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UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
<BR>
<BR>
Form 10-K<BR>
<BR>
<BR>
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</P>
<P><BR>
<BR>
For the fiscal year ended <U>December 31, 1999</U>     Commission file number <U>1-1072</P>
</U><P><BR>
<U>                        Potomac Electric Power Company             
         </U> <BR>
  (Exact name of registrant as specified in its charter)</P>
<P><BR>
<U>     District of Columbia and Virginia      </U>             <U> 53-0127880    </U> <BR>
   (State or other jurisdiction of                      (I.R.S. Employer<BR>
       incorporation or organization)                     Identification No.)<BR>
<BR>
<BR>
       1900 Pennsylvania Avenue, N.W.<BR>
<U>Washington, D.C. 20068       </U><BR>
(Address of principal executive offices) (Zip Code)<BR>
<BR>
<BR>
Registrant's telephone number, including area code <U>(202) 872-2000   </U><BR>
<BR>
<BR>
<BR>
Securities registered pursuant to Section 12(b) of the Act:<BR>
<BR>
                                          
        Name of each exchange on<BR>
           <U>Title of each class</U>                  <U>      which
registered      </U><BR>
<BR>
5% Convertible Debentures due 2002 -     )      New York Stock Exchange, Inc. <BR>
  due September 1, 2002                  )<BR>
Common Stock, $1 par value     )<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
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<FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Continued<BR>
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<P><FONT FACE="Courier New" SIZE=2>Securities registered pursuant to Section 12(g) of the Act:<BR>
<BR>
     None.<BR>
<BR>
          Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2)
has been subject to such filing requirements for the past 90 days. Yes <U>X </U>. No <U>   </U>.<BR>
<BR>
          Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form<BR>
10-K or any amendment to this Form 10-K. <U> X </U>.<BR>
<BR>
          As of March 20, 2000, Potomac Electric Power Company had 118,530,802 shares of its $1 par value Common Stock outstanding, and the aggregate market value of these common shares (based upon the
closing price of these shares on the New York Stock Exchange on that date) held by nonaffiliates was approximately $2.4 billion.<BR>
<BR>
<BR>
                       DOCUMENTS INCORPORATED BY REFERENCE<BR>
<BR>
          Portions of the Company's 1999 Annual Report to shareholders are incorporated by reference into Parts I, II, and IV of this Form 10-K.<BR>
<BR>
          Portions of the Notice of Annual Meeting of Shareholders and Proxy Statement, dated March 21, 2000, are incorporated by reference into Part III of this Form 10-K.<BR>
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<P ALIGN="CENTER"><FONT FACE="Courier New" SIZE=2>POTOMAC ELECTRIC POWER COMPANY<BR>
Form 10-K - 1999<BR>
<BR>
<BR>
TABLE OF CONTENTS<BR>
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<FONT FACE="Courier New" SIZE=2><P>PART I</P>
<P>  </FONT><A HREF="#business"><FONT SIZE=2>Item 1.  - Business</FONT></A><FONT FACE="Courier New" SIZE=2><BR>
               </FONT><A HREF="#general"><FONT SIZE=2>General</FONT></A><FONT FACE="Courier New" SIZE=2>. . . . . . . . . . . . . . . . . . . . . . . . .<BR>
               </FONT><A HREF="#sales"><FONT SIZE=2>Sales</FONT></A><FONT FACE="Courier New" SIZE=2>. . . . . . . . . . . . . . . . . . . . . . . . . . <BR>
               </FONT><A HREF="#fuel"><FONT SIZE=2>Fuel</FONT></A><FONT FACE="Courier New" SIZE=2> . . . . . . . . . . . . . . . . . . . . . . . . . .<BR>
               </FONT><A HREF="#rates"><FONT SIZE=2>Rates</FONT></A><FONT FACE="Courier New" SIZE=2>. . . . . . . . . . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#properties"><FONT SIZE=2>Item 2.  - Properties</FONT></A><FONT FACE="Courier New" SIZE=2> . . . . . . . . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#legal"><FONT SIZE=2>Item 3.  - Legal Proceedings</FONT></A><FONT FACE="Courier New" SIZE=2> . . . . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#vote"><FONT SIZE=2>Item 4.  - Submission of Matters to a Vote of Security Holders</FONT></A><FONT FACE="Courier New" SIZE=2> . . .<BR>
<BR>
<BR>
PART II<BR>
  </FONT><A HREF="#market"><FONT SIZE=2>Item 5.</FONT></A><FONT FACE="Courier New" SIZE=2>  - Market for Registrant's Common Equity and Related<BR>
               Stockholder Matters . . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#selected"><FONT SIZE=2>Item 6.</FONT></A><FONT FACE="Courier New" SIZE=2>  - Selected Financial Data . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#mda"><FONT SIZE=2>Item 7.</FONT></A><FONT FACE="Courier New" SIZE=2>  - Management's Discussion and Analysis of Financial<BR>
               Condition and Results of Operations . . . . . . . . . .<BR>
  </FONT><A HREF="#disclosures"><FONT SIZE=2>Item 7A.</FONT></A><FONT FACE="Courier New" SIZE=2> - Quantitative and Qualitative Disclosures About Market<BR>
               Risk . . . . . . . . . . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#supplement"><FONT SIZE=2>Item 8.</FONT></A><FONT FACE="Courier New" SIZE=2>  - Financial Statements and Supplementary Data . . . . . . .<BR>
  </FONT><A HREF="#changes"><FONT SIZE=2>Item 9.</FONT></A><FONT FACE="Courier New" SIZE=2>  - Changes in and disagreements with Accountants on<BR>
               Accounting and Financial Disclosure . . . . . . . . . .<BR>
  <BR>
PART III<BR>
  </FONT><A HREF="#officers"><FONT SIZE=2>Item 10.</FONT></A><FONT FACE="Courier New" SIZE=2> - Directors and Executive Officers of the Registrant . . . .<BR>
  </FONT><A HREF="#compensation"><FONT SIZE=2>Item 11.</FONT></A><FONT FACE="Courier New" SIZE=2> - Executive Compensation . . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#ownership"><FONT SIZE=2>Item 12.</FONT></A><FONT FACE="Courier New" SIZE=2> - Security Ownership of Certain Beneficial Owners and<BR>
               Management . . . . . . . . . . . . . . . . . . . . . . .<BR>
  </FONT><A HREF="#relationships"><FONT SIZE=2>Item 13.</FONT></A><FONT FACE="Courier New" SIZE=2> - Certain Relationships and Related Transactions . . . . . .<BR>
<BR>
<BR>
PART IV<BR>
  </FONT><A HREF="#exhibits"><FONT SIZE=2>Item 14.</FONT></A><FONT FACE="Courier New" SIZE=2> - Exhibits, Financial Statement Schedules, and Reports on<BR>
               Form 8-K . . . . . . . . . . . . . . . . . . . . . . . .<BR>
    </FONT><A HREF="#valuation"><FONT SIZE=2>Schedule II</FONT></A><FONT FACE="Courier New" SIZE=2> - Valuation and Qualifying Accounts . . . . . . . . . .<BR>
<BR>
    </FONT><A HREF="#earnings"><FONT SIZE=2>Exhibit 11</FONT></A><FONT FACE="Courier New" SIZE=2> - Statements Re. Computation of Earnings Per Common<BR>
                   Share . . . . . . . . . . . . . . . . . . . . . . .<BR>
    </FONT><A HREF="#ratios"><FONT SIZE=2>Exhibit 12</FONT></A><FONT FACE="Courier New" SIZE=2> - Statements Re. Computation of Ratios . . . . . . . . .<BR>
    </FONT><A HREF="#subsidiaries"><FONT SIZE=2>Exhibit 21</FONT></A><FONT FACE="Courier New" SIZE=2> - Subsidiaries of the Registrant . . . . . . . . . . . .<BR>
    </FONT><A HREF="#consent"><FONT SIZE=2>Exhibit 23</FONT></A><FONT FACE="Courier New" SIZE=2> - Consent of Independent Accountants . . . . . . . . . .<BR>
    </FONT><A HREF="#accountant"><FONT SIZE=2>Report of Independent Accountants</FONT></A><FONT FACE="Courier New" SIZE=2> on Consolidated Financial<BR>
      Statement Schedule . . . . . . . . . . . . . . . . . . . . . . .<BR>
<BR>
  </FONT><A HREF="#signatures"><FONT SIZE=2>Signatures</FONT></A><FONT FACE="Courier New" SIZE=2>  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<BR>
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<P><U><FONT FACE="Courier New" SIZE=2><BR>
<BR>
Part I</U><BR>
<BR>
<A NAME="business"><U>Item 1.</U>    <U>BUSINESS</A></U><BR>
<BR>
<A NAME="general"><U>GENERAL</A></U><BR>
<BR>
     Additional information that is required in this section, other than the information disclosed below, is incorporated herein by reference from the "Management's Discussion and Analysis of Consolidated Results of Operations and
Financial Condition" section and the "Notes to Consolidated Financial Statements" of the Company's 1999 Annual Report to shareholders.<BR>
<BR>
     Potomac Electric Power Company (the Company) is engaged in regulated utility operations (the Utility) and in diversified, competitive energy and telecommunications businesses through its wholly owned nonregulated subsidiary,
Pepco Holdings, Inc. (PHI). PHI was created in 1999 as the parent company of its two wholly owned subsidiaries, Potomac Capital Investment Corporation (PCI) and Pepco Energy Services, Inc. (Pepco Energy Services).<BR>
<BR>
     The Utility is currently engaged in the generation, transmission, distribution, and sale of electric energy in the Washington, D.C. metropolitan area. The Utility's retail service territory includes all of the District of
Columbia (D.C.) and major portions of Montgomery and Prince George's counties in suburban Maryland. In addition, the Utility currently supplies electricity, at wholesale, under a full-requirements agreement with Southern Maryland Electric Cooperative,
Inc. (SMECO) that expires in December 2000. Thereafter, Pepco Energy Services will continue to supply full-requirements electricity to SMECO pursuant to a competitively awarded four-year contract commencing in January 2001.<BR>
<BR>
     The Company's business plan is to exit the electricity generating business by divesting substantially all of its generating assets through an open auction process. The Utility's operations would then consist of transmission
and distribution service. The Company will compete for market share throughout the mid-Atlantic region in the deregulated electricity, natural gas, and telecommunications markets through its nonregulated subsidiaries. During December 1999, the Maryland
and District of Columbia Public Service Commissions approved the Company's plan to sell, via auction, substantially all of its plants, facilities and equipment used in the generation of electricity, its purchased capacity contracts, and its other
