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CENTERIOR ANNOUNCES REGULATORY APPROVALS

 CENTERIOR ANNOUNCES REGULATORY APPROVALS
 INDEPENDENCE, Ohio, Dec. 19 /PRNewswire/ -- Centerior Energy


(NYSE: CX) today received approval from The Public Utilities Commission of Ohio to institute two accounting changes which will improve the company's 1991 financial results.
 The approval enables the company to lower to 2.5 percent the straight-line depreciation rate for its three nuclear generating facilities retroactive to Jan. 1, 1991. The company also received approval to record higher deferrals than previously authorized because of lower-than-anticipated sales in 1991.
 The depreciation rate change will increase Centerior's annual earnings from what they otherwise would be by 17 cents per share starting in 1991. When the request for higher deferrals was made in October, the company anticipated an increase in 1991 earnings of about 7 cents per share from what they otherwise would be. At present, the company anticipates these deferrals will increase earnings by about 9 cents per share and perhaps more, depending on sales results through the end of the year.
 Today's action implements a joint recommendation to the PUCO by the company and customer-representative groups involved in the company's 1989 rate-case settlement. The groups include the Ohio Office of Consumers' Counsel, Industrial Energy Consumers, the city of Toledo, the city of Cleveland, and the Greater Cleveland Welfare Rights Organization. The customer groups supported the accounting changes as part of an agreement that included the company's extension of a freeze on base rates until at least Jan. 1, 1993.
 Centerior is the parent company of Cleveland Electric Illuminating and Toledo Edison which, together, serve more than one million customers in Northern Ohio.
 -0- 12/19/91
 /CONTACT: Lee Bailey of CEI, 216-447-3235 or, 216-623-1060, after hours/
 (CX) CO: Cleveland Electric Illuminating Company ST: Ohio IN: UTI SU:


LC -- CL017 -- 4013 12/19/91 15:08 EST
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Publication:PR Newswire
Date:Dec 19, 1991
Words:297
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