Document:

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                                                                   Exhibit 10.33

                           INTERCONNECTION AGREEMENT

                                    Between

                         DELMARVA POWER & LIGHT COMPANY

                                      and

                       OLD DOMINION ELECTRIC COOPERATIVE

                            Dated November 30, 1999
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                                TABLE OF CONTENTS

                                                                           Page
                                                                           ----

        ARTICLE 1 DEFINITIONS AND INTERPRETATION.............................  4

        ARTICLE 2 REGULATORY APPROVAL........................................  7

        ARTICLE 3 TERM AND EFFECT OF TERMINATION.............................  8

        ARTICLE 4 PREVIOUS AGREEMENT.........................................  8

        ARTICLE 5 INTERCONNECTION AND INTERCONNECTION METERING...............  8

        ARTICLE 6 OBLIGATIONS OF THE PARTIES................................. 11

        ARTICLE 7 CHARGES AND BILLING........................................ 15

        ARTICLE 8 ADMINISTRATION AND OPERATION............................... 16

        ARTICLE 9 TRANSITION................................................. 17

        ARTICLE 10 LIABILITY................................................. 18

        ARTICLE 11  WAIVER OF RIGHTS......................................... 19

        ARTICLE 12 ARBITRATION............................................... 19

        ARTICLE 13 DEFAULT................................................... 19

        ARTICLE 14 TAXES..................................................... 20

        ARTICLE 15 SUCCESSORS AND ASSIGNS.................................... 20

        ARTICLE 16 MISCELLANEOUS PROVISIONS.................................. 21

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     THIS INTERCONNECTION  AGREEMENT ("Agreement") is made and entered into this
30th  day of  November,  1999 by and  between  DELMARVA  POWER & LIGHT  COMPANY,
("Delmarva") and OLD DOMINION ELECTRIC  COOPERATIVE  ("Old  Dominion"),  each of
which is a "Party" and both of which collectively are "the Parties". Delmarva is
a Delaware  and  Virginia  Corporation.  Old  Dominion is a utility  aggregation
cooperative  organized  and  existing  under  the  laws of the  Commonwealth  of
Virginia.

     WHEREAS, Delmarva owns and operates a fully-interconnected  electric supply
system  in the  States of  Delaware  and  Maryland  and in the  Commonwealth  of
Virginia (herein called the "Delmarva  System") and within the  Pennsylvania-New
Jersey-Maryland   Interconnection,   a  power  pool  of  which   Delmarva   is a
participating member (the"PJM Interconnection"); and

     WHEREAS,  Delmarva is a participant in various  agreements  administered by
the  PJM  Interconnection,  including  an  Operating  Agreement,  a  Reliability
Assurance Agreement and a PJM Open Access Transmission Tariff (collectively, the
"PJM Agreements"); and

     WHEREAS, Old Dominion is a member of the PJM  Interconnection,  a signatory
to the PJM Agreements and subject to PJM requirements; and

     WHEREAS, Old Dominion,  pursuant to the PJM Agreements,  is responsible for
securing capacity resources,  transmission and associated ancillary services for
its load; and

     WHEREAS,  Old  Dominion  has member  electric  cooperatives  that serve the
electric  requirements  of  customers  at  retail  within  the  Delmarva  System
including Delaware Electric  Cooperative,  Choptank Electric Cooperative and A&N
Electric Cooperative ("Old Dominion Cooperative Load"); and

     WHEREAS,   Delmarva  has  been  providing  wholesale  partial  requirements
electric  service to Old Dominion  pursuant to a certain  "Settlement  Agreement
Between  Delmarva  Power & Light  Company and Old Dominion Electric Cooperative"
dated November 2, 1994 ("Settlement Agreement"); and

     WHEREAS, the Parties have entered into a Memorandum of Understanding, dated
on or about November 9, 1999, pursuant to which the Settlement Agreement will be
terminated in its entirety on December 1, 1999; and

     WHEREAS, the Parties now desire to enter into an Interconnection  Agreement
in order to provide for the continued  benefits of  coordinated  operations  and
service reliability in a manner that is consistent with the PJM Agreements:

     NOW,  THEREFORE,  the  signatories  hereto,  each in  consideration  of the
agreements of the other herein set forth, hereby mutually agree as follows:

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                                    ARTICLE 1
                         DEFINITIONS AND INTERPRETATION

1.1     Definitions. As used in this Agreement:

        1.1.1   "Administrative Committee" shall mean the committee made up of
                representatives of each Party, which will cooperatively
                administer this Agreement.

        1.1.2   "Ancillary Services" shall mean those FERC defined services
                included as Ancillary Services in the schedules of the PJM
                Tariff.

        1.1.3   "Billing Demand" shall mean the demand of Old Dominion's members
                in the Delmarva Zone that is coincident with the Delmarva Zone
                monthly peak.

        1.1.4   "Conectiv" shall mean the holding company of Atlantic City
                Electric Company and Delmarva Power & Light Company.

        1.1.5   "Direct Assignment Charges" shall mean charges for Direct
                Assignment Facilities as defined in the PJM Tariff.

        1.1.6   "Delmarva " shall mean the corporation of Delmarva Power & Light
                Company.

        1.1.7   "Delmarva System" shall mean the interconnected electric supply
                system of Delmarva .

        1.1.8   "Delmarva Zone" shall be the geographic area defined as the
                Delmarva Zone, as may be modified from time to time, within the
                PJM Interconnection, as set forth in Attachment J of the PJM
                Tariff.

        1.1.9   "Effective Date" shall mean the date that this Agreement
                commences as set forth in Section 2.1.

        1.1.10  "FERC" shall mean the Federal Energy Regulatory Commission, or a
                successor agency having jurisdiction over this Agreement under
                the Federal Power Act.

        1.1.11  "Good Utility Practice" shall mean any of the practices, methods
                and acts engaged in or approved by a significant portion of the
                electric utility industry during the relevant time period, or
                any of the practices, methods and acts which, in the exercise of
                reasonable judgment in light of the facts known at the time the
                decision was made, could have been expected to accomplish the
                desired result at a reasonable cost consistent with good
                business practices, reliability, safety and expedition. Good
                Utility Practice is not intended to be limited to the optimum
                practice, method, or act to the exclusion of all others, but
                rather to be acceptable practices, methods, or acts generally
                accepted in the region.

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        1.1.12  "MAAC" shall mean the Mid-Atlantic Area Council, a regional
                reliability council and a sub region of the North American
                Electric Reliability Council (NERC) or any successor thereto.

        1.1.13  "NERC" shall mean the North American Electric Reliability
                Council or any successor thereto.

        1.1.14  "Network Customer" shall mean an entity receiving Network
                Integration Transmission Service pursuant to the terms of Part
                III of the PJM Tariff and subject to the rates set forth in the
                corresponding Attachment H to the PJM Tariff.

        1.1.15  "Network Integration Transmission Service" shall mean the
                transmission service provided under Part III of the PJM Tariff.

        1.1.16  "Network Service Agreement" shall mean the initial agreement and
                any amendments or supplements thereto entered into by the
                Transmission Customer and the Transmission Provider (the OI) for
                Network Integration Transmission Service under the PJM Tariff.

        1.1.17  "Office of the Interconnection" or "OI" shall mean the PJM
                Interconnection, L.L.C., governed by a Board of Managers and
                engaged in implementation of the PJM Agreements acting pursuant
                to the PJM Operating Agreement, and its employees and agents.

        1.1.18  "Old Dominion" shall mean the Old Dominion Electric Cooperative,
                a Virginia utility aggregation cooperative made up of its member
                systems including Delaware Electric Cooperative, Choptank
                Electric Cooperative and A&N Electric Cooperative.

        1.1.19  "PJM Operating Agreement" shall mean the Operating Agreement of
                the PJM Interconnection, L.L.C. dated April 1, 1996, as amended
                and restated as of June 2, 1997 and as amended or superseded
                from time to time thereafter through FERC and PJM procedures.

        1.1.20  "PJM Agreements" shall mean, collectively, the PJM Operating
                Agreement, the PJM Tariff and the PJM Reliability Assurance
                Agreement.