rate-based assets that are not required for the provision of electric transmission and distribution services. Accordingly, the Company has begun the auction process and through February 2000 has conducted tours of the generating stations for several
potential bidders. The Company expects to receive initial bids in March 2000 and to select the final bidders in early April 2000. The Company anticipates completing the divestiture of its generation assets by year-end 2000.<BR>
<BR>
     Additionally, the Company's plan to usher in customer choice in Maryland provides that customers will have their choice of electricity suppliers beginning July 1, 2000. In D.C., legislation providing that customer choice
begins on January 1, 2002 was enacted by the City Council in December 1999 and is pending approval by the Control Board. The District of Columbia </P>
<P>Public Service Commission has approved a customer choice plan providing that customers will have their choice of electricity suppliers beginning January 1, 2001. This customer choice plan is consistent with the pending legislation.<BR>
<BR>
<A NAME="sales"><U>SALES</A></U><BR>
<BR>
     The Utility's kilowatt-hour sales and revenue by class of service and by customer type for the period 1997 through 1999 are presented below.<BR>
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<TD WIDTH="16%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>   1999   </U></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>   1998   </U></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>   1997   </U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>Electric Energy Sales</U></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT FACE="Courier New" SIZE=2><P>   (Millions of Kilowatt-hours)</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Kilowatt-hours Sold - Total</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><U><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">26,970</B></U>  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><U><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">26,298</B></U>  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><U><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">25,708</U>  <BR>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>By Class of Service -</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Residential service</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">7,014  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">6,757  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">6,564  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  General service</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">15,890  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">15,591  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">15,307  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Large power service (a)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">701  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">686  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">698  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Street lighting</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">167  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">164  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">166  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Rapid transit</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">438  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">422  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">412  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Wholesale (Primarily SMECO)<BR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2,760  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2,678  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2,561  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>By Type of Customer -</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Residential</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">7,001  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">6,745  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">6,552  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Commercial</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">12,344  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">12,049  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11,811  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  U.S. Government</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">4,026  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3,968  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3,934  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  D.C. Government</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">839  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">858  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">850  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Wholesale (Primarily SMECO)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2,760  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2,678  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2,561  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>
<FONT FACE="Courier New" SIZE=2><P>(a) Large power service customers are served at a voltage of 66KV or<BR>
    higher.<BR>
</FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P> </P></FONT>
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<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>   1999   </U></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>   1998   </U></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>   1997   </U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>Electric Revenue</U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=3>
<FONT FACE="Courier New" SIZE=2><P>       (Millions of Dollars)</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Sales of Electricity - Total (a)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><U><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$1,916.7</U>  </B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><U><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$1,872.7</B></U>  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><U><FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$1,799.8</U>  <BR>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>By Class of Service -</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Residential service</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$  586.3  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$  567.7  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$  525.6  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  General service</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,121.3  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,102.9  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1,073.6  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Large power service (b)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">36.2  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">35.0  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">35.5  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Street lighting</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">13.6  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">13.2  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">12.9  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Rapid transit</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">30.6  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">29.7  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">28.9  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Wholesale (Primarily SMECO)<BR>
</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">128.7  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">124.2  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">123.3  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>By Type of Customer -</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Residential</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$  585.3  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$  566.8  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$  524.7  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Commercial</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">895.4  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">876.7  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">851.4  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  U.S. Government</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">256.0  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">253.5  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">249.3  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  D.C. Government</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">51.3  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">51.5  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">51.1  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Wholesale (Primarily SMECO)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">128.7  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">124.2  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">123.3  </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>
<FONT FACE="Courier New" SIZE=2><P>(a) Exclusive of Other Electric Revenue of $302.6 million in 1999,<BR>
    $196.2 million in 1998 and $74.2 million in 1997.<BR>
(b) Large power service customers are served at a voltage of 66KV or<BR>
    higher.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>     The Utility's sales of electric energy are seasonal, and, accordingly, rates have been designed to closely reflect the daily and seasonal variations in the cost of producing electricity, in
part by raising summer rates and lowering winter rates. Mild weather during the summer billing months of June through October, when base rates are higher to encourage customer conservation and peak load shifting, has an adverse effect on revenue and net
income and, conversely, hot weather during these months has a favorable effect.<BR>
<BR>
     The Company includes in revenue the amounts received for sales to other utilities related to pooling and interconnection agreements. Amounts received for such interchange deliveries are a component of the Company's fuel rates.
