels and reductions to base rates and (2) all of the updated post-1992 cost information JCP&L had submitted in the proceeding should remain in the record which the NJBPU will utilize in establishing a reasonable level of rates going forward.

The NJBPU emphasized in its order that, although the Energy Master Plan directs that unbundled rates be "revenue neutral", the final rates implemented upon retail competition "will be lower than the current bundled rates". This directive has been recognized in JCP&L's initial restructuring filing which proposed revenue reductions totalling approximately $185 million annually. The NJBPU went on to state that "after receipt of ... the Initial Decisions from the ALJ's, the (NJBPU) will render final and comprehensive decisions on the precise level of aggregate rate reductions required ... in order to establish a reasonable level of rates and to establish a reasonable level for each component thereof, going forward, which accomplish the primary goals of electric restructuring to introduce competition and lower electricity costs for consumers." Moreover, the NJBPU stated that after the ALJ had issued an Initial Decision, it will allow the parties to make additional arguments regarding the need to reflect updated cost information, and would "reserve judgment at this time on the need for additional testimony, hearing and briefs with respect to this data."

JCP&L is not able to predict the outcome of this matter.

CONTACT: Ron T. Morano

973-644-4297

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