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DUFF & PHELPS: DELMARVA POWER & LIGHT COMPANY SHELF, BONDS AND NOTES RATED

 CHICAGO, June 14 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned ratings to Delmarva Power & Light Company's (NYSE: DEW) shelf registration for $250 million of debt securities. The first mortgage bond portion is rated `A+' (Single-A-Plus) and the unsecured medium-term note portion `A' (Single-A). Proceeds will be used for capital requirements, refinancing of higher coupon debt, and for other general corporate purposes.
 Delmarva has an attractive service territory, reasonable regulation, and a balanced fuel mix. Its rates are competitive for the region. However, the recent loss of a major customer will represent about a 150 mw reduction in load.
 Future resource additions will represent a balanced mix of new construction, demand side management and purchased power. The company's recently completed 160 mw Hay Road Unit No. 4 combined-cycle facility began commercial operation in May 1993.
 Pre-tax interest coverages have improved following electric base rate increases in 1992. In March 1993, the Maryland Public Service Commission approved a stipulation allowing Delmarva a $7.8 million (4.4 percent) electric rate increase, effective April 1, 1993. The increase primarily provides recovery of costs associated with the new Hays Road unit, post-retirement benefits, and inflationary-based increases in operating costs. Delmarva derives approximately 20 percent of its revenues from the Maryland jurisdiction.
 Delmarva recently received an unfavorable recommendation from the Delaware Public Utility Commission staff in its pending rate case. A final order is due in the third quarter of 1993. The company also has a case pending before the Federal Energy Regulatory Commission. Continued supportive regulation will be required to maintain debt protection measures.
 Delmarva Power & Light provides electric service to the Delmarva peninsula, a 5,700 square mile area encompassing Delaware and portions of Maryland and Virginia. Gas service is provided to portions of northern Delaware.
 -0- 6/14/93
 /CONTACT: John C. Dell, of Duff & Phelps Credit Rating Co., 312-368-3161/
 (DEW)


CO: Delmarva Power & Light Company ST: Delaware IN: UTI SU: RTG

MP -- NY038 -- 1548 06/14/93 10:41 EST
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Date:Jun 14, 1993
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