<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
<A NAME="fuel"><U>FUEL</A></U><BR>
<BR>
     For customer billing purposes, all of the Utility's kilowatt-hour sales, through December 31, 1999, are covered by separately stated fuel rates. Pursuant to a new full-requirements contract with SMECO, effective January 1,
1999, the rate for electricity includes a non-varying fuel component. Refer to Item 7. "Management's Discussion and Analysis of Financial Conditions and Results of Operations" for additional information regarding SMECO. The ages of the Company's
generating units, all of which are in operation, are presented in the table below.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="25%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>  Generating<BR>
<U>   Station    </U></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>      Number<BR>
   <U>of Units (a)</U></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>      Age<BR>
    <U>(Years)</U>   </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>    Service Type    <BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Benning Road (b)</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2         </FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">27-31     </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Cycling</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Buzzard Point (b)</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">16         </FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">31      </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Peaking</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Potomac River</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2/3        </FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">42-50     </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Cycling/Base</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Dickerson</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3/3        </FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">6-40     </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Base/Peaking</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Chalk Point</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2/2/7 (c)   </FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">8-35     </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Base/Cycling/Peaking</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Morgantown</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2/6        </FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">26-29     </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Base/Peaking</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="25%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="22%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="28%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>
<FONT FACE="Courier New" SIZE=2><P>(a) By service type.<BR>
(b) These generating stations are excluded from the Company's sale of its<BR>
    generation assets.<BR>
(c) Includes a combustion turbine unit owned by SMECO and operated by the<BR>
    Company. </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>     The Company's generating units burn only fossil fuels. The principal fuel is coal. The Company owns no nuclear generation facilities. The following table sets forth the quantities of each
type of fuel used by the Company in the years 1999, 1998 and 1997 and the contribution, on the basis of Btus, of each fuel to energy generated.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=595>
<TR><TD WIDTH="28%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="24%" VALIGN="TOP" COLSPAN=2>
<U><FONT FACE="Courier New" SIZE=2><P>     1999       </U></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" COLSPAN=2>
<U><FONT FACE="Courier New" SIZE=2><P>     1998       </U></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" COLSPAN=2>
<U><FONT FACE="Courier New" SIZE=2><P>     1997      </U></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Quantity</U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>% of<BR>
 <U>Btu </U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Quantity</U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>% of<BR>
 <U>Btu </U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Quantity</U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>% of<BR>
<U>Btu </U></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Coal<BR>
  (000s net tons)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
6,976 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
81.4 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
6,999 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
84.5 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
6,318 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
89.1 </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Residual oil<BR>
  (000s barrels)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
4,367 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
12.2 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
3,823 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
11.1 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1,350 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
4.6 </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Natural gas<BR>
  (000s dekatherms)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
11,799 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
5.2 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
6,062 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
2.8 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
8,318 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
4.5 </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>No. 2 fuel oil<BR>
  (000s barrels)<BR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
448 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1.2 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
590 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1.6 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
564 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1.8 </FONT></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>     The following table sets forth the average cost of each type of fuel burned, for the years shown.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="27%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="30%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P> <U> 1999 </U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P> <U> 1998 </U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P> <U> 1997 <BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Coal:</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per ton</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$38.33 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$40.27 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$42.82 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per million Btu</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1.46 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1.55 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1.65 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Residual oil:</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per barrel</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">15.54 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">16.17 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">20.95 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per million Btu</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.47 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.57 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3.49 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Natural gas:</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per dekatherm</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.83 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.63 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.87 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per million Btu</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.83 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.63 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.87 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>No. 2 fuel oil:</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per barrel</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">20.55 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">21.21 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">26.96 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Per million Btu</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3.51 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">3.63 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">4.63 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="30%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
     The system average cost of fuel burned per million Btu was $1.68 in 1999, compared with $1.72 in 1998 and $1.84 in 1997. The decrease of 2.3% in the 1999 system average unit fuel cost compared with the 1998 system average is
attributed primarily to the decreased unit costs of coal and residual oil. The decrease of 6.5% in the 1998 system average unit fuel cost compared with the 1997 system average is attributed primarily to the decreased unit costs of coal, residual oil and
gas. The increase in the percent of residual oil burned in 1999 and 1998 reflects the decline in the price of residual oil and an increase in wholesale energy sales. The Company's major cycling and certain peaking units can burn either natural gas or oil,
adding flexibility in selecting the most cost-effective fuel mix. <BR>
</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>     Eight of the Utility's 16 steam-electric generating units can burn only coal; two units can burn only residual oil; two units can burn either coal or residual oil or a combination of both;
two units can burn either coal or natural gas or a combination of both; and two units can burn either residual oil or natural gas. Those units capable of burning either coal or residual oil and those units capable of burning either coal or natural gas
normally burn coal as their primary fuel. The Company also has combustion turbines, some of which can burn only No. 2 fuel oil, and others which can burn either natural gas or No. 2 fuel oil. The following table provides details of the Utility's
generating capability from the standpoint of plant configuration as well as actual energy generation (see Item 2. - Properties for additional information on types of fuel used in generating facilities).<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=667>
<TR><TD WIDTH="42%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="24%" VALIGN="TOP" COLSPAN=3>
<FONT FACE="Courier New" SIZE=2><P>  Net Generating<BR>
  Capability and<BR>
<U>Purchased Capacity</U><BR>
</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=3>
<FONT FACE="Courier New" SIZE=2><P>           Net<BR>
          Energy<BR>
 <U>       Generated       </U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>1999</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>1998</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>1997</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P> <U>1999</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>1998</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>1997<BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Steam generation<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Dual fuel units, capable<BR>
    of burning coal, residual<BR>
    oil or a combination of<BR>
    coal and residual oil . . . </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
17% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
17% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
17% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
28%   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
31%   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
31%   <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Dual fuel units, capable<BR>
    of burning coal, natural<BR>
    gas, or a combination of<BR>
    coal and natural gas  . . . </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
10% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
10% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
10% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
17%   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
16%   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
16%   <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Units capable of burning <BR>
    coal only . . . . . . . . . </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
17% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
17% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
18% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
28%   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
29%   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">29%   <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Units capable of burning<BR>
    residual oil only . . . . .</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
8% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
8% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
8% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1%   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1%   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
-    <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Units capable of burning<BR>
    residual oil or natural<BR>
    gas . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
18% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
18% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
18% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
10%   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
8%   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
4%   <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Combustion turbines<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Units capable of burning<BR>
    No. 2 fuel oil only . . . .</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
8% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
8% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
8% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
2%   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
2%   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
2%   </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Units capable of burning </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>    No. 2 fuel oil or natural</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>    gas . . . . . . . . . . . . </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2%   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2%   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2%   </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Purchased capacity . . . . . .</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">11% </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">10% </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">14%(a)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">13%(a)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">18%(a)<BR>
<BR>
</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=7>
<FONT FACE="Courier New" SIZE=2><P>(a) Includes purchases under cogeneration agreements.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
     As discussed in the "Management's Discussion and Analysis of Consolidated Results of Operations and Financial Condition" section and the "Notes to Consolidated Financial Statements" of the Company's 1999 Annual Report to
Shareholders, the Company is in the process of divesting substantially all of its generation assets and anticipates completing the divestiture by year-end 2000. The fuel commitments associated with the generation assets that exist at the time of the
completion of the divestiture are expected to be assumed by the purchaser of the assets. The Benning Road and Buzzard Point generating stations, which are located in Washington, D.C., and primarily burn oil, will be excluded from the sale.<BR>
<BR>
     The Utility's current fuel mix objective is to obtain a minimum unit cost of energy through the use of its generating facilities. The actual use of coal, oil and natural gas is influenced by the availability of the generating
units, the relative cost of the fuels, energy and demand requirements of other utilities with which the Utility has interconnection arrangements, regulatory requirements (for future units), environmental constraints, weather conditions and fuel supply
constraints, if any.<BR>
<BR>
     The Utility has numerous coal contracts, with the latest expiring on June 30, 2002, for aggregate annual deliveries of approximately 5 million tons. Deliveries under these contracts are expected to provide approximately 75%
of the estimated system coal requirements in 2000. The balance of the Utility's coal requirements will be purchased under shorter-term agreements and on a spot basis from a variety of suppliers. The Utility's current coal contracts are fixed price
contracts. The Utility plans to replace the contracts when they expire with either short-term or spot agreements at comparable prices. Most of the coal currently used by the Utility is deep mined in Pennsylvania, West Virginia and Virginia. The Utility
believes that it will be able to continue to obtain the quantities of coal needed to operate at its current fuel mix objective. <BR>
<BR>
     The Utility purchases both domestically refined and imported residual oil. A portion of the Utility's residual oil is purchased under a two-year contract. The balance of the Utility's residual oil requirements will be
purchased under shorter-term agreements and on a spot basis from a variety of suppliers. The Utility also purchases No. 2 fuel oil under three one-year contracts. Prices under the contracts are determined by reference to base contract prices, as adjusted
to reflect current market prices. Prior to expiration of the contracts, the Utility expects to solicit bids for new contracts to supply its residual oil requirements. <BR>
<BR>
     Certain units at the Utility's Chalk Point and Dickerson Generating Stations are capable of burning natural gas as well as oil. The Utility purchases natural gas through short term, seasonal agreements for both stations.
