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PENNSYLVANIA POWER & LIGHT CO. REPORTS THIRD-QUARTER EARNINGS

 PENNSYLVANIA POWER & LIGHT CO. REPORTS THIRD-QUARTER EARNINGS
 ALLENTOWN, Pa., Oct. 28 /PRNewswire/ -- Pennsylvania Power & Light Co. (NYSE: PPL) (PP&L) today reported earnings of $1.97 per share of common stock for the 12-month period ended Sept. 30, compared with earnings of $2.02 per common share for the same period a year ago.
 Charles E. Russoli, PP&L's executive vice president and chief financial officer, said earnings declined because rising revenues from increasing electricity sales to company customers were offset by higher costs of doing business.
 Cooler-than-normal summer weather during 1992, combined with the effects of the economic recession, primarily in the fourth quarter of 1991, also contributed to the earnings decline, Russoli said.
 "Since the beginning of the year, however, we're seeing signs that the economy is improving," Russoli said. "For example, sales to our industrial customers have increased in each of the three quarters this year compared to last year. That's an encouraging sign."
 The weather affects sales and earnings as heating and cooling demands change. To make valid comparisons of financial performance, PP&L adjusts the data to reflect "normal" conditions as determined by historical weather data.
 For the 12 months ended September 1992, energy sales to service-area customers increased 556 million kilowatt-hours, or about 1.9 percent, over the previous 12-month period.
 When adjusted for normal weather, energy sales for the 12 months ended September 1992 were 617 million kilowatt-hours higher than the previous year, an increase of about 2.1 percent.
 Weather-adjusted earnings were $2.07 per share for the 12 months ended September 1992, compared with $2.10 a share for the previous 12-month period.
 For the third quarter, PP&L had earnings of 41 cents per share of common stock, compared with earnings of 46 cents in the same period of 1991. Adjusting for the weather, PP&L's third-quarter earnings in 1992 were 44 cents a share, up 2 cents a share over the same 1991 period.
 For purposes of comparison, last year's per-share figures have been restated to reflect the two-for-one stock split approved April 22, 1992.
 PENNSYLVANIA POWER & LIGHT COMPANY AND SUBSIDIARY COMPANIES
 Consolidated Financial Information
 (Unaudited; amounts in thousands of dollars)
 Periods ended Three Months 12 Months
 Sept. 1992 1991 1992 1991
 Operating revenues(A) $655,912 $671,199 $2,750,737 $2,701,548
 Net income 72,900 80,851 340,421 350,309
 Dividends on preferred
 and preference stock 10,075 11,118 41,537 45,095
 Earnings applicable
 to common stock 62,825 69,733 298,884 305,214
 Earnings per share of
 common stock (based
 on average number of
 shares outstanding)(B) $0.41 $0.46 $1.97 $2.02
 Average number of
 shares outstanding
 (thousands)(B) 151,659 151,380 151,604 151,274
 (A) Includes receipts from interchange power sales which have been accounted for as operating revenues in accordance with a Federal Energy Regulatory Commission order effective Jan. 1, 1992. Operating revenues for the 1991 periods have been restated.
 (B) As adjusted for the 2-for-1 common stock split approved by shareowners on April 22, 1992.
 SYSTEM SALES COMPARISONS -- ACTUAL
 (Millions of kwh)
 Periods ended Three months Pct. 12 months Pct.
 Sept. 30 1992 1991 change 1992 1991 change
 Residential 2,156 2,301 (6.3) 10,438 10,286 1.5
 Commercial 2,286 2,293 (0.3) 8,976 8,783 2.2
 Industrial 2,237 2,136 4.7 8,682 8,501 2.1
 Other 293 298 (1.7) 1,358 1,328 2.3
 Total 6,972 7,028 (0.8) 29,454 28,898 1.9
 SYSTEM SALES COMPARISONS -- WEATHER-ADJUSTED
 (Millions of kwh)
 Periods ended Three months Pct. 12 months Pct.
 Sept. 30 1992 1991 change 1992 1991 change
 Residential 2,230 2,189 1.9 10,779 10,650 1.2
 Commercial 2,325 2,234 4.1 9,085 8,818 3.0
 Industrial 2,237 2,136 4.7 8,682 8,501 2.1
 Other 299 290 3.1 1,372 1,332 3.0
 Total 7,091 6,849 3.5 29,918 29,301 2.1
 PP&L supplies electricity to a 10,000-square-mile area of 29 counties in Central Eastern Pennsylvania. Among the communities it serves are Allentown, Bethlehem, Harrisburg, Hazleton, Lancaster, Scranton, Wilkes-Barre and Williamsport.
 /delval/
 -0- 10/28/92
 /CONTACT: Charles E. Russoli of Pennsylvania Power & Light Co. 215-774-5240, or fax, 215-774-5281/
 (PPL) CO: Pennsylvania Power & Light Co. ST: Pennsylvania IN: UTI SU: ERN


CC -- PH052 -- 6208 10/28/92 16:18 EST
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Date:Oct 28, 1992
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