        1.1.21  "PJM Interconnection" shall mean the electric control area and
                power pool operated by the Office of the Interconnection
                pursuant to the PJM Operating Agreement.

        1.1.22  "PJM Interconnection, L.L.C." (or"PJM") shall mean the Delaware
                limited liability corporation governed by a Board of Managers
                pursuant to the PJM Operating Agreement.

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        1.1.23  "PJM Reliability Assurance Agreement" shall mean the
                Reliability Assurance Agreement Among Load Serving Entities in
                the PJM Control Area dated June 2, 1997, as amended or
                superseded from time to time thereafter through FERC and PJM
                procedures.

        1.1.24  "PJM Tariff" shall mean the Open Access Transmission Tariff of
                the Pennsylvania-New Jersey-Maryland Interconnection, L.L.C.,
                effective as of April 1, 1997, as amended or superseded from
                time to time through FERC and PJM procedures.

        1.1.25  "Planning Period" shall mean the twelve (12) months beginning
                June 1 and extending through May 31 of the following year, or
                such other period defined as the Planning Period for purposes
                of the PJM Reliability Assurance Agreement.

        1.1.26  "Points of Interconnection" shall mean the points of electrical
                connection between the Delmarva System and the Old Dominion
                system as set forth in Schedule 1 to this Agreement, as such
                schedule may be amended from time to time by the Administrative
                Committee.

        1.1.27  "Schedule 1" shall mean the description of Points of
                Interconnection between Old Dominion and Delmarva as may be
                amended from time to time, as attached to this Agreement.

        1.1.28  "Schedule 2" shall mean the geographic representation of the
                Conectiv Bay Region, as attached to this Agreement.

        1.1.29  "Schedule 3" shall mean the specification of loss factors for
                transmission and distribution, as may be modified from time to
                time, as attached to this Agreement.

        1.1.30  "Settlement Agreement" shall mean the Settlement Agreement
                between Delmarva Power & Light Company and Old Dominion
                Electric Cooperative filed with the Federal Energy Regulatory
                Commission in Docket Nos. ER 94-1319-000 and TX 94-8-000 on
                November 2, 1994.

        1.1.31  "Transition Period" shall mean that period of time between the
                Effective Date through August 31, 2001.

1.2     Interpretation. In the event that there is a conflict between the
        interpretation of a definition pursuant to this Agreement and a
        definition pursuant to the PJM Agreements, the definition contained in
        this Agreement shall be construed in a manner that gives maximum effect
        to this Agreement while implementing the applicable provisions of the
        PJM Agreements.

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                                   ARTICLE 2
                              REGULATORY APPROVAL

2.1     Filing of Agreement for Requlatory Approval. Promptly upon execution of
        this Agreement by the Parties, Delmarva shall file the Agreement with
        the FERC pursuant to Section 205 of the Federal Power Act and shall
        request an Effective Date of December 1, 1999, together with waiver of
        any applicable notice and filing requirements.

2.2     Good Faith Negotiations Upon Occurrence of Certain Events. If one of the
        following events (an "Event") shall occur, the Parties agree to
        negotiate in good faith to amend or supplement this Agreement or to take
        other appropriate action so as to put each Party in effectively the same
        relative position as the Parties would have occupied if the Event had
        not occurred:

        2.2.1  This Agreement is not approved or accepted for filing by the FERC
               without material modification or condition, effective on
               December 1, 1999;

        2.2.2  PJM, MAAC or NERC prevents, in whole or in part, either Party
               from performing any provision of this Agreement in accordance
               with its terms;

        2.2.3  PJM practices and procedures are modified to the extent that
               provisions of this agreement no longer conform to the PJM
               modifications; or

        2.2.4  The FERC, the United States Congress, or any state or regulatory
               legislature or agency implements any change in any law,
               regulation, rule or practice which materially affects or is
               reasonably expected to materially affect either Party's ability
               to perform any portion of this Agreement in accordance with its
               terms.

2.3     Amendments to Agreement. Any amendment negotiated by the Parties
        pursuant to Section 2.2 must be executed by the Parties in writing and,
        if necessary, filed with the FERC.

2.4     Filing of Amendments to Agreement. Promptly upon execution by the
        Parties of any amendment to this Agreement or modification to any of the
        attached schedules, Delmarva shall, if necessary, file such amendment or
        modification with the FERC. Old Dominion agrees to use reasonable
        efforts to support any such filing. Upon satisfaction of all applicable
        regulatory requirements, said amendment shall become effective and a
        part of this Agreement.

2.5     Failure to Agree. If, within sixty (60) days, or such other time period
        as may be mutually agreed upon by the Parties, after written notice of
        the Event is provided by one Party to the other Party, the Parties are
        (a) unable to reach agreement as to what, if any, amendments are
        necessary to accomplish the objective of Section 2.2, and (b) fail to
        take other appropriate action to put each Party in effectively the same
        position as the Parties would have occupied had the Event not occurred,
        then the Parties shall continue to perform under this Agreement to

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        the maximum extent possible, taking all reasonable steps to mitigate any
        adverse effect on each other resulting from the Event. Either Party
        shall also have the right to unilaterally file with the FERC, pursuant
        to Section 205 or Section 206 of the Federal Power Act as appropriate,
        proposed revisions to this Agreement which the Party deems reasonably
        necessary for each Party to remain in effectively the same position the
        Parties would have occupied had the Event not occurred. Either Party may
        contest any such unilateral filing, pursuant to applicable FERC
        procedures.

                                   ARTICLE 3
                         TERM AND EFFECT OF TERMINATION

3.1     Effective Date. This Agreement shall become effective on December 1,
        1999 or such other date designated by the FERC when this Agreement is
        accepted for filing.

3.2     Term. This Agreement shall remain in full force and effect from the
        Effective Date through August 31, 2001 and thereafter from year to year,
        as long as the Parties remain interconnected at one or more of the
        Points of Interconnection listed on Schedule 1 or the Parties by mutual
        agreement terminate this Agreement.

3.3     Effect of Termination. The provisions of this Agreement relating to
        billing, payments and liabilities in connection with the services
        provided hereunder during the term of this Agreement shall survive
        termination of this Agreement until they are fully discharged.

3.4     Right to Revise or Modify Agreement. Notwithstanding Section 2.5, either
        Party shall have the right at any time during the term of this
        Agreement to unilaterally file with the FERC, pursuant to Section 205 or
        Section 206 of the Federal Power Act as appropriate, proposed revisions
        or modifications to this Agreement. Either Party may contest any such
        unilateral filing pursuant to applicable FERC procedures.

                                   ARTICLE 4
                               PREVIOUS AGREEMENT

4.1     This Agreement supersedes the Settlement Agreement between the two
        Parties, except to the extent necessary to discharge obligations arising
        under such Settlement Agreement prior to the Effective Date of this
        Agreement.

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                          ARTICLE 5 INTERCONNECTION AND
                            INTERCONNECTION METERING

5.1     Facilities at Points of Interconnection. Old Dominion and Delmarva,
        during the term of this Agreement, shall operate and maintain their
        facilities at the Points of Interconnection as described in Schedule 1.

5.2     Connection with the Delmarva System. All connections of Old Dominion's
        electrical facilities with the Delmarva System shall be made in
        conformance with Delmarva's "Guidelines Governing the Connection of
        Resale Delivery Customers", issued March 1982 and as amended or revised
        from time to time upon mutual agreement of the Parties through the
        Administrative Committee.

5.3     Old Dominion Equipment. Old Dominion shall own and maintain the
        necessary transformation, regulating, switching and protective equipment
        which may be reasonably necessary to receive and use the electric energy
        and to protect Delmarva's service to its other consumers. The primary
        windings of the substation transformers shall be connected in closed
        delta or Old Dominion shall install and maintain suitable isolating
        transformers for the purpose of isolating its grounded lines from the
        Delmarva System.

5.4     Additional Points of Interconnection. Old Dominion, at its cost, may add
        additional Points of Interconnection with Delmarva pursuant to this
        Agreement by providing Delmarva timely written notice in advance of the
        date the facilities are energized, subject to the condition that Old
        Dominion has obtained any necessary approvals from PJM and MAAC.