Current gas agreements are structured to supply anticipated gas requirements through September 2000. These agreements are competitively awarded and include firm gas purchase and resale options as well as daily variable take options at established market
index prices. Prior to the expiration of these agreements, the Utility expects to solicit bids for new agreements to supply gas requirements through the upcoming winter months. The actual use of natural gas for these units will be dependent upon
operational requirements, the relative costs of natural gas and oil, and the availability of natural gas. <BR>
<BR>
<BR>
<A NAME="rates"></P>
<U><P>RATES</A></U><BR>
<BR>
     Annual base rate increase (decreases) that became effective during the periods 1997 through 1999 are shown in the table below. No annual base rate increases or decreases became effective in 1999 and as of March 27, 2000,
there were no base rate proceedings filed nor pending approval before the Company's retail regulatory commissions. The Company has a new full-requirements agreement with SMECO, effective January 1, 1999. Refer to Item 7. "Management's Discussion and
Analysis of Financial Condition and Results of Operations" for additional information regarding SMECO.<BR>
<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=583>
<TR><TD WIDTH="39%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
<BR>
<BR>
<U>Regulatory Jurisdiction </U></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Rate<BR>
Increase<BR>
(Decrease)<BR>
<U>  ($000)  </U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
   %<BR>
 <U>Change</U></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
  Effective<BR>
<U>    Date     <BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Maryland</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$19,000   </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.0   </FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>December 1998</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Federal-Wholesale</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(2,500)  </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">(1.8)  </FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>January 1998</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Maryland</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">24,000   </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">2.6   </FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>November 1997</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="16%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="30%" VALIGN="TOP">
<P> </TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=3 WIDTH=705>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<P><U><FONT SIZE=1>Part I</U></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<U><FONT SIZE=1><P><A NAME="properties">Item 2. Properties</A></U></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=21>
<FONT SIZE=1><P>The Company is in the process of divesting substantially all of its generation assets. Refer to Note (13) of the "Notes to Consolidated Financial Statements" of the Company's 1999 Annual Report to shareholders.</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="28%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="10%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=3 HEIGHT=21>
<U><FONT SIZE=1><P ALIGN="CENTER">Megawatts of Net Capability</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=84>
<U><FONT SIZE=1><P><BR>
<BR>
<BR>
Generating Station</U></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=84>
<U><FONT SIZE=1><P ALIGN="CENTER"><BR>
<BR>
<BR>
Location</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=84>
<FONT SIZE=1><P ALIGN="CENTER"><BR>
Steam<BR>
Generation<BR>
<U>Primary Fuel</U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=84>
<FONT SIZE=1><P ALIGN="CENTER"><BR>
<BR>
Steam<BR>
<U>Generation</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=84>
<FONT SIZE=1><P ALIGN="CENTER"><BR>
<BR>
Combustion<BR>
<U>Turbine (1)</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=84>
<FONT SIZE=1><P ALIGN="CENTER">Net Megawatt<BR>
Hours Generated<BR>
in 1999<BR>
<U>(thousands</U>)</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Benning Road (2)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Benning Road and Anacostia River, N.E.<BR>
    Washington, D.C.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="CENTER">No. 4 Oil</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">550 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">203 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Buzzard Point (2)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>1st and V Streets, S.W.<BR>
    Washington, D.C.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">256 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">26 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Potomac River</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Bashford Lane and Potomac River<BR>
    Alexandria, Virginia</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="CENTER">Coal</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">482 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">2,705 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Dickerson</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Potomac River, South of Little Monocacy<BR>
    River, Dickerson, Maryland</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="CENTER">Coal</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">546 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">291 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">3,550 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=1><P>Chalk Point</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=1><P>Patuxent River at Swanson Creek<BR>
    Aquasco, Maryland</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=1><P ALIGN="CENTER">Coal /<BR>
Residual Oil /<BR>
Natural Gas</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=1><P ALIGN="RIGHT">1,907 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=1><P ALIGN="RIGHT">516 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=1><P ALIGN="RIGHT">7,659 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Morgantown</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P>Potomac River, South of Route 301<BR>
    Newburg, Maryland</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="CENTER">Coal /<BR>
Residual Oil</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">1,164 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">248 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT">7,435 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P>    Total - Wholly Owned Units</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">4,649 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">1,311 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">21,578 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P>Conemaugh</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P>Indiana County, Pennsylvania</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="CENTER">Coal</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">165 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">1 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">1,229 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P>    Total - All Stations Operated</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">4,814 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">1,312 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">22,807 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P>Cogeneration</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">311 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P>Purchased Capacity</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P>    First Energy (4)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">450 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">2,873 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P>    Panda-Brandywine (5)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">230 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">523 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">680 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">3,396 </FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P><BR>
Total System - excluding Short -<BR>
    Term Capacity Transactions</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=42><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT"><BR>
5,494 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=1><P ALIGN="RIGHT"><BR>
1,312 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P>Short - Term Capacity Transactions, net </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">(281)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P>    Total System</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">5,213 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=1><P ALIGN="RIGHT">1,312 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=21>
<FONT SIZE=1><P>All of the above properties are held in fee, but in regards to Conemaugh, the Company holds a 9.72% undivided interest as a tenant in common.</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=21>
<FONT SIZE=1><P>(1) Combusiton turbines burn No. 2 fuel oil and certain units can also burn natural gas.</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=21>
<FONT SIZE=1><P>(2) These generating stations are excluded from the planned divestiture.</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=21>
<FONT SIZE=1><P>(3) Includes 84 megawatts supplied by a combustion turbine owned by SMECO and operated by the Company.</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=21>
<FONT SIZE=1><P>(4) Generating capacity under long-term agreements with FirstEnergy and Allegheny Energy, Inc.</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=21>
<FONT SIZE=1><P>(5) Generating capacity under long-term agreement with Panda-Brandywine L.P.</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><A NAME="legal"><U><FONT FACE="Courier New" SIZE=2>Item 3.</U>    <U>LEGAL PROCEEDINGS</A></U><BR>
<BR>
     Additional information that is required in this section, other than the information disclosed below, is incorporated herein by reference from Note 13. to the "Notes to Consolidated Financial Statements" of the Company's 1999
Annual Report to shareholders.<BR>
<BR>
     On May 22, 1998, the State of Maryland issued final regulations entitled, "Post RACT Requirements for Nitrogen Oxides (NOx) Sources," requiring a 65% reduction in NOx emissions at the Company's Maryland generating units by
May 1, 1999. The regulations allow the purchase or trade of NOx emission allowances to fulfill this obligation. In settlement of judicial appeal of this regulation, the Company, on September 13, 1999, entered into a consent agreement with the State of
Maryland which specifies a phased-in schedule for achieving a 65% reduction in NOx emissions (or acquiring NOx emission allowances to fulfill the obligation) by May 1, 2001. This agreement is consistent with the Company's preliminary plan for installing
the best available removal technology on the Company's largest coal-fired units which is designed to yield NOx reductions of nearly 85% beginning in 2004. Implementation of the plan will require capital expenditures of $132 million from 2000 through 2004
and the purchase of emission allowances. The Company anticipates that based on the planned divestiture of its generation assets a significant portion of the required capital expenditures will be assumed by the purchaser of the assets. The cost of the
emission allowances cannot be estimated at this time.<BR>
<BR>
<A NAME="vote"><U>Item 4.</U>    <U>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</A></U><BR>
<BR>
    None.<BR>
<BR>
<BR>
<U>Part II</U><BR>
<BR>
<A NAME="market"><U>Item 5.</U>    <U>MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER<BR>
</U>           <U>MATTERS</A></U><BR>
<BR>
     The following table presents the dividends per share of Common Stock and the high and low of the daily Common Stock transaction prices as reported in The Wall Street Journal during each period. The New York Stock Exchange is
the principal market on which the Company's Common Stock is traded.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=565>
<TR><TD WIDTH="39%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
<U>        Period           </U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Courier New" SIZE=2><P>    Dividends<BR>
 <U>   Per Share   </U></FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Courier New" SIZE=2><P>     Price Range<BR>
<U>   High   </U>   <U>   Low   </U></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>1999:</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"> </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  First Quarter . . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$.415 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$26-1/2   </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$23      </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Second Quarter . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">.415 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">31-3/4   </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">23-1/8  </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Third Quarter . . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">.415 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">31-5/16  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">25-1/16 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Fourth Quarter . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">.415 <BR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$1.66  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">28-1/16  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">21-1/4  </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>1998:</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  First Quarter . . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$.415 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$25-11/16 </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$23-7/16 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Second Quarter . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">.415 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">25-7/16  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">23-1/16 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Third Quarter . . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">.415 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">26-5/8   </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">23-1/8  </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Fourth Quarter . . . .</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">.415 <BR>
