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DELMARVA POWER ANNOUNCES ANNUAL EARNINGS

 WILMINGTON, Del., Jan. 28 /PRNewswire/ -- Delmarva Power & Light Company (NYSE: DEW) today reported that preliminary unaudited earnings for the 12 months ended Dec. 31, 1992, were $1.69 per share compared to $1.69 per share for the prior calendar year.
 Both years contained one-time items of $.21 in 1992 and $.25 in 1991.
 "Although core utility earnings increased due to higher electric and gas rates, they were partially offset by the unusually mild wealth last summer and increased operating costs," said Howard E. Cosgrove, chairman of the board of directors.
 Earnings for the fourth quarter of 1992 were $12.9 million or $.24 per share compared with $7.3 million or $.13 per share for the same period a year earlier.
 DELMARVA POWER & LIGHT COMPANY
 Financial Highlights
 (Unaudited; in thousands, except per-share amounts)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Operating revenues $207,400 $194,857 $864,044 $855,821
 Income before cumulative
 effect of a change in
 accounting principle 15,422 9,217 98,526 80,506
 Cumulative effect of a
 change in accounting
 for unbilled revenues --- --- --- 12,730
 Net income 15,422 9,217 98,526 93,236
 Earnings applicable
 to common stock 12,915 7,283 90,177 85,259
 Earnings per average
 share:
 Before cumulative effect
 of a change in
 accounting principle $.24 $.13 $1.69(A) $1.44
 Cumulative effect of a
 change in accounting
 for unbilled revenues --- --- --- .25
 Total earnings per share .24 .13 1.69(A) 1.69
 Average shares
 outstanding 53,980 52,476 53,456 50,581
 Dividends declared per
 share $.38-1/2 $.38-1/2 $1.54 $1.54
 (A) includes $.21 earnings per share from the settlement of the Peach Bottom lawsuit with Philadelphia Electric Company.
 /delval/
 -0- 1/28/93
 /CONTACT: Wallace C. Judd Jr., manager of media relations of Delmarva Power, 302-429-3595/
 (DEW)


CO: Delmarva Power and Light Company ST: Delaware IN: UTI SU: ERN

JS-CC -- PH038 -- 0483 01/28/93 17:10 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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