        5.4.1  Each Party shall construct its facilities in accordance with
               specifications at least equal to those provided by the "National
               Electrical Safety Code of the Bureau of Standards of the United
               States Department of Commerce" as amended or revised from time
               to time.

5.5     Elimination of Points of Interconnection. Should it be necessary for
        either Party to eliminate a Point of Interconnection, timely written
        notice must be given by that Party and the Parties must reach a mutually
        acceptable plan to serve the Old Dominion loads, if necessary.

5.6     Meters. During the Transition Period, for the purpose of obtaining
        electric energy billing information required by PJM and Old Dominion
        pursuant to this Agreement, all meters shall be maintained and read by
        Delmarva unless otherwise provided for by agreement between the Parties
        pursuant to Article 9 of this Agreement. All billing determinants and
        other information necessary for Old Dominion to invoice its members
        shall be provided by Delmarva to Old Dominion on a monthly cycle no
        later than the seventh business day each month for the previous month's
        information.

5.7     Maintenance of Meters. Procedures with respect to maintenance, testing,
        calibrating, correction and registration records, and precision
        tolerance of all metering equipment shall be in accordance with Good
        Utility Practice and PJM billing meter standards in effect from time to
        time. The expense of testing any meter shall be borne by the Party
        owning such meter, except that when a meter tested at the request of the
        other Party is found to register within the PJM billing meter standard
        tolerance, the Party making the request shall bear the expense of
        such test.

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5.8     Reverse Registration. Each Party may, by detent or other device, control
        its meters so as to prevent reverse registration.

5.9     Metering in kilowatt-hours. All metering of energy shall be the
        integration of kilowatt-hours in the clock hour, and the quantities thus
        obtained shall constitute the kilowatt load for such clock hour.

5.10    Loss Factor for PJM Reporting Purposes. Metered values shall be adjusted
        for transmission and distribution losses using loss factors calculated
        by Delmarva, as shown on Schedule 3. Such factors shall be based on
        losses as reported in Delmarva's FERC Form 1 coincident with the time
        period used for the applicable load flow studies. Loss factors may be
        redetermined by Delmarva annually during the term of this Agreement,
        based on load flow studies or other mutually agreeable appropriate
        methods. Actual metered values and transmission and distribution losses
        shall be reported to PJM for use in application of the PJM Agreements.

5.11    Metering Procedure. The electric energy shall be metered either at the
        supply voltage or on the low voltage side of Old Dominion's substation.
        If energy is metered at such low-side voltage, transformer loss
        compensators shall be installed in conjunction with the metering
        equipment by the Party owning the metering equipment at each such
        metering point in order to determine the actual demand, energy, and
        reactive power supplied at the point of Delmarva's facilities. Where
        used, the transformer loss compensators at each such metering point
        shall be set so as to reflect the true losses in the substation
        transformers as reported by the transformer manufacturer to Old Dominion
        and by Old Dominion to Delmarva. If the service to such substation is by
        way of a transmission line owned by Old Dominion, the settings of the
        loss compensators shall also include the true losses in such Old
        Dominion-owned transmission line, based upon line design data furnished
        by Old Dominion to Delmarva.

5.12    Meter Malfunction. In the event either Party's meters or related
        equipment serving Old Dominion malfunctions, such Party shall make
        reasonable estimates of energy used but not registered on the meter.
        Such estimates shall be used by PJM and the Parties for purposes of
        administering the PJM Agreements.

5.13    Meter Locations. The meter locations to be used by the Parties in
        determining the energy flows and Old Dominion system loads are listed in
        Schedule 1, and shall be verified from time to time by the
        Administrative Committee. Any new Points of Interconnection between the
        Parties shall be metered and telemetered in accordance with the
        provisions of this Article and Article 6.

5.14    Choptank Electric Cooperative. The Parties agree as follows regarding
        Choptank Electric Cooperative's ("Choptank") 25 kV Allen delivery point:

        5.14.1  Delmarva shall contribute the first $500,000 toward the cost of
                a 69 kV transmission line, including connection to the ring bus
                at Delmarva 's

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            Todd substation and extension to Choptank's existing 69 kV line to
            enable Choptank to convert to 69 kV service.

     5.14.2 Delmarva shall retain ownership of the facilities within Todd
            substation and the new 69 kV line. Choptank shall retain ownership
            of Choptank's existing 69 kV line serving Allen and the facilities
            at the Allen substation.

     5.14.3 The Parties agree to negotiate terms for reallocation of the cost of
            this line in the event that Delmarva later desires to extend the
            line to serve other customers.

     5.14.4 Old Dominion and Choptank shall drop their request for compensation
            in connection with damage to the transformers at Choptank's Allen
            substation in the summer of 1993.

     5.14.5 This Section 5.14 shall not establish any precedent with regard to
            any other Old Dominion delivery points.

                                   ARTICLE 6
                           OBLIGATIONS OF THE PARTIES

6.1  Interconnection. During the term of this Agreement, the Parties agree: to
     remain electrically interconnected at the Points of Interconnection as
     listed in Schedule 1; to coordinate planning and operations over their
     interconnected facilities; and, to act in accordance with and coordinate
     various obligations under the PJM Agreements.

6.2  Obligations. Each Party shall provide for sufficient capacity resources
     and associated transmission capability to meet its obligations under this
     Agreement; provided, however, that neither Party shall be obligated to make
     transmission or Ancillary Services available to the other on terms and
     conditions, including pricing, other than those in effect from time to time
     under the PJM Agreements.

6.3  Ownership of Facilities. Except for the facilities described in Schedule 1,
     each Party shall retain sole control over its own facilities and service,
     and shall determine the availability of its facilities for use by the other
     Party or by PJM, and such facilities shall always be first available to the
     owner for its own use unless otherwise arranged and agreed. Subject to this
     reservation, each Party shall cooperate with the other and with the OI in
     the interconnected operation of its electric supply system. The Parties
     agree to abide by FERC regulations, the PJM Agreements and MAAC
     requirements. The Parties' agreement hereunder to coordinate the planning
     and operation of their respective systems shall include, but not be limited
     to, the following specific commitments of each Party:

     6.3.1 Promote reliability through planning and operation of the
           interconnected system; and

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     6.3.2 Cooperate in the analysis, formulation and implementation of plans to
           prevent or eliminate conditions which impair the reliability of the
           interconnected systems.

6.4  Telecommunications Equipment. The Parties agree to install, maintain and
     upgrade, as necessary, telecommunications equipment required to communicate
     information pursuant to this Agreement. To the extent that current
     facilities are providing service to Old Dominion, those facilities shall
     continue to be utilized to meet the PJM obligations without any additional
     charge to Old Dominion during the Transition Period. Correspondingly,
     Delmarva shall be solely responsible, at its expense, for the
     telecommunications equipment and services necessary to communicate
     information to and from the 0I on behalf of the Delmarva Zone pursuant to
     this Agreement and the PJM Agreements. Old Dominion shall be solely
     responsible, at its own expense, for the local sensing, metering and
     telecommunications equipment within Old Dominion necessary to communicate
     information between Old Dominion and Delmarva pursuant to this Agreement
     and the PJM Agreements. The costs incurred by Delmarva for wholly owned or
     third-Party telecommunications services necessary to transmit information
     between Delmarva and Old Dominion shall be shared equally between the
     Parties.

     6.4.1 Delmarva shall use its reasonable best efforts to continue to provide
           a load signal to Old Dominion. Delmarva does not guarantee the
           availability or accuracy of the load signal nor does it claim that it
           is representative of Delmarva peninsula native load.

     6.4.2 Delmarva shall work with Old Dominion to utilize the existing
           communication link to provide Delmarva with Old Dominion's peninsula
           real time load signal. Any additional expense to Delmarva to extract
           that information from the existing Old Dominion equipment located at
           Delmarva's site will be at Delmarva's expense. Old Dominion does not
           guarantee the availability or accuracy of the load signal nor does it
           claim that it is representative of Old Dominion's native load on the
           Delmarva peninsula.