 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">$1.66  </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">27-13/16 </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">24-7/8  </FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>     The number of holders of Common Stock was 65,257 at March 20, 2000, and 66,546 at December 31, 1999.<BR>
<BR>
     There were 118,530,802 shares of the Company's $1 par value Common Stock outstanding at March 20, 2000, and December 31, 1999. A total of 200 million shares is authorized.<BR>
<BR>
     In January 2000, a dividend of 41-1/2 cents per share was declared payable March 31, 2000, to holders of record of the Company's common stock on March 10, 2000. The Company's current annual dividend rate on common stock is
$1.66 per share. The dividend rate is determined by the Company's Board of Directors and takes into consideration, among other factors, current and possible future developments which may affect the Company's income and cash flow levels, including the
impact of the divestiture of the generation assets and the impact of customer choice.<BR>
<U><BR>
<A NAME="select">Item 6.</U>    <U>SELECTED FINANCIAL DATA</A></U><BR>
<BR>
     The information required in this section is incorporated herein by reference from the "Selected Consolidated Financial Data" section of the Company's 1999 Annual Report to shareholders.<BR>
<BR>
<A NAME="mda"><U>Item 7.</U>    <U>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND</U><BR>
           <U>RESULTS OF OPERATIONS</A></U><BR>
<BR>
     The information required by this section is incorporated herein by reference from the "Management's Discussion and Analysis of Consolidated Results of Operations and Financial Condition" section of the Company's 1999 Annual
Report to shareholders.<BR>
<BR>
<A NAME="disclosures"><U>Item 7A.</U>    <U>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></U><BR>
<BR>
     The information required by this section is incorporated herein by reference from the "Management's Discussion and Analysis of Consolidated Results of Operations and Financial Condition" section of the Company's 1999 Annual
Report to shareholders.<BR>
<BR>
<A NAME="supplement"><U>Item 8.</U>     <U>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</A></U><BR>
<BR>
     The consolidated financial statements, together with the report thereon of PricewaterhouseCoopers LLP dated January 21, 2000, and supplementary data from the Company's 1999 Annual Report to shareholders are incorporated
herein by reference. With the exception of the aforementioned information and the information incorporated in Items 1., 3., 6., 7., 7A and 8., the 1999 Annual Report to shareholders is not deemed filed as part of this Form 10-K.<BR>
<BR>
<A NAME="changes"><U>Item 9.</U>     <U>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND</U><BR>
            <U>FINANCIAL DISCLOSURE</A></U><BR>
<BR>
     None.<BR>
<BR>
<BR>
<BR>
</P>
<U><P>Part III</U><BR>
<BR>
<A NAME="officers"><U>Item 10.</U>    <U>DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</A><BR>
</U><BR>
     The information required by Item 10. consisting of information required by Item 401 of Regulation S-K with regard to Directors of the registrant and the information required by Item 405 of Regulation S-K is incorporated
herein by reference to the Company's Notice of Annual Meeting of shareholders and Proxy Statement dated March 21, 2000.<BR>
<BR>
     Information with regard to the executive officers of the registrant as of March 20, 2000, is as follows:<BR>
<BR>
<U>Executive Officers</U><BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="28%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
<BR>
<U>        Name        </U></FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<U>            Position           </U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
 <U>Age</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Served in<BR>
such position<BR>
<U>    since    <BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>John M. Derrick, Jr.</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Chairman of the Board, President<BR>
  and Chief Executive Officer<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
60  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1999 (1)  <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Dennis R. Wraase</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Executive Vice President and<BR>
Chief Financial Officer and<BR>
  Director<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
56  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
1999 (2)  </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>William T. Torgerson</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Senior Vice President - External<BR>
  Affairs and General Counsel<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
55  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1994 (3)  </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Robert C. Grantley</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Group Vice President -<BR>
  Customer Service and Power<BR>
  Distribution<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
51  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
1989      </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>William J. Sim</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Group Vice President -<BR>
  Generation<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
55  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1991      </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Andrew W. Williams</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Group Vice President -<BR>
  Transmission and Marketing<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
50  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1989      </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Earl K. Chism</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President and Comptroller<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">64  <BR>
</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1994 (4)  </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Kenneth P. Cohn</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President and<BR>
  Chief Information Officer</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
52  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1999 (5)  <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Kirk J. Emge</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President - Legal Services<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">50  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1994 (6)  </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Susann D. Felton</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President - Generation<BR>
  Fuels and Business Planning<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
51  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1992      </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>William R. Gee, Jr.</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President - Resource<BR>
  Planning<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
59  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1991      </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Anthony J. Kamerick</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President and Treasurer<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">52  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1994 (7)  </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Beverly L. Perry</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President - Government<BR>
  and Corporate Affairs</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
52  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1999 (8)  <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>James S. Potts</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President - Environment<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">54  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">1993      </FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mary M. Sharpe-Hayes</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Vice President - Strategic<BR>
  Planning<BR>
</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
46  </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
1998 (9)  </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>None of the above persons has a "family relationship" with any other officer listed or with any director.<BR>
<BR>
     The term of office for each of the above persons is from April 28, 1999, until the next succeeding Annual Meeting and until their successors have been elected and qualified.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=589>
<TR><TD WIDTH="7%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>(1)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mr. Derrick was elected to the position of Chairman of the Board on April 28, 1999, Chief Executive Officer on October 23, 1997, and President on December 21, 1992.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(2)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mr. Wraase was elected to his present position on April 28, 1999. Prior to that time, from April 24, 1996, he served as Senior Vice President and Chief Financial Officer. From April 22, 1992 until April 24, 1996, he
served as Senior Vice President, Finance and Accounting.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(3)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mr. Torgerson was elected Senior Vice President and General Counsel on April 27, 1994. He served as Secretary from August 22, 1994 to April 24, 1996. Prior to 1994 he held the position of Vice President and General Counsel
 .<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(4)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mr. Chism was elected to his present position on April 27, 1994. Prior to that time he held the position of Vice President and Treasurer since July 1989.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(5)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mr. Cohn was elected to his present position on April 28, 1999. Prior to that time he held the position of General Manager, Computer Services from March 1, 1997 to 1999 and Manager - Computer Services from May 1, 1987 to
March 1, 1997.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(6)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mr. Emge was elected to his present position on April 27, 1994. Prior to that time he held the position of Deputy General Counsel.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(7)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mr. Kamerick was elected to his present position on April 27, 1994. Prior to that time he held the position of Comptroller from 1992 to 1994.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(8)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Ms. Perry was elected to her present position on April 28, 1999. Prior to that time she held the position of General Manager - Government Relations from March 1, 1997 to 1999, Manager - Government Relations from May 1,
1994 to 1997, and Manager, Government Affairs - D.C. and Federal from November 19, 1990 to 1994.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(9)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Ms. Sharpe-Hayes was elected to her position on June 29, 1998.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
<BR>
<A NAME="compensation"><U>Item 11.</U>   <U>EXECUTIVE COMPENSATION</A></U><BR>
<BR>
     The information required by Item 11. is incorporated herein by reference to the Company's Notice of Annual Meeting of Shareholders and Proxy Statement dated March 21, 2000.<BR>
<BR>
<A NAME="ownership"><U>Item 12.</U>   <U>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></U><BR>
<BR>
     The information required by Item 12. is incorporated herein by reference to the Company's Notice of Annual Meeting of Shareholders and Proxy Statement dated March 21, 2000.<BR>
<BR>
<A NAME="relationships"><U>Item 13.</U>   <U>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></U><BR>
<BR>
     None.<BR>
<BR>
<BR>
<U>Part IV</U><BR>
<BR>
<A NAME="exhibits"><U>Item 14.</U>   <U>EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K</A></U><BR>
<BR>
(a)  <U>Documents List</U><BR>
<BR>
1.   Financial Statements<BR>
<BR>
     The following documents are filed as part of this report as incorporated herein by reference from the indicated pages of the Company's 1999 Annual Report.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=589>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Courier New" SIZE=2><P>         <U>Reference (Page)<BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>      1999<BR>
 Annual Report<BR>
<U>to shareholders</U></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Form 10-K<BR>
Annual Report<BR>
<U>  Exhibit 13<BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Consolidated Balance Sheets - <BR>
  December 31, 1999 and 1998<BR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
24-25      <BR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
33-34      </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Consolidated Statements of</P>
<P>  Earnings - for the years<BR>
  ended December 31, 1999,<BR>
  1998 and 1997<BR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
26        </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
32      </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Consolidated Statements of<BR>
  Shareholders' Equity and<BR>
  Comprehensive Income - for<BR>
  the years ended December 31,<BR>
  1999, 1998 and 1997<BR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">     <BR>
<BR>
<BR>
<BR>
27        </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
<BR>
35      </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Consolidated Statements of<BR>
  Cash Flows - for the years<BR>
  ended December 31, 1999,<BR>
  1998 and 1997<BR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
28        </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
<BR>
<BR>
36      </FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=589>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Courier New" SIZE=2><P>         <U>Reference (Page)<BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>      1999<BR>
 Annual Report<BR>
<U>to shareholders<BR>
</U></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  Form 10-K<BR>
Annual Report<BR>
<U>  Exhibit 13<BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Notes to Consolidated Financial<BR>
  Statements<BR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
   29        </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT"><BR>
