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DELMARVA POWER ANNOUNCES QUARTERLY EARNINGS

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


Company (NYSE: DEW) today reported that earnings for the second quarter of 1992 were $12.5 million or 24 cents per share compared with $15.1 million or 30 cents per share for the same period a year earlier.
 "Core utility earnings declined 6 cents per share primarily because milder weather reduced electric sales, which were 7 percent below 1991 for the same period. Subsidiaries operated at essentially a break-even level for the second quarter," according to Nevius M. Curtis, chairman of the board of directors.
 DELMARVA POWER & LIGHT COMPANY
 (Unaudited)
 Three months ended June 30 1992 1991
 Operating revenues $192,399,000 $202,514,000
 Income before cumulative
 effect of a change in
 accounting principle 14,259,000 17,091,000
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- ---
 Net income 14,259,000 17,091,000
 Earnings applicable
 to common stock 12,464,000 15,091,000
 Earnings per average share:
 Before cumulative effect of a
 change in accounting principle $.24 $.30
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- ---
 Total earnings per share .24 .30
 Average shares outstanding 53,285,000 49,586,000
 Dividends declared per share $.38-1/2 $.38-1/2
 12 months ended June 30 1992 1991
 Operating revenues $842,884,000 $823,771,000
 Income before cumulative
 effect of a change in
 accounting principle 90,299,000 39,704,000
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- 12,730,000
 Net income 90,299,000 52,434,000
 Earnings applicable
 to common stock 82,807,000 43,967,000
 Earnings per average share:
 Before cumulative effect of a
 change in accounting principle $1.57(A) $.66(B)
 Cumulative effect of a change
 in accounting for unbilled
 revenues --- .25
 Total earnings per share 1.57(A) .91(B)
 Average shares outstanding 52,688,000 48,314,000
 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 $.88 per share charge for a write-off of joint venture investments.
 /delval/
 -0- 7/28/92
 /CONTACT: Wallace C. Judd Jr. of Delmarva Power, 302-429-3595/
 (DEW) CO: Delmarva Power and Light Company ST: Delaware IN: UTI SU:


MK-CC -- PH021 -- 4148 07/28/92 13:58 EDT
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Date:Jul 28, 1992
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