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PECO TO RECEIVE USED SHOREHAM FUEL; CUSTOMERS, COMPANY TO BENEFIT

 PHILADELPHIA, Feb. 25 /PRNewswire/ -- Philadelphia Electric Company (NYSE: PE) (PECO) said today it has reached an agreement with the Long Island Power Authority (LIPA) to accept slightly-used fuel from the Shoreham Nuclear Power Station on Long Island, N.Y., for use at PECO's Limerick Generating Station in Montgomery County, Pa.
 Joseph F. Paquette Jr., PECO chairman and chief executive officer, said PECO customers will benefit from some $70 million in fuel cost savings in their rates over the next 12 to 15 years, since the Shoreham fuel will displace, at no cost, fuel that otherwise would have to be purchased.
 PECO will be paid $45 million by LIPA for taking the fuel, and the Company will be responsible for the remaining costs related to the use of the fuel.
 Paquette said, "It is a win-win situation for the company and its customers. It is a good deal for all concerned."
 He said that appropriate federal, state and local government officials have been informed by the company of the agreement.
 The agreement was the result of negotiations PECO began with LIPA in July 1992.
 In addition to paying PECO to accept the slightly-irradiated fuel, LIPA also will contract with General Electric Company (GE) to oversee the transfer of the fuel from Shoreham to Limerick.
 The agreement announced today provides for transporting the Shoreham fuel by rail from Long Island to Limerick between mid-1993 and early 1994.
 LIPA is an agency set up by the State of New York. One of its tasks is to decommission Shoreham, a nuclear power plant in Wading River, N.Y., which operated briefly at low power in the mid-1980s but never operated at full power.
 The Shoreham fuel was used only in limited testing at 5 percent power, and therefore its radiation level is one one-thousandth of one percent of the radiation level of fully-used nuclear fuel.
 It is, in fact, less radioactive than some nuclear material routinely shipped by rail and over the nation's highways.
 The 560 fuel bundles will be packed in specially-designed, 70-ton steel shipping containers at Shoreham and loaded onto special rail cars for shipment to Limerick.
 The fuel will be pre-packaged and transported in accordance with regulations set by the Nuclear Regulatory Commission and the U.S. Department of Transportation.
 After being unloaded at Limerick, the fuel will be stored initially in the plant's spent fuel pool for ultimate use at the plant beginning in 1994 and extending beyond 2005.
 /delval/
 -0- 2/25/93
 /CONTACT: Bill Jones of Philadelphia Electric, 215-841-4129/
 (PE)


CO: Philadelphia Electric Company ST: Pennsylvania IN: UTI SU:

MK -- PH029 -- 0512 02/25/93 15:41 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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