37      </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Report of Independent Accountants<BR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">48        </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">31      </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
2.   Financial Statement Schedules<BR>
<BR>
     Unaudited supplementary data entitled "Quarterly Financial Summary (Unaudited)" is incorporated herein by reference in Item 8 (included in "Notes to Consolidated Financial Statements" as Note 16).<BR>
<BR>
     Schedule II (Valuation and Qualifying Accounts) and the Report of Independent Accountants on Consolidated Financial Statement Schedule are submitted pursuant to Item 14(d).<BR>
<BR>
All other schedules are omitted because they are not applicable, or the required information is presented in the financial statements.<BR>
<BR>
3.   Exhibits required by Securities and Exchange Commission Regulation S-K <BR>
     (summarized below).<BR>
<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>Exhibit<BR>
<U>  No.  </U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Description of Exhibit</U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Reference</U>*<U><BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>3.1</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Charter of the Company. . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>3.2</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>By-Laws of the Company. . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 3.2 to Form 10-K, 3/26/99.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>4</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Mortgage and Deed of Trust dated<BR>
July 1, 1936, of the Company to<BR>
The Bank of New York as Successor<BR>
Trustee, securing First Mortgage<BR>
Bonds of the Company, and<BR>
Supplemental Indenture dated<BR>
July 1, 1936. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
Exh. B-4 to First Amendment,<BR>
6/19/36, to Registration<BR>
Statement No. 2-2232.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Supplemental Indentures, to the<BR>
aforesaid Mortgage and Deed of<BR>
Trust, dated -<BR>
<BR>
December 1, 1939 and December 10,<BR>
1939. . . . . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
<BR>
Exhs. A & B to Form 8-K,<BR>
1/3/40.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>August 1, 1940. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 9/25/40.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exhibit<BR>
<U>  No.  </U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Description of Exhibit</U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Reference</U>*<U><BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>4 (cont.)</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>July 15, 1942 and August 10,<BR>
1942. . . . . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
Exh. B-1 to Amendment No. 2,<BR>
8/24/42, and B-3 to Post-<BR>
Effective Amendment, 8/31/42, to Registration Statement No. 2-5032.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>August 1, 1942. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. B-4 to Form 8-A, 10/8/42.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>October 15, 1942. . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 12/7/42.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>October 15, 1947. . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 12/8/47.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>January 1, 1948 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 7-B to Post-Effective Amendment No. 2, 1/28/48, to Registration Statement<BR>
No. 2-7349.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>December 31, 1948 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A-2 to Form 10-K, 4/13/49.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1949 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 7-B to Post-Effective Amendment No. 1, 5/10/49, to Registration Statement <BR>
No. 2-7948.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>December 31, 1949 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. (a)-1 to Form 8-K, 2/8/50.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1950 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 7-B to Amendment No. 2, 5/8/50, to Registration Statement No. 2-8430.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>February 15, 1951 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. (a) to Form 8-K, 3/9/51.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 1, 1952 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-C to Post-Effective Amendment No. 1, 3/12/52, to Registration Statement No. 2-9435.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>February 16, 1953 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. (a)-1 to Form 8-K, 3/5/53.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 15, 1953. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-C to Post-Effective Amendment No. 1, 5/26/53, to Registration Statement<BR>
No. 2-10246.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 15, 1954 and March 15,<BR>
1955. . . . . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
Exh. 4-B to Registration Statement No. 2-11627, 5/2/55.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 16, 1955. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 7/6/55.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 15, 1956. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. C to Form 10-K, 4/4/56.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>June 1, 1956. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 7/2/56.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>April 1, 1957 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-B to Registration Statement No. 2-13884, 2/5/58.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1958 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-14518, 11/10/58. </FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>December 1, 1958. . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 1/2/59.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1959 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-B to Amendment No. 1, 5/13/59, to Registration Statement No. 2-15027.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exhibit<BR>
<U>  No.  </U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Description of Exhibit</U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Reference</U>*<U><BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>4 (cont.)</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
November 16, 1959 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
Exh. A to Form 8-K, 1/4/60.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 2, 1960 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-17286, 11/9/60.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>December 1, 1960 and April 3,<BR>
1961. . . . . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
Exh. A-1 to Form 10-K, 4/24/61.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1962 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-21037, 1/25/63.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>February 15, 1963 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 3/4/63.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1963 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-B to Registration Statement No. 2-21961, 12/19/63.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>April 23, 1964. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-22344, 4/24/64.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 15, 1964. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 6/2/64.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 3, 1965 . . . . . . . . . . . . . </FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-24655, 3/16/66.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>April 1, 1966 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 10-K, 4/21/66.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>June 1, 1966. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 1 to Form 10-K, 4/11/67.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>April 28, 1967. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Post-Effective Amendment No. 1 to Registration Statement No. 2-26356, 5/3/67.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1967 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 6/1/67.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>July 3, 1967. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-28080, 1/25/68.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>February 15, 1968 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. II-I to Form 8-K, 3/7/68.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1968 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-31896, 2/28/69.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 15, 1969. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A-2 to Form 8-K, 4/8/69.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>June 16, 1969 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-36094, 1/27/70.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>February 15, 1970 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A-2 to Form 8-K, 3/9/70.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 15, 1970. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Registration Statement No. 2-38038, 7/27/70.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>August 15, 1970 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-D to Registration Statement No. 2-38038, 7/27/70.</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>Exhibit<BR>
<U>  No.  </U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Description of Exhibit</U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Reference</U>*<U><BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>4 (cont.)</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 1, 1971 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-C to Registration Statement No. 2-45591, 9/1/72.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 15, 1972. . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-E to Registration Statement No. 2-45591, 9/1/72.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>April 1, 1973 . . . . . . . . . . . . </FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. A to Form 8-K, 5/9/73.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>January 2, 1974 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-D to Registration Statement No. 2-49803, 12/5/73.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>August 15, 1974 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exhs. 2-G and 2-H to Amendment No. 1 to Registration Statement No. 2-51698, 8/14/74.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>June 15, 1977 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-A to Form 10-K, 3/19/81.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>July 1, 1979. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-B to Form 10-K, 3/19/81.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>June 16, 1981 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-A to Form 10-K, 3/19/82.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>June 17, 1981 . . . . . . . . . . . . </FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2 to Amendment No. 1, 6/18/81, to Form 8-A.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>December 1, 1981. . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-C to Form 10-K, 3/19/82.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>August 1, 1982. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-C to Amendment No. 1 to Registration Statement No. 2-78731, 8/17/82.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>October 1, 1982 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 8-K, 11/8/82.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>April 15, 1983. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/23/84.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>November 1, 1985. . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Form 8-A, 11/1/85.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 1, 1986 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/28/86.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>November 1, 1986. . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Form 8-A, 11/5/86.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 1, 1987 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 2-B to Form 8-A, 3/2/87.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 16, 1987. . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-B to Registration Statement No. 33-18229, 10/30/87.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 1, 1989 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4-C to Registration Statement No. 33-29382, 6/16/89.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>August 1, 1989. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/23/90.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>April 5, 1990 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/29/91.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 21, 1991. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/27/92.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>May 7, 1992 . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/26/93.</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>Exhibit<BR>
<U>  No.  </U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Description of Exhibit</U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Reference</U>*<U><BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>4 (cont.)</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 1, 1992 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/26/93.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>November 1, 1992. . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/26/93.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 1, 1993 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/26/93.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 2, 1993 . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/26/93.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>July 1, 1993. . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4.4 to Registration Statement No. 33-49973, 8/11/93.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>August 20, 1993 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4.4 to Registration Statement No. 33-50377, 9/23/93.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 29, 1993. . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/25/94.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 30, 1993. . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/25/94.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>October 1, 1993 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/25/94.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>February 10, 1994 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/25/94.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>February 11, 1994 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/25/94.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 10, 1995. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4.3 to Registration Statement No. 61379, 7/28/95.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 6, 1995 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 4/1/96.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>September 7, 1995 . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 4/1/96.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>October 2, 1997 . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Exh. 4 to Form 10-K, 3/26/98.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>March 17, 1999. . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>4-A</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Indenture, dated as of July 28, 1989, between the Company and The Bank of New York, Trustee, with respect to<BR>