6.5  Reactive Capability. Each Party shall provide or arrange for sufficient
     reactive capability and voltage control facilities to meet the reactive
     requirements of its electric supply system. The Parties will plan for a 99%
     power factor during peak times.

     6.5.1 During the Transition Period, if Old Dominion's average power factor
           among its members in the Delmarva Zone is determined to be between
           90% and 100% for any given month, a credit of $0.03 per kilowatt of
           Billing Demand for every whole percentage greater than 90% will be
           added to Old Dominion's monthly bill. If Old Dominion's average power
           factor among its members in the Delmarva Zone, is determined to be
           below 90% for any given month, an additional charge of $0.03 per
           kilowatt of Billing Demand for every whole percent less than 90% will
           be added to the monthly bill.

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    6.5.2 Beginning September 1, 2001 through August 31, 2004, Old Dominion
          shall maintain an average power factor among its members, as measured
          at the Points Of Interconnection shown on Schedule 1, during the
          Delmarva Zone monthly peak hour of no less than 95.5%, provided that
          Delmarva's power factor for the geographic region depicted on Sche-
          dule 2 is at least 95.5% during the same time. Such 95.5% average
          power factor requirement shall apply to Old Dominion for the period
          September 1, 2001 through August 31,2004, unless Old Dominion notifies
          Delmarva in writing by March 1, 2000 that, based on historical data,
          Old Dominion cannot realistically meet the power factor of 95.5% by
          September 1, 2001. In that event, the Administrative Committee will,
          within 120 days of Old Dominion's written notice, determine the power
          factor, not to exceed 95.5% to be maintained by Old Dominion for the
          period September 1, 2001 through August 31, 2004.

    6.5.3 Starting on September 1, 2004, Old Dominion shall maintain an average
          power factor among its members, as measured at the Points of
          Interconnection as shown on Schedule 1, during the Delmarva Zone
          monthly peak hour that is comparable to the average power factor that
          Delmarva maintains in its service area as shown on Schedule 2. If Old
          Dominion's average power factor among its members in the Delmarva Zone
          drops below Delmarva's power factor for the geographic area depicted
          on Schedule 2 during the same time, Delmarva will provide written
          notice to Old Dominion. Pursuant to such written notice, Old Dominion
          will have one year to correct such deficiency. If Old Dominion does
          not cure the deficiency within one year of such notice, Delmarva will
          have the right to install the necessary equipment to cure the
          deficiency and charge Old Dominion for its actual costs to cure.

    6.5.4 The Parties, through the Administrative Committee, will annually
          review each Party's monthly power factor history and the plans of each
          Party to attain the power factors as required by this Agreement. The
          Administrative Committee will evaluate improvements at locations other
          than the existing Points of Interconnection that may improve power
          factor in a more cost-effective manner.

    6.5.5 Any change in PJM Agreements that result in charges different than
          those charges pursuant hereto will be recognized by the Parties, and
          the Agreement will be amended to reflect that change.

6.6  Emergency Procedures. Each Party shall cooperate with the other Party in
     the implementation of all emergency procedures of PJM or the Delmarva Zone
     in recognition of the need to pursue a comparable operating policy in all
     service areas and to meet the Parties' respective obligations under this
     Agreement. These procedures shall include but are not limited to
     under-frequency load shedding, undervoltage load shedding, manual load
     dumping, load management and voltage reduction. Old Dominion's contribution
     to all such system operating actions shall be in accordance with pertinent
     PJM practices and procedures and instructions reasonably provided by
     Delmarva in accordance therewith.

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6.7  Delmarva Zone. Each Party shall take such reasonable actions and provide
     such information and data as may be reasonably necessary from time-to-time
     to enable the Delmarva Zone to remain in good standing under the PJM
     Agreements and MAAC Agreements.

6.8  Fluctuations. The Parties agree that electric service shall not be used in
     such a manner as to cause unusual fluctuations or disturbances.

6.9  Unbalanced Loads. Old Dominion shall at all times use energy in such manner
     that the load will be balanced equally between phase. If the load is
     unbalanced by more than ten percent (10%) of the lesser phase, Delmarva
     reserves the right to compute the demand for billing purposed on the
     assumption that the load on each phase is equal to that on the greatest
     phase.

6.10 Superimposition of Electric Signals. When either Old Dominion or Delmarva
     couples to or superimposes any signal on its electric system for control
     equipment, load management control, carrier current transmission, signal
     systems, communication broadcasting or any other purpose, the Party
     responsible for the superimposition of said signal will be responsible for
     preventing its interference with the operation of the other Party's
     electric system's metering, relaying, communications, or operations.

6.11 Access to Premises. The authorized agents or representatives of either
     Party, having the proper identification, shall have access at all
     reasonable times to the premises of the other Party for the purpose of
     reading meters, connecting and disconnecting service, and operating,
     testing, inspecting, repairing, removing, and replacing any or all of the
     apparatus used to assure that wiring and equipment meets Good Utility
     Practice standards in connection with the supply of electricity.

6.12 Tampering Expressly Forbidden. No person except a duly authorized
     representative of either Party shall make any connection or a
     disconnection, either temporary or permanent between the service load of
     Old Dominion and the service wires of Delmarva; or set, change, remove or
     interfere with or make any connections to a Party's meter or other property
     or any wiring between Party's meter and the service wires of the other
     Party.

6.13 Delivery Voltage Change. Should the transmission voltage be changed by
     Delmarva at any Point of Interconnection which is at the time serving Old
     Dominion, Delmarva agrees to give Old Dominion at least twelve (12) months
     written notice of its intention to do so and Old Dominion agrees that when
     so notified it will make every effort to change its equipment to
     accommodate such changed voltage by the time specified by Delmarva. The
     full net cost of Old Dominion's reasonable equipment changes necessitated
     by the change in delivery voltage shall be reimbursed to Old Dominion by
     Delmarva upon presentation of invoices and other documents reasonably
     detailing the work done, equipment and costs.

     6.13.1 If, at the time of initial service at a Point of Interconnection,
            Delmarva plans to change the transmission voltage at a later date,
            such plan, as

                                       14
<PAGE>

           defined in Delmarva's then most recent "Ten-Year Planning Schedule of
           System Requirements", shall be stated on Schedule 1 for that
           particular Point of Interconnection. In such an event, Old Dominion
           shall pay for changing its own equipment to accommodate such new
           voltage.

    6.13.2 If Old Dominion requests that Delmarva change the delivery voltage
           of a Point of Interconnection which Old Dominion is then receiving
           service, Old Dominion shall be responsible for all costs of such
           change. When Delmarva-owned facilities are retired from service due
           to such change, the costs to be paid by Old Dominion shall be
           determined by Delmarva based on the net remaining book original cost
           of said retired facilities, plus the cost of their removal and less
           their salvage value and shall further include any related expenses;
           provided, however, that when such facilities are at least thirty (30)
           years old, Delmarva and Old Dominion, will negotiate such costs on a
           case by case basis. If said voltage change includes the sale to Old
           Dominion of Delmarva facilities then used to serve Old Dominion, the
           sale price shall be determined by Delmarva based on the trended
           present value of the original cost of said facilities less
           accumulated depreciation (based on the ratio of trended to untrended
           original cost times accumulated book depreciation) and shall further
           include any related expenses; provided, however, that when such
           facilities are at least thirty (30) years old and, in the case of
           substation facilities, the main power transformers are also at least
           thirty (30) years old, Delmarva and Old Dominion will negotiate such
           costs on a case by case basis.

6.14 Prearranged Interruption of Service. Whenever it is necessary to interrupt
     service for work on lines or equipment, such work shall be done, as far as
     practicable, at a time that will cause the least inconvenience to Old
     Dominion. If practicable, Old Dominion shall be notified at least two weeks
     in advance of such interruption.

                                   ARTICLE 7
                              CHARGES AND BILLING

7.1  Payment for Services. During the Transition Period, Old Dominion shall not
     be obligated to pay more for any services than it paid for those services
     under the Settlement Agreement.

