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PHILADELPHIA ELECTRIC INCREASES COMMON STOCK DIVIDEND

 PHILADELPHIA ELECTRIC INCREASES COMMON STOCK DIVIDEND
 PHILADELPHIA, Oct. 26 /PRNewswire/ -- The directors of Philadelphia


Electric Company (NYSE: PE) today voted to increase the company's quarterly common stock dividend by 8 percent, from $0.325 per share to $0.35 per share.
 The higher dividend will be payable Dec. 18, 1992, to shareholders of record on Nov. 12.
 In commenting on the dividend increase, PE Chairman and Chief Executive Officer Joseph F. Paquette Jr. said "The board's action today recognizes the significant progress the company has made in continuing to improve its financial condition following the adverse Pennsylvania Public Utility Commission rate order which forced the company to cut its dividend in June 1990. Our cost containment efforts continue to produce positive results and we are generating sufficient funds internally to support our entire construction program and reduce debt. In addition, we have reduced our cost of capital with an aggressive fixed income securities refinancing program. The company's improved financial condition is also being recognized by the financial community as the company's debt and preferred stock ratings have been recently upgraded."
 PE's last dividend increase took effect in 1991, from $0.30 per share to $0.325 per share quarterly. The new annual dividend level is $1.40 per share.
 /delval/
 -0- 10/26/92
 /CONTACT: Neil McDermott of Philadelphia Electric, 215-841-4122/
 (PE) CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU: DIV


MK -- PH008 -- 4584 10/26/92 09:05 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 26, 1992
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