the Company's Medium-Term Note<BR>
Program . . . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
<BR>
Exh. 4 to Form 8-K, 6/21/90.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>4-B</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Indenture, dated as of August 15, 1992, between the Company and<BR>
The Bank of New York, Trustee, for<BR>
the Company's $115,000,000 issue of<BR>
5% Convertible Debentures due 2002. .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
<BR>
Exh. 4-C to Form 10-K, 3/26/93.<BR>
</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>Exhibit<BR>
<U>  No.  </U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Description of Exhibit</U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Reference</U>*<U><BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Agreement, effective December 8, 1998, between the Company and the International Brotherhood of Electrical Workers (Local Union No. 1900). . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
Exh. 10 to Form 10-K, 3/26/99.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.1</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Employment Agreement**. . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.2</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Employment Agreement**. . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.3</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Employment Agreement**. . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.4</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement**. . . . . . . . </FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.5</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.6</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.7</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.8</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.9</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.10</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.11</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.12</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.13</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.14</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.15</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Severance Agreement** . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>10.16</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>1999 General Memorandum of Understanding, dated December 8,<BR>
1998 between the Company and the International Brotherhood of Electrical Workers (Local Union<BR>
No. 1900) . . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
<BR>
<BR>
Exh. 10.2 to Form 10-K, 3/26/99.<BR>
</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>Exhibit<BR>
<U>  No.  </U></FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Description of Exhibit</U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<U>Reference</U>*<U><BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>11</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Statements Re. Computation of<BR>
  Earnings Per Common Share . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>12</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Statements Re. Computation of<BR>
  Ratios. . . . . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>13</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Financial Information Section of<BR>
  Annual Report . . . . . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>21</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Subsidiaries of the Registrant. . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>23</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Consent of Independent Accountants. .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>27</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Financial Data Schedule . . . . . . .</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Filed herewith.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
 *The exhibits referred to in this column by specific designations and date<BR>
  have heretofore been filed with the Securities and Exchange Commission<BR>
  under such designations and are hereby incorporated herein by reference.<BR>
  The Forms 8-A, 8-K and 10-K referred to were filed by the Company under the<BR>
  Commission's File No. 1-1072 and the Registration Statements referred to<BR>
  are registration statements of the Company.<BR>
<BR>
**These exhibits are submitted pursuant to Item 14(c).<BR>
<BR>
(b)  <U>Reports on Form 8-K</U><BR>
<BR>
     None.<BR>
</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=3 WIDTH=681>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21>
<P><A NAME="valuation"><U><FONT SIZE=2>Schedule II</A></U></FONT></TD>
<TD WIDTH="62%" VALIGN="TOP" COLSPAN=5 HEIGHT=21>
<U><FONT SIZE=2><P ALIGN="CENTER">                    Valuation and Qualifying Accounts           
        </U></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21>
<U><FONT SIZE=2><P ALIGN="CENTER">Col. A</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21>
<U><FONT SIZE=2><P ALIGN="CENTER">Col. B</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21>
<U><FONT SIZE=2><P ALIGN="CENTER">Col. C</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
<U><FONT SIZE=2><P ALIGN="CENTER">Col. D</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21>
<U><FONT SIZE=2><P ALIGN="CENTER">Col. E</U></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<U><FONT SIZE=2><P ALIGN="CENTER">               Additions               </U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=2><P ALIGN="CENTER"><BR>
<BR>
<U>            Description          </U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=2><P ALIGN="CENTER">Balance at<BR>
Beginning of<BR>
<U>     Period     </U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=2><P ALIGN="CENTER">Charged to<BR>
Costs and<BR>
<U>Expenses</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=2><P ALIGN="CENTER">Charged to<BR>
Other<BR>
<U>Accounts (a)</U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=63>
<U><FONT SIZE=2><P ALIGN="CENTER"><BR>
<BR>
Deductions (b)</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=63>
<FONT SIZE=2><P ALIGN="CENTER">Balance at<BR>
End of<BR>
<U>    Period    </U></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="62%" VALIGN="TOP" COLSPAN=5 HEIGHT=21>
<FONT SIZE=2><P ALIGN="CENTER">(Millions of Dollars)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=2><P>Year Ended December 31, 1999</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P>    Allowance for uncollectible accounts - <BR>
        customer and other accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$7.7 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$8.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$1.0 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">($8.7)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$8.0 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=2><P>Year Ended December 31, 1998</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P>    Allowance for uncollectible accounts - <BR>
        customer and other accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$8.4 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$8.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">($8.7)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$7.7 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=2><P>Year Ended December 31, 1997</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P>    Allowance for uncollectible accounts - <BR>
        Customer and other accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$7.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$9.8 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$1.0 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">($10.0)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=42>
<FONT SIZE=2><P ALIGN="RIGHT">$8.4 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="14%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="12%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="13%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="11%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<FONT SIZE=2><P>(a) Collection of accounts previously written off.</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=21>
<FONT SIZE=2><P>(b) Uncollectible accounts written off.</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P>
<P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
<A NAME="earnings">(c)  <U>Exhibit 11</U>   <U>Statements Re. Computation of Earnings Per Common Share</A></U><BR>
<BR>
     The information required by Exhibit 11 is incorporated herein by reference to Note 11 of the "Notes to Consolidated Financial Statements" of the Company's Annual Report to shareholders.<BR>
</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=3 WIDTH=699>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<P><A NAME="ratios"><U><FONT SIZE=2>Exhibit 12 Statements Re. Computation of Ratios</A></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=22>
<FONT SIZE=2><P>The computations of the coverage of fixed charges before income taxes, and the coverage of combined fixed charges and preferred dividends for each of the years 1999 through 1995, on the basis of Utility operations only, are as follows:</FONT>
</TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=5 HEIGHT=22>
<FONT SIZE=2><P ALIGN="CENTER">For the Year Ended December 31, <BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1999</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1998</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1997</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1996</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1995</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=5 HEIGHT=22>
<FONT SIZE=2><P ALIGN="CENTER">(Dollar Amounts in Millions)</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$228.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$211.2 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$164.7 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$220.1 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$218.8 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Taxes based on income</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">142.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">131.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">97.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">135.0 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">129.4 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Income before taxes</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">370.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">342.2 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">262.2 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">355.1 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">348.2 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Fixed charges:</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>    Interest charges</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">156.1 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">151.8 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">146.7 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">146.9 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">146.6 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>    Interest factor in rentals</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.4 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.8 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.6 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.4 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Total fixed charges</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">179.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">175.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">170.3 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">170.5 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">170.0 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Income before income taxes and fixed charges</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$550.1 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$517.8 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$432.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$525.6 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$518.2 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Coverage of fixed charges</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">3.06 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">2.95 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">2.54 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">3.08 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">3.05 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Preferred dividend requirements</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$8.9 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$18.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$16.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$16.6 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$16.9 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Ratio of pre-tax income to net income</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.63 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.62 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.59 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.61 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.59 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Preferred dividend factor</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$14.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$29.2 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$26.2 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$26.7 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$26.9 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Total fixed charges and preferred dividends</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$194.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$204.8 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$196.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$197.2 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$196.9 </FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=44>