     7.1.1 Prior to December 1, 1999, Delmarva provided service to Old Dominion
           on a bundled basis under the Settlement Agreement. On and after
           December 1, 1999, Old Dominion shall receive and pay for transmission
           and distribution service from PJM and Delmarva pursuant to a Network
           Service Agreement under Attachment F of the PJM Tariff and this
           Agreement. The distribution facilities charge of $35,256 per month
           and customer charge of $22,540 per month that is applicable to Old
           Dominion per Attachment F shall not be subject to adjustment under
           Section 205 of the Federal Power Act by Delmarva, or PJM upon
           Delmarva's behalf, for the period December 1, 1999 through May 31,
           2000. After May 31, 2000, any change to such distribution facilities
           charge or customer charge shall

                                       15
<PAGE>

               be based on a fully allocated cost of service to be filed with
               FERC by Delmarva under Section 205 of the Federal Power Act.

        7.1.2  Except for the reactive power service charge and credit as
               provided in Section 6.5 of this Agreement, no other charges shall
               be assessed Old Dominion by Delmarva under this Agreement during
               the Transition Period for services previously provided under the
               Settlement Agreement. To the extent that Delmarva provides a new
               or additional service during the Transition Period that was not
               previously provided under the Settlement Agreement, as may be
               approved by the Administrative Committee, Delmarva shall bill Old
               Dominion for such new or additional service at Delmarva's fully
               loaded employee cost rates plus 106% of other costs to Delmarva
               associated with such new or additional service.

7.2     Monthly Billinq. A bill for all charges incurred in a month under the
        provisions of this Agreement shall be prepared by Delmarva and rendered
        during the next succeeding month. All payments for such charges shall be
        due and payable within fifteen (15) days after receipt of bill.

7.3     Interest. Interest on any unpaid amount shall accrue from the date such
        amount is due to be paid until such amount is paid in full at one
        hundred and thirty percent (130%) of the prime rate as listed in the
        Wall Street Journal money rates section, on the date such amount was
        originally due to be paid.

7.4     Billinq Adiustments. Notwithstanding any other provision of this Article
        7, billing adjustments that result solely from the correction of errors
        shall be made as promptly as practicable and shall bear interest which
        will accrue from the date at payment of the original bill through the
        date of payment of the adjustment at the prime rate as listed in the
        Wall Street Journal money rates section on the date such amount was
        originally paid.

                                    ARTICLE 8
                          ADMINISTRATION AND OPERATION

8.1     Membership and Responsibility. Each Party shall appoint representatives
        to serve on an Administrative Committee. Each Party shall designate
        alternate representatives to serve in the absence of the appointed
        representative. The appointments of these representatives shall be made
        by written notice signed by an executive officer and sent to the other
        Party. The Administrative Committee will cooperatively administer
        matters included in this Agreement, develop mutually accepted
        interpretations and facilitate changes as required from time-to-time.
        All actions taken by the Administrative Committee shall be by unanimous
        agreement. The initial meeting of the Administrative Committee shall
        be within 90 days of the Effective Date and it shall meet at least
        annually thereafter.

8.2     Operating and Accounting Practices. The Administrative Committee shall
        be responsible for the establishment from time-to-time of operating and
        accounting practices and procedures to be used in connection with this
        Agreement. These

                                       16
<PAGE>

        practices and procedures shall be consistent with the provisions of this
        Agreement and, insofar as practicable, shall be consistent with similar
        practices and procedures in effect under the applicable PJM Agreements.
        The Administrative Committee may establish additional committees as
        necessary.

8.3     System Operations. The system operating organizations of Delmarva and
        Old Dominion shall continuously direct the operation of their respective
        systems in cooperation with each other so as to accomplish the intent of
        this Agreement, and to conform to the operating practices and procedures
        established from time-to-time by the Administrative Committee and by the
        PJM Agreements.

8.4     Timely Communications. The Parties through their assigned
        representatives commit to actively communicate, in a timely manner, with
        regard to planning and operations of their interconnected systems and
        in response to obligations under the PJM Agreements, and to provide
        information necessary to meet the requirements of the PJM Agreements.

8.5     Confidentiality. Except to the extent required by applicable law or
        regulatory authority and except as required in the ordinary course of
        the Parties' business or to implement this Agreement, all information
        exchanged between the Parties hereunder shall be treated as
        confidential, to be used for the purposes contemplated in this Agreement
        only.

                                   ARTICLE 9
                                   TRANSITION

9 1     Meter Treatment. During the Transition Period, all meters, including
        ancillary PTs and CTs that are utilized to provide service for Old
        Dominion (collectively, "Meters"), shall continue to be owned and
        maintained by Delmarva. After the Transition Period, all such metering
        responsibilities shall transfer to Old Dominion. Accordingly, Old
        Dominion shall have the option upon the expiration of the Transition
        Period to install and maintain its own meters or purchase and maintain
        the Meters presently owned by Delmarva to provide service for Old
        Dominion.

        9.1.1  In the event that Old Dominion chooses to purchase any such
               Meters from Delmarva, the Parties shall mutually agree on the
               purchase terms and price which will not exceed Delmarva's
               original cost less depreciation for the particular meter(s) to
               be purchased. If Old Dominion declines to exercise the option to
               purchase any of Delmarva's Meter(s) following the Transition
               Period, the Parties agree that Delmarva shall remove the Meters
               at no cost to Old Dominion. There shall be no payment by Old
               Dominion to Delmarva of any abandonment costs associated with
               Delmarva's Meters if so claimed by Delmarva.

        9.1.2  Upon the transfer of metering responsibilities to Old Dominion,
               the distribution and customer charges reflected in Section 7.1.1
               of this

                                       17
<PAGE>

        Agreement shall be subject to reduction and be filed in Attachment F of
        the PJM Tariff.

9.2     Loadshedding Control. Each Party shall maintain the proportion of its
        load subject to control by automatic under-frequency loadshedding
        devices at least equal to the requirements contained in the PJM
        agreements. The Parties shall work together through the Administrative
        Committee to implement these and other operating procedures prior to the
        end of the Transition Period.

9.3     Communications and Telecommunications. The Parties shall work through
        the Administrative Committee to mutually agree by the end of the
        Transition Period on terms and conditions for communications and
        telecommunications between the Parties or any one of them and PJM.

                                   ARTICLE 10
                                   LIABILITY

10 1    Delmarva Liability. As between the Parties, Delmarva hereby assumes all
        risk of liability for injury to persons and property occasioned by
        electric energy on the Delmarva System beyond the Points of
        Interconnection with Old Dominion and shall indemnify and save harmless
        Old Dominion from and against all such liability.

10.2    Old Dominion Liability. As between the Parties, Old Dominion hereby
        assumes all risk of liability for injury to persons and property
        occasioned by electric energy on the Old Dominion system beyond the
        Points of Interconnection with Delmarva and shall indemnify and save
        harmless Delmarva from and against all such liability.

10.3    Liability Related to the Furnishing of Energy. Use by Old Dominion or
        any individual, firm or corporation, private or municipal, of the energy
        delivered by Delmarva hereunder for water pumping, fire protection,
        sewerage pumping, railways or any phases of their operations, airports
        (lighting or any phases of their operations), public or private
        lighting, traffic lights, semaphores or other signals, or any other
        purposes either public or private, shall not in any such case or cases
        subject Delmarva to any liability to Old Dominion or any individual,
        firm or corporation, private or municipal, for damage or injury due to
        failure of power supply, or from any interruption or deficiency which
        may arise and Old Dominion does hereby agree to indemnify and hold
        harmless Delmarva from or against all liability for such damages. In
        like manner, Delmarva shall indemnify and hold harmless Old Dominion
        from or against all liability for damages where energy is delivered to
        Delmarva by Old Dominion.

10.4    Consequential Damages. In no event shall either Party be liable to the
        other Party for indirect, punitive, consequential or special damages
        relating to or arising out of this Agreement.

