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DELMARVA POWER ANNOUNCES QUARTERLY EARNINGS

 WILMINGTON, Del., July 29 /PRNewswire/ -- Delmarva Power & Light Company (NYSE: DEW) reported today that earnings for the second quarter of 1993 were $.27 per share compared to $.24 per share for the second quarter of 1992.
 Earnings for six months ended June 30, 1993, were $.85 per share, compared to $.86 per share for the same period last year.
 "After excluding a one-time adjustment to 1992 earnings of $.21 per share related to the settlement of the Peach Bottom lawsuit, earnings for the first six months increased by $.20 per share. The primary reasons for this improvement is a 6.5 percent increase in total electric sales combined with an increase of only 1.6 percent in operation and maintenance expenses," said Howard E. Cosgrove, chairman of the board of directors.
 DELMARVA POWER
 FINANCIAL HIGHLIGHTS
 (Unaudited; dollars in Thousands)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Total Operating Revenues $214,638 $193,797 $462,645 $418,927
 Net Income 18,758 14,259 53,172 49,048(A)
 Earnings Applicable to
 Common Stock 16,279 12,464 48,190 45,452(A)
 Average Shares of Common
 Stock Outstanding
 (thousands) 58,036 53,285 56,585 53,080
 Earnings Per Share of
 Common Stock $.27 $.24 $.85 $.86(B)
 Dividends Declared Per Share
 of Common Stock $.38-1/2 $.38-1/2 $.77 $.77
 12 Months Ended June 30 1993 1992
 Total Operating Revenues $907,762 $852,500
 Net Income 102,649 90,299(A)
 Earnings Applicable to Common
 Stock 92,914 82,807(A)
 Average Shares of Common Stock
 Outstanding (thousands) 55,209 52,688
 Earnings Per Share of Common Stock $1.68 $1.57(B)
 Dividends Declared Per Share of
 Common Stock $1.54 $1.54
 The six and 12 months ended June 30, 1992, include the effect of the settlement of the Peach Bottom lawsuit with Philadelphia Electric Company:
 (A) Includes $11.4 million from settlement of Peach Bottom lawsuit.
 (B) Includes $.21 per share from settlement of Peach Bottom lawsuit.
 /delval/
 -0- 7/29/93
 /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

CC-MJ -- PH019 -- 7257 07/29/93 13:35 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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