<FONT SIZE=2><P>Coverage of combined fixed charges and <BR>
    preferred dividends</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=44>
<FONT SIZE=2><P ALIGN="RIGHT"><BR>
2.84 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=44>
<FONT SIZE=2><P ALIGN="RIGHT"><BR>
2.53 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=44>
<FONT SIZE=2><P ALIGN="RIGHT"><BR>
2.20 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=44>
<FONT SIZE=2><P ALIGN="RIGHT"><BR>
2.66 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=44>
<FONT SIZE=2><P ALIGN="RIGHT"><BR>
2.63 </FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P><BR>
</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=3 WIDTH=699>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<P><U><FONT SIZE=2>Exhibit 12 Statements Re. Computation of Ratios</U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="90%" VALIGN="TOP" COLSPAN=5 HEIGHT=22>
<FONT SIZE=2><P>The computations of the coverage of fixed charges before income taxes, and the coverage of combined fixed charges and preferred dividends for each of the years 1999 through 1995, on a consolidated basis, are as follows:</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="58%" VALIGN="TOP" COLSPAN=5 HEIGHT=22>
<FONT SIZE=2><P ALIGN="CENTER">For the Year Ended December 31,</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1999</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1998</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1997</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1996</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1995</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="58%" VALIGN="TOP" COLSPAN=5 HEIGHT=22>
<FONT SIZE=2><P ALIGN="CENTER">(Dollar Amounts in Millions)</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$247.1 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$226.3 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$181.8 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$237.0 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$94.4 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Taxes based on income</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">114.5 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">122.3 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">65.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">80.4 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">43.7 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Income before taxes</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">361.6 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">348.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">247.4 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">317.4 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">138.1 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Fixed charges:</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>    Interest charges</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">208.7 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">208.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">216.1 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">231.1 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">238.7 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>    Interest factor in rentals</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.8 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">24.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.7 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">23.9 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">26.7 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Total fixed charges</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">232.5 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">232.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">239.8 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">255.0 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">265.4 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Nonregulated subsidiary capitalized interest</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">(1.8)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">(0.6)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">(0.5)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">(0.7)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">(0.5)</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Income before income taxes and fixed charges</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$592.3 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$580.6 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$486.7 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$571.7 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$403.0 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Coverage of fixed charges</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">2.55 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">2.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">2.03 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">2.24 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.52 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Preferred dividend requirements</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$8.9 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$18.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$16.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$16.6 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$16.9 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Ratio of pre-tax income to net income</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.46 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.54 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.36 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.34 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">1.46 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Preferred dividend factor</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$12.9 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$27.7 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$22.4 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$22.2 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$24.7 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P>Total fixed charges and preferred dividends</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$245.4 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$260.3 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$262.2 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$277.2 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT SIZE=2><P ALIGN="RIGHT">$290.1 </FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" HEIGHT=43>
<FONT SIZE=2><P>Coverage of combined fixed charges and <BR>
     preferred dividends</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=43>
<FONT SIZE=2><P ALIGN="RIGHT">2.41 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=43>
<FONT SIZE=2><P ALIGN="RIGHT">2.23 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<FONT SIZE=2><P ALIGN="RIGHT">1.86 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<FONT SIZE=2><P ALIGN="RIGHT">2.06 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=43>
<FONT SIZE=2><P ALIGN="RIGHT">1.39 </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><A NAME="subsidiaries"><U><FONT FACE="Courier New" SIZE=2>Exhibit 21</U>    <U>Subsidiaries of the Registrant</A></U>     <BR>
<BR>
     Over the past few years, with the passage of the Telecommunications Act of 1996, and the deregulation of the natural gas and electric industries also underway, the focus of the Company's nonregulated subsidiaries has been
expanded to include new competitive telecommunications and energy businesses. To facilitate this expansion, in May 1999, the Company reorganized its nonregulated subsidiaries into two major operating groups to compete for market share in deregulated
markets. As part of the reorganization, a new unregulated company, PHI, was created as the parent company of its two wholly owned subsidiaries, PCI and Pepco Energy Services. <BR>
<BR>
     Potomac Electric Power Company Trust I (the Trust), a wholly owned business trust and subsidiary of the Company, was established in April 1998 for the purposes of issuing Trust Securities representing undivided beneficial
interests in the assets of the Trust, and investing the gross proceeds from the sale of the Trust Securities in Junior Subordinated Debentures of the Company.<BR>
<BR>
</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P>
<P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
<A NAME="consent"><U>Exhibit 23</U>    <U>Consent of Independent Accountants</A><BR>
<BR>
</U>We hereby consent to the incorporation by reference in the Registration Statements on Forms S-8 (Numbers 33-36798, 33-53685 and 33-54197) and to the incorporation by reference in the Prospectuses constituting part of the Registration Statements on
Forms S-3 (Numbers 33-58810, 33-61379, 333-33495 and 333-66127) of Potomac Electric Power Company of our report dated January 21, 2000 appearing in the Annual Report to shareholders which is incorporated in this Annual Report on Form 10-K. We also consent
to the incorporation by reference of our report on the Consolidated Financial Statement Schedule, which appears under Item 14(a) of this Form 10-K.<BR>
<BR>
<BR>
<BR>
<BR>
PRICEWATERHOUSECOOPERS LLP<BR>
PricewaterhouseCoopers LLP<BR>
Washington, D.C.<BR>
March 27, 2000</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2><P> </P>
<P> </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><A NAME="accountant"><U><FONT FACE="Courier New" SIZE=2>Report of Independent Accountants on Consolidated Financial Statement Schedule</A><BR>
</U><BR>
<BR>
<BR>
<BR>
January 21, 2000<BR>
<BR>
<BR>
To the Board of Directors of<BR>
Potomac Electric Power Company<BR>
<BR>
<BR>
Our audits of the consolidated financial statements referred to in our report dated January 21, 2000 appearing in the 1999 Annual Report to shareholders of Potomac Electric Power Company (which report and consolidated financial statements are incorporated
by reference in this Annual Report on Form 10-K) also included an audit of the consolidated financial statement schedule listed in Item 14(a) of this Form 10-K. In our opinion, this consolidated financial statement schedule presents fairly, in all
material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.<BR>
<BR>
<BR>
<BR>
<BR>
PRICEWATERHOUSECOOPERS LLP<BR>
PricewaterhouseCoopers LLP<BR>
Washington, D.C.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2><BR>
                                    <A NAME="signatures">SIGNATURES</A><BR>
<BR>
<BR>
     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of
Washington, District of Columbia, on the 24th day of March, 2000.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=636>
<TR><TD VALIGN="TOP">
<P ALIGN="RIGHT"><FONT FACE="Courier New" SIZE=2>POTOMAC ELECTRIC POWER COMPANY <BR>
           (Registrant)          <BR>
</FONT></TD>
</TR>
<TR><TD VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P ALIGN="RIGHT">By    <U>   JOHN M. DERRICK, JR.  <BR>
</U>        (John M. Derrick, Jr.,<BR>
        Chairman of the Board,<BR>
          President and Chief <BR>
          Executive Officer) </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP">
<P><FONT FACE="Courier New" SIZE=2>     Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated:<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=661>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>          <U>Signature</U></FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>          <U>Title</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  <U>Date<BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(i)</FONT></TD>
<TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Principal Executive Officer<BR>
<BR>
<U>   JOHN M. DERRICK, JR.  </U><BR>
   (John M. Derrick, Jr.)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
Chairman of the Board,<BR>
  President and Chief<BR>
  Executive Officer </FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(ii),(iii)</FONT></TD>
<TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Principal Financial Officer,<BR>
Principal Accounting Officer<BR>
<BR>
<U>       D. R. WRAASE      </U><BR>
    (Dennis R. Wraase)<U> </U></FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
Executive Vice President<BR>
  and Chief Financial<BR>
  Officer and Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Directors:<U><BR>
<BR>
      ROGER R. BLUNT     <BR>
</U>   (Roger R. Blunt, Sr.)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>       E. B. CRONIN      <BR>
</U>   (Edmund B. Cronin, Jr.)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>       T. C. GOLDEN      </U><BR>
   (Terence C. Golden)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="34%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
March 24, 2000</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>          <U>Signature</U></FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>          <U>Title</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>  <U>Date<BR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>(iv)</FONT></TD>
<TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Directors (cont.):<BR>
<BR>
<U>     DAVID O. MAXWELL    </U><BR>
    (David O. Maxwell)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>     JUDITH A. McHALE    </U><BR>
    (Judith A. McHale)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>   FLORETTA D. McKENZIE  <BR>
</U>   (Floretta D. McKenzie)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>      E. F. MITCHELL     </U><BR>
   (Edward F. Mitchell)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>    PETER F. O'MALLEY    <BR>
</U>   (Peter F. O'Malley)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>    LOUIS A. SIMPSON     <BR>
</U>   (Louis A. Simpson)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>      A. T. YOUNG        <BR>
</U>   (A. Thomas Young)<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>        Director<BR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<P> </TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="37%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="34%" VALIGN="TOP">
<P> </TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P><BR>
<BR>
<BR>
March 24, 2000</FONT></TD>
</TR>
</TABLE>

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