                                       18
<PAGE>

10.5    lndemnification by Old Dominion. Old Dominion shall be directly
        responsible to Delmarva for all obligations and liabilities relating to
        or arising out of this Agreement whether it elects to perform its
        obligations hereunder on its own behalf or through one or more
        representatives or agents. Old Dominion expressly agrees to indemnify
        and hold Delmarva harmless for any act or omission by any of Old
        Dominion's employees, representatives or agents.

10.6    Indemnification bv Delmarva. Delmarva shall be directly responsible to
        Old Dominion for all obligations and liabilities relating to or arising
        out of this Agreement whether it elects to perform its obligations
        hereunder on its own behalf or through one or more representatives or
        agents. Delmarva expressly agrees to indemnify and hold Old Dominion
        harmless for any act or omission by any of Delmarva's employees,
        representatives or agents.

10.7    Third Parties. This Agreement shall not be interpreted or construed as
        one for the benefit of third persons.

                                   ARTICLE 11
                                WAIVER OF RIGHTS

11.1   Any waiver at any time of the right of either Party as to any default of
       the other Party or any other matter arising hereunder shall not be deemed
       a waiver as to any default or other matter subsequently occurring.

                                   ARTICLE 12
                                   ARBITRATION

12.1    Arbitration Procedures. The Parties intend that the PJM Dispute
        Resolution Procedures contained in Schedule 5 to the PJM Operating
        Agreement shall apply to this Agreement. In the event that such dispute
        resolution procedures cannot apply, the process referred to in Section
        12.2 shall be used.

12.2    Alternative Arbitration Procedures. If there is any matter arising under
        this Agreement which is in dispute between Parties, and for which
        Section 12.1 cannot be applied and for which agreement cannot be
        reached, the Parties shall: (a) by mutual Agreement submit to binding
        arbitration or other alternative dispute resolution rules and procedures
        to which both Parties agree; or (b) pursue any legal or equitable
        remedies that may be available.

                                   ARTICLE 13
                                    DEFAULT

13.1    Failure to Meet Obligations. Each Party hereto shall be considered in
        default in the event that it does not meet its obligations under this
        Agreement. A Party hereto is considered to be in default until all
        amounts in arrears including the

                                       19
<PAGE>

        interest thereon accrued in accordance with Article 7 are paid in full
        to the Party hereto not in default.

13.2    Credits. Any net credits due to a Party hereto shall be applied against
        any amounts in arrears.

13.3    No Obligation To Provide Benefits. Each Party hereto has no continuing
        obligation to provide the benefits of interconnected operations to the
        Party in default.

13.4    Mitigation. In the event either Party hereto should be found in default,
        that Party shall take all possible measures to mitigate the continued
        impact of default on the Party hereto not in default, including, but not
        limited to, loading its own generation to supply its own load to the
        maximum extent possible.

                                   ARTICLE 14
                                     TAXES

14.1    If at any time while this Agreement is in force there should be levied
        or assessed against either of the Parties hereto any new direct tax by
        any taxing authority on the power or energy transmitted, interchanged,
        exchanged, exported or imported by Delmarva on behalf or for the account
        of Old Dominion pursuant to this Agreement or any increase in the rate
        of such future direct taxes, which would, in the opinion of said Party
        render unduly burdensome to it the performance of the obligations herein
        provided, on the terms and conditions herein provided and contemplated,
        then in such event, the Parties shall endeavor to reach an agreement as
        to the proper and equitable allocation of the additional burden created
        by such tax.

                                   ARTICLE 15
                             SUCCESSORS AND ASSIGNS

15.1    The rights and obligations created by this Agreement shall inure to the
        benefit of, and be binding upon, the successors and assigns of the
        respective Parties hereto; provided, however, neither Party may assign
        this Agreement or its rights hereunder without the prior written consent
        of the other Party, which consent shall not be unreasonably withheld.
        Either Party may, without consent of the other Party: (a) assign this
        Agreement by way of pledge to a trustee under a mortgage or indenture to
        secure its indebtedness; (b) assign this Agreement to any person
        succeeding to all or substantially all of the assigning Party's electric
        utility assets, provided that such person assumes all obligations of the
        assignor under this Agreement; or (c) assign this Agreement to an
        affiliate of the assigning Party. No assignment under this section shall
        relieve the assigning Party from liability under this Agreement.

                                       20
<PAGE>

                                   ARTICLE 16
                            MISCELLANEOUS PROVISIONS

16.1    Headings Not to Affect Meaning. The descriptive headings of the various
        articles and sections of this Agreement are inserted for convenience
        only and shall not restrict or modify the terms and provisions hereof.

16.2    Choice of Law. This Agreement shall be governed by, interpreted and
        construed in accordance with the laws of the state of Delaware. The
        obligations of Delmarva and Old Dominion hereunder are subject to any
        present and future Federal and State laws, regulations, orders or other
        regulations duly promulgated.

16.3    Notices. Written notices required by this Agreement shall be deemed
        properly sent if delivered in person or sent by facsimile with
        confirmation by phone and mail, registered or certified mail, or by
        overnight courier service, postage prepaid, to the persons below:

               (a)     If to Delmarva by U.S. Mail:

                       Delmarva Power & Light Company
                       Post Office Box 6066
                       Newark, Delaware 19714-6066
                       Attention: Director of Transmission and Arrangements

               (b)     If to Delmarva by overnight courier service:

                       Delmarva Power & Light
                       Christiana Building
                       252 Chapman Road
                       Newark, Delaware 19702
                       Attention: Director of Transmission and Arrangements

               (c)     If to Old Dominion:

                       Old Dominion Electric Cooperative
                       President and Chief Executive Officer
                       4201 Dominion Boulevard
                       Glen Allen, VA 23060

Any name and/or address set out in this Agreement may be changed by written
notice by one Party or the other without making a filing at FERC.

                                       21
<PAGE>

INTERCONNECTION AGREEMENT
Page 22

        In witness whereof, the Parties hereto have duly executed this
Interconnection Agreement as of the day and year first above written.

OLD DOMINION ELECTRIC COOPERATIVE     DELMARVA POWER & LIGHT COMPANY

By: /s/ K. N. Kappatos                By:  /s/ Tslon M. Messick
    ---------------------------            -----------------------------
        Konstantinos N. Kappatos               Tslon M. Messick
        Vice President, Engineering            Director of Transmission and
            & Operations                           Arrangements

<PAGE>

                                   SCHEDULE 1
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                     BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                       AND

                        OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Airey and Golden Hill Substations

2.     Location: Near Airey, Md. - Circuit 6709

3.     Date of Commencement of Service: May, 1941

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:       69 kV

2.     Metered at:     69 kV

3.     Location of Meter: Tap Point

CHOPTANK

                                        1
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name:   Allen Substation

2.     Location: Federalsburg - Reliance Rd., Circuit 2221

3.     Date of Commencement of Service: March, 1975

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  25 kV

2.     Metered at:  25kV

3.     Location of Meter:  Tap Point

CHOPTANK

                                        2
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name:  Barkley Substation

2.     Location: Between Barkley and Suddlersville - Circuit 2232

3.     Date of Commencement of Service: April, 1958

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  25 kV

2.     Metered at:  12kV

3.     Location of Meter:   Barkley Substation

CHOPTANK
                                       3
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Costen Substation

2.     Location: Near Costen - Circuit 6714

3.     Date of Commencement of Service: January, 1955

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  25kV

3.     Location of Meter: Costen Substation

CHOPTANK
                                        4
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: East New Market Substation

