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PE ELECTRIC RATES TO DECREASE 7 PERCENT, OR $236 MILLION, IN 1992

 PE ELECTRIC RATES TO DECREASE 7 PERCENT, OR $236 MILLION, IN 1992
 PHILADELPHIA, Jan. 23 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) (PE), projected today that its electric bills will decrease by approximately 7 percent by Jan. 1, 1993.
 Joseph F. Paquette Jr., PE chairman and chief executive officer, said the decrease will save its 1.5 million customers about $236 million per year.
 Paquette attributed the electric rate decrease, which will come in steps during the year, to the economies of nuclear power, lower state tax charges and the end of the recovery phase of the company's Limerick Generating Station rate increases.
 He said the average residential customer's electric bill should decrease from about $76 monthly on Jan. 1, 1992 to $71 on Jan. 1, 1993, and rates for municipalities and most small and large commercial and industrial customers are expected to decrease by 6 to 7 percent as well.
 Paquette pointed out that the electric rate decrease follows rate reductions totaling 14 percent, or $50 million per year, for PE's 350,000 gas customers in 1990 and 1991.
 The PE chairman said the lower gas and electric rates are not only good news for PE customers but for the regional economy as well.
 Since the electric rate decrease will save the average residential customer about $60 yearly, Paquette said, it potentially frees more than $80 million for additional consumer spending in Southeastern Pennsylvania in 1993.
 Also, he said, lower rates for commercial and industrial customers should be beneficial to economic development in the region, both in helping to attract new industry and for investment in existing plants and equipment.
 "After years of rate increases due to inflation and the company's 20-year construction program to meet growing energy demands, I am pleased to see this reversal," he said.
 "We are committed to a goal of stabilizing rates," Paquette added, pointing out that in a recent settlement of all appeals of the adverse 1990 Limerick rate decision by the Pennsylvania Public Utility Commission, PE agreed not to request a base electric rate increase at least until 1994.
 "Our rate projection for 1992 and our continuing commitment to cost containment and operational efficiency," he said, "indicate that we are well on our way to maintaining rate stability."
 "In 1991, we had an excellent year with nuclear power production," he said, with PE's nuclear units operating at a capacity factor of 75 percent, well above the national average, and providing 63 percent of the company's total electric generation.
 The PE chairman indicated that the rate decreases will have no impact on earnings per share for PE's stockholders.
 /delval/
 -0- 1/23/92
 /CONTACT: Bill Jones of Philadelphia Electric, 215-841-4129/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:


JS -- PH018 -- 2745 01/23/92 11:20 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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