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DELMARVA POWER ANNOUNCES ANNUAL EARNINGS

 DELMARVA POWER ANNOUNCES ANNUAL EARNINGS
 WILMINGTON, Del., Jan. 28 /PRNewswire/ -- Delmarva Power & Light


Company (NYSE: DEW) today reported 1991 earnings were $85.3 million or $1.69 per share.
 To put 1991 earnings in perspective, core utility earnings were $1.66 per share compared to $1.70 per share in 1990. Subsidiary gains added $.03 per share in 1991 while subsidiary losses reduced earnings $1.10 per share to $.60 per share in 1990.
 Core utility earnings declined in 1991, as expected, because higher operating and financing costs associated with new utility plant and inflation since the last round of base rate increases in the early 1980s had not yet been reflected in customer rates, according to Nevius M. Curtis, chairman of the board and chief executive officer. Rate increase requests are pending in several jurisdictions. Curtis also cautioned that a one-time accounting adjustment was responsible for $.25 of the $1.66 core earnings.
 DELMARVA POWER & LIGHT COMPANY
 (Unaudited)
 Three months ended Dec. 31 1991 1990
 Operating revenues $192,592,000 $179,234,000
 Net income 9,217,000 (34,656,000)
 Earnings applicable
 to common stock 7,283,000 (36,858,000)
 Earnings per share $.13 $(.78)(A)
 Average shares outstanding 52,476,000 47,875,000
 Dividends declared per share $.38-1/2 $.38-1/2
 12 months ended Dec. 31 1991 1990
 Operating revenues $844,807,000 $811,238,000
 Income before cumulative
 effect of a change in
 accounting principle 80,506,000 37,311,000
 Cumulative effect of a
 change in accounting
 for unbilled revenues 12,730,000 ---
 Net income 93,236,000 37,311,000
 Earnings applicable
 to common stock 85,259,000 28,527,000
 Earnings per average share:
 Before cumulative effect of a
 change in accounting principle $1.44 $.60(A)
 Cumulative effect of a change
 in accounting for unbilled
 revenues .25 ---
 Total earnings per share $1.69 $.60(A)
 Average shares outstanding 50,581,000 47,534,000
 Dividends declared per share $1.54 $1.54
 (A) Includes an $.89 per share charge for a write-off of joint venture investments.
 /delval/
 -0- 1/28/92
 /CONTACT: Wallace C. Judd Jr. of Delmarva Power, 302-429-3595/
 (DEW) CO: Delmarva Power & Light Company ST: Delaware IN: UTI SU: ERN


MK-JS -- PH027 -- 4420 01/28/92 16:53 EST
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Date:Jan 28, 1992
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