2.     Location: Near East New Market - Circuit 6715

3.     Date of Commencement of Service: November, 1953

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:   12kV

3.     Location of Meter:  East New Market Substation

CHOPTANK

                                        5
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Edgewood Substation

2.     Location: Near Delmar - Circuit 6706

3.     Date of Commencement of Service: September, 1953

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  12kV

3.     Location of Meter: Edgewood Substation

CHOPTANK

                                        6
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Hillsboro Substation

2.     Location:  Delmarva's Hillsboro Substation - Circuit 2231

3.     Date of Commencement of Service: July, 1950

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  25 kV

2.     Metered at:  25kV

3.     Location of Meter:  Tap Point

CHOPTANK

                                        7
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Hickman Substation

2.     Location: Near Hickman - Circuit 2231

3.     Date of Commencement of Service: June, 1939

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  25 kV

2.     Metered at:  25kV

3.     Location of Meter:  Tap Point

CHOPTANK

                                        8
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: I.B. Corners Substation

2.     Location:  Circuit 6710, Pole VW 739

3.     Date of Commencement of Service: October, 1978

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12kV

3.     Location of Meter: I.B. Corners Substation

CHOPTANK

                                       9
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Ironshire Substation

2.     Location: Near Ironshire - Circuit 2238

3.     Date of Commencement of Service: May, 1941

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 25 kV

2.     Metered at: 12kV

3.     Location of Meter: Ironshire Substation

CHOPTANK

                                       10
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Kennedyville Substation

2.     Location: Near Kennedyville - Circuit 6727

3.     Date of Commencement of Service: December, 1959

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:   12kV

3.     Location of Meter:  Kennedyville Substation

CHOPTANK

                                       11
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Kingston Substation

2.     Location: Near Crisfield - Circuit 6725

3.     Date of Commencement of Service: Prior to September 1, 1983

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  12kV

3.     Location of Meter: Kingston Substation

CHOPTANK

                                       12
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Mardela Substation

2.     Location:  Near Mardela - Circuit 6708

3.     Date of Commencement of Service: August, 1968

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  12kV

3.     Location of Meter:  Mardela Substation

CHOPTANK

                                       13
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Massey Substation

2.     Location: 1/4 Mile North of Massey, Maryland on Road 299

3.     Date of Commencement of Service: June 1, 1992

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69,000 volts, nominal potential.

2.     Metered at:  69 kV

3.     Location of Meter:  Wtihin the new 69 kV substation as described above.

CHOPTANK

                                       14
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Millington Substation

2.     Location:  Near Millington - Circuit 6773 (Route 313)

3.     Date of Commencement of Service: February, 1941

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12 kV

3.     Location of Meter: Millington Substation

CHOPTANK

                                       15
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Mount Olive Substation

2.     Location: Near Mount Olive Church - Circuit 6712

3.     Date of Commencement of Service: November, 1967

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12kV

3.     Location of Meter: Mount Olive Substation

CHOPTANK

                                       16
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: New Hope Substation

2.     Location: Near Willards - Circuit 6712

3.     Date of Commencement of Service: Prior to September, 1983

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:   12kV

3.     Location of Meter:  New Hope Substation

CHOPTANK

                                       17
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: St. Martins Substation

2.     Location: Near Whaleysville - Circuit 6712

3.     Date of Commencement of Service: Prior to September, 1983

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  69kV

3.     Location of Meter: Tap Point

CHOPTANK

                                       18
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.      Name: Princess Ann Substation

2.      Location:  Near Princess Ann - Circuit 6756

3.      Date of Commencement of Service: May, 1941

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  12 kV

3.     Location of Meter:  Princess Ann Substation

CHOPTANK

                                       19
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Royal Oak Substation

2.     Location: Near Royal Oak - Circuit 6782

3.     Date of Commencement of Service: November, 1968

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  12 kV

3.     Location of Meter:  Royal Oak Substation

CHOPTANK

                                       20
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Sinepuxent Substation

2.     Location:  Near West Ocean City - Circuit 6724

3.     Date of Commencement of Service: June, 1970

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12 kV

3.     Location of Meter: Sinepuxent Substation

CHOPTANK

                                       21
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Talbot Substation

2.     Location: Near Easton - Circuit 6710

3.     Date of Commencement of Service: April, 1966

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12kV

3.     Location of Meter: Talbot Substation

CHOPTANK

                                       22
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: West Denton Substation

2.     Location: Near Denton - Circuit 2231

3.     Date of Commencement of Service: November, 1978

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 25 kV

2.     Metered at:   12 kV

3.     Location of Meter:  West Denton Substation

CHOPTANK

                                       23
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Westover Substation

2.     Location: Route 413 - Circuit 6725

3.     Date of Commencement of Service: February, 1975

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  12 kV

3.     Location of Meter: Westover Substation

CHOPTANK

                                       24
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Walston Switch Substation

2.     Location:  Near Parsonsburg - Circuit 6741

3.     Date of Commencement of Service: May, 1981

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  12 kV

3.     Location of Meter:  Walston Switch Substation

CHOPTANK

                                       25
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Williston Substation

2.     Location: Near Denton - Circuit 2231

3.     Date of Commencement of Service: November, 1961

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  25 kV

2.     Metered at:  25 kV

3.     Location of Meter:  Hobbs Tap Point

CHOPTANK

                                       26
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Tanyard Substation

2.     Location:  Approximately 7 miles east of Easton, Maryland 1/2 mile off
       Tanyard Road on Bethleham Road

3.     Date of Commencement of Service: September, 1987

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69,000 volts

2.     Metered at: 12,000 volts; automatically compensated to 69 kV

3.     Location of Meter: At Tanyard Substation

CHOPTANK

                                       27
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Longwood Substation

2.     Location: Route 50, Between Easton and Wyemills, Maryland. Off DP&L
       Circuit No. 6710

3.     Date of Commencement of Service: March 27, 1984

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12470 volts

3.     Location of Meter: Longwood Substation

CHOPTANK

                                       28
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Bayard Substation

2.     Location: Near Millville - Circuit 6735

3.     Date of Commencement of Service: November, 1964

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:   69 kV

3.     Location of Meter:  Bayard Substation

DELAWARE

                                       29
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Concord (Mumford & Workmen Substations)

2.     Location: Near Laurel - Circuit 6722

3.     Date of Commencement of Service: May, 1970

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  69 kV

3.     Location of Meter: Tap Point

DELAWARE

                                       30
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Fairmount and Indian River Substations

2.     Location:  Near Georgetown - Circuit 6720

3.     Date of Commencement of Service: August, 1969

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  69 kV

3.     Location of Meter:  Tap Point

DELAWARE

                                       31
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Johnson Substation

2.     Location: Near Frankford

3.     Date of Commencement of Service: 1954

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  25 kV

2.     Metered at:  12 kV

3.     Location of Meter:  Johnson Substation

DELAWARE

                                       32
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Jones Substation

2.     Location:  Near Smyrna - Circuit 13770

3.     Date of Commencement of Service: 1955

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 138 kV

2.     Metered at: 12 kV

3.     Location of Meter: Jones Substation

DELAWARE

                                       33
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Kirby Substation

2.     Location: Near Milford

3.     Date of Commencement of Service: 1959

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 25 kV

2.     Metered at: 12 kV

3.     Location of Meter: Kirby Substation

DELAWARE

                                       34
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Kratz Substation

2.     Location: Near Greenwood - Circuit 6752

3.     Date of Commencement of Service: 1937

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:   69 kV

3.     Location of Meter:  Tap Point

DELAWARE

                                       35
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Lank and Bennett Substations

2.     Location: Near Harbeson - Circuit 6722

3.     Date of Commencement of Service: 1955

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  69 kV

3.     Location of Meter: Tap Point

DELAWARE

                                       36
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: New Meredith Substation

2.     Location:  Near Cheswold - Circuit 6704

3.     Date of Commencement of Service: May, 1970

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  12 kV

3.     Location of Meter:  New Meredith Substation

DELAWARE

                                       37
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Pepper Substation

2.     Location: Near Georgetown - Circuit 6722

3.     Date of Commencement of Service: 1959

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  12 kV

3.     Location of Meter:  Pepper Substation

DELAWARE

                                       38
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Short Substation

2.     Location:  Near Laurel - Circuit 6706

3.     Date of Commencement of Service: 1956

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12 kV

3.     Location of Meter: Short Substation

DELAWARE

                                       39
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Taylor Substation

2.     Location: Near Seaford - Circuit 6752

3.     Date of Commencement of Service: 1956

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12 kV

3.     Location of Meter: Taylor Substation

DELAWARE

                                       40
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Vaughn Substation

2.     Location: Near Viola - Circuit 6704

3.     Date of Commencement of Service: 1957

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:   12 kV

3.     Location of Meter:   Vaughn Substation

DELAWARE

                                       41
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Vernon Substation

2.     Location: Near Harrington - Circuit 6713

3.     Date of Commencement of Service: November, 1969

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at:  12 kV

3.     Location of Meter: Vernon Substation

DELAWARE

                                       42
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name:   Robinsonville Substation

