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DELMARVA POWER ANNOUNCES QUARTERLY EARNINGS

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


Company (NYSE: DEW) today reported that earnings for the first quarter of 1992 were $34.8 million or $.62 per share compared with $34.9 million or $.68 per share for the same period a year earlier.
 Core utility earnings for the first quarter were $.40 per share compared to $.37 per share for the same period a year ago. "The higher core utility earnings are primarily the result of base rate increases which were put in place earlier this year and increased electric sales," said Nevius M. Curtis, chairman of the board of directors.
 Both the first quarters of 1991 and 1992 were impacted by different one-time events. First quarter 1991 included a $.25 per share positive adjustment to reflect a change in accounting for unbilled revenues. First quarter 1992 includes a $.21 per share positive adjustment to reflect the settlement of the Peach Bottom lawsuit with Philadelphia Electric Company (NYSE: PE).
 Subsidiaries added $.01 per share in the first quarter 1992 compared to $.06 per share the same period a year earlier when there was a sale of an option on an asset.
 DELMARVA POWER & LIGHT COMPANY
 (Unaudited)
 Three months ended March 31 1992 1991
 Operating revenues $222,281,000 $214,090,000
 Income before cumulative
 effect of a change in
 accounting principle 34,789,000 22,166,000
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- 12,730,000
 Net income 34,789,000 34,896,000
 Earnings applicable
 to common stock 32,988,000 32,815,000
 Earnings per average share:
 Before cumulative effect of a
 change in accounting principle $.62(A) $.43
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- .25
 Total earnings per share .62(A) .68
 Average shares outstanding 52,876,000 48,149,000
 Dividends declared per share $.38-1/2 $.38-1/2
 12 months ended March 31 1992 1991
 Operating revenues $852,998,000 $805,987,000
 Income before cumulative
 effect of a change in
 accounting principle 93,129,000 34,797,000
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- 12,730,000
 Net income 93,129,000 47,527,000
 Earnings applicable
 to common stock 85,432,000 38,842,000
 Earnings per average share:
 Before cumulative effect of a
 change in accounting principle $1.65(A) $.56(B)
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- .25
 Total earnings per share 1.65(A) .81(B)
 Average shares outstanding 51,764,000 47,773,000
 Dividends declared per share $1.54 $1.54
 (A) Includes $.21 earnings per share from the settlement of the Peach Bottom lawsuit with Philadelphia Electric Company.
 (B) Includes an $.89 per share charge for a write-off of joint venture investments.
 /delval/
 -0- 4/28/92
 /CONTACT: Wallace C. Judd Jr. of Delmarva Power, 302-429-3595/
 (DEW) CO: Delmarva Power & Light Company ST: Delaware IN: UTI SU: ERN


CC-KA -- PH034 -- 3975 04/28/92 15:59 EDT
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Date:Apr 28, 1992
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