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PEACH BOTTOM CO-OWNERS REACH SETTLEMENT

 PEACH BOTTOM CO-OWNERS REACH SETTLEMENT
 WILMINGTON, Del., April 2 /PRNewswire/ -- The four co-owners of the


Peach Bottom Atomic Power Station -- Philadelphia Electric Company (NYSE: PE), Public Service Enterprise Group Inc. (NYSE: PEG) and its subsidiary Public Service Electric and Gas Company (Public Service), Delmarva Power & Light Company (NYSE: DEW) (Delmarva), and Atlantic City Electric Company (Atlantic) -- announced today that they have reached a settlement in the two lawsuits filed in connection with the shutdown of Peach Bottom by the Nuclear Regulatory Commission on March 31, 1987.
 The two suits against PE, one initiated by Public Service and the other asserted jointly by Atlantic and Delmarva, were both filed on July 21, 1988, in the U.S. District Court for the District of New Jersey. The suits sought compensation for certain replacement power costs and other costs which Delmarva, Atlantic and Public Service incurred as a result of the shutdown of Peach Bottom, which is operated by PE.
 Under the terms of the settlement, which was approved earlier today by the federal district court, PE will pay the three other co-owners a total of $130,985,000. Delmarva and Atlantic, each of which owns a 7.51 percent interest in Peach Bottom, will receive $18,537,775.21 each, and Public Service, which owns 42.49 percent interest in the plant, will be paid $93,909,449.58. The payments will be made on Oct. 1, 1992.
 The settlement also resolves counterclaims asserted by PE which sought compensation from Public Service for certain costs incurred by PE as a result of events at the Salem Nuclear Generating Station, which is co-owned by the same four parties and is operated by Public Service.
 Under the settlement, none of the parties admit any liability. The settlement also requires the four co-owners to engage in good faith negotiations to amend the parties' agreements regarding the Peach Bottom and Salem plants, including amendments to clarify those provisions that pertain to the liability of the plant operators to the other co-owners.
 -0- 4/2/92
 /CONTACT: Wallace C. Judd Jr. of Delmarva Power, 302-429-3595/
 (PE PEG DEW) CO: Philadelphia Electric Company; Delmarva Power and Light Company;
 Public Service Enterprise Group Inc.; Atlantic City Electric Co. ST: Delaware IN: UTI SU:


CC-JS -- PH026 -- 4369 04/02/92 12:03 EST
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Date:Apr 2, 1992
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