2.     Location:  Intersection of Route 277 with Route 287, Sussex Co.

3.     Date of Commencement of Service: June 1996

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  138 kV

2.     Metered at:  138 kV

3.     Location of Meter:  Robinsonville

DELAWARE

                                       43
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Greenbush (Parksley)

2.     Location: Near Greenbush Circuit 6790

3.     Date of Commencement of Service: Rebuilt 1971

                                   INFORMATION
                                   -----------

1.     Delivery Voltage:  69 kV

2.     Metered at:  69 kV

3.     Location of Meter:  Tap Point

A&N

                                       44
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Eastville Substation

2.     Location:  Near Eastville Circuit 6750

3.     Date of Commencement of Service: November, 1973

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12 kV

3.     Location of Meter: Eastville Substation

A&N

                                       45
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Belle Haven Substation

2.     Location: Near Belle Haven Circuit 6750

3.     Date of Commencement of Service: April, 1956

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12 kV

3.     Location of Meter: Belle Haven Substation

A&N

                                       46
<PAGE>

                                   SCHEDULE 1

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                            POINT OF INTERCONNECTION
                            ------------------------

1.     Name: Hallwood Substation

2.     Location: Near Hallwood - Circuit 6709

3.     Date of Commencement of Service: July, 1981

                                   INFORMATION
                                   -----------

1.     Delivery Voltage: 69 kV

2.     Metered at: 12 kV

3.     Location of Meter: Hallwood Substation

A&N

                                       47
<PAGE>

                                   SCHEDULE 2
<PAGE>

                          [MAP OF CONECTIV BAY REGION]

                                   SCHEDULE 2
<PAGE>

                                   SCHEDULE 3
<PAGE>

                                   SCHEDULE 3

                        TO THE INTERCONNECTION AGREEMENT

                                    BETWEEN

                         DELMARVA POWER & LIGHT COMPANY

                                      AND

                       OLD DOMINION ELECTRIC COOPERATIVE

                                  LOSS FACTORS
                                  ------------

                           EFFECTIVE DECEMBER 1, 1999

TRANSMISSION LOSS FACTOR                                          1.0265915

DISTRIBUTION LOSS FACTOR                                          1.0414409SECOND AMENDMENT TO
                           LOAN AND SECURITY AGREEMENT

            THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT ("Second
Amendment") is made effective as of December _____, 2000, by and among Elecsys
Corporation, f/k/a Airport Systems International, Inc. ("Elecsys"); Airport
Systems International, Inc. ("New ASI") and DCI, Inc. ("DCI") (Elecsys, New ASI
and DCI collectively, jointly and severally, the "Borrower"), and Bank of
America, N.A. ("Lender").

                             PRELIMINARY STATEMENTS

            (A) Effective February 7, 2000, Elecsys, then known as Airport
Systems International, Inc., DCI and Lender entered into a Loan and Security
Agreement and other Loan Documents (as therein defined) ("collectively as
amended, the Loan Agreement");

            (B) The Loan Agreement provided, among other things, that Lender
would lend Elecsys and DCI $8,000,000 on a revolving basis, $1,178,000 on a term
loan basis, and $2,599,572.60 on direct pay letter of credit facility;

            (C) Effective November 1, 2000, Elecsys, then known as Airport
Systems International, Inc., did the following (the "Restructuring"): (1)
changed its name to "Elecsys Corporation" (2) formed a new company called
Airport Systems International, Inc. as a wholly owned subsidiary of Elecsys (New
ASI) and (3) transferred all of Elecsys' assets and liabilities to Airport
Systems International, Inc.(except for the stock of DCI and the assets and
liabilities related to the ownership of the DCI stock);

            (D) The Restructuring occurred without compliance with Sections 7.8
and 10.7 of the Loan Agreement. In addition, Elecsys is not in compliance with
certain financial covenants set forth in the Loan Agreement. Therefore Borrower
has requested that Lender modify the terms and conditions of the Loan Agreement
as provided herein.

            NOW, THEREFORE, in consideration of the premises and upon
application of Borrower, it is agreed by and among Lender and Borrower as
follows:

                                    AGREEMENT

     1. Acknowledgment of Preliminary Statements. The preliminary statements set
forth above are accurate, represent the intent of the parties hereto and are
incorporated herein by reference. Unless otherwise defined in this Second
Amendment, capitalized terms used herein will have the same meaning in this
Second Amendment as set forth in the Loan Agreement.
<PAGE>

     2. General Non-Waiver. Except as expressly provided herein, nothing in this
Second Amendment shall be construed as a waiver on the part of Lender as to any
rights, remedy or remedies it may enjoy under the Loan Agreement with respect to
any existing circumstances, facts or events constituting an Event of Default
under the Loan Agreement.

     3. Acknowledgment of Existing Defaults. Borrower hereby acknowledges that
the Restructuring occurred without compliance with Sections 7.8 and 10.7 of the
Loan Agreement, and therefore constitutes Events of Default under Section
11.1(d) of the Loan Agreement. Borrower further acknowledges that for the period
from October 31, 2000 through the effective date of this Second Amendment, it is
not in compliance with the Minimum Tangible Net Worth, Maximum Liabilities Ratio
and Minimum Debt Service Coverage Ratio called for under the Loan Agreement and
that each such instance of non-compliance constitutes an Event of Default under
the Loan Agreement. All Events of Default described in this paragraph shall be
hereinafter referred to as the "Existing Defaults."

     4. Limited Waiver of Defaults. Upon Lender's execution of this Second
Amendment, Borrower's payment in full of all fees, costs and expenses hereunder
required to be paid by Borrower including without limitation the Forbearance and
Waiver Fee and Borrower's satisfaction of all conditions precedent described in
section 9 of this Second Amendment to the satisfaction of Lender in its sole
discretion, Lender hereby waives the Existing Defaults and its right to collect
interest at the Default Rate, provided Borrower remains in compliance with the
terms of the Loan Agreement as modified by this Second Amendment. Nothing
contained in this Second Amendment shall constitute or be construed as a waiver
of any other Default or Event of Default except as expressly provided in this
Paragraph 4.

     5. Forbearance and Waiver Fee. In addition to those amounts due Lender
pursuant to Section 8 herein, Borrower shall pay to Lender the amount of Ten
Thousand and No/100 Dollars ($10,000.00) as a Forbearance and Waiver Fee. The
Forbearance and Waiver Fee shall be deemed earned as of the effective date
hereof, and shall be due and payable in full not later than the effective date
hereof. The payment of the Forbearance and Waiver Fee shall not reduce any of
the Borrower's obligations under the Loan Agreement.

     6. Modifications to Loan Agreement. Lender and Borrower hereby
agree that the Loan Agreement is amended and modified as follows:

                  6.1 Section 1.1 is hereby amended by deleting in its entirety
            the paragraph on page 16 beginning with "Revolving Credit Facilit"
            and substituting the following:

                  "Revolving Credit Facility" means the facility for the
                  Revolving Credit Loans in the principal sum of up to
                  $9,000,000.00.

                  6.2   Section  3.1(a) is  deleted  in its  entirety  and the
            following is substituted therefor:
<PAGE>

                        "(a) (i) Revolving Credit Loans. The Borrower will pay
                        interest on the unpaid principal amount of each
                        Revolving Credit Loan for each day from the day such
                        Loan was made until such Loan is paid (whether at
                        maturity, by reason of acceleration or otherwise), at a
                        rate per annum equal to the Prime Rate plus Three
                        percent (3%), payable monthly in arrears on each
                        Interest Payment Date and on the Termination Date.

                        (ii) Term Loans. The Borrower will pay interest on each
                        Term Loan at a rate per annum equal to the Prime Rate
                        plus Three percent (3%) payable in arrears on each
                        Interest Payment Date and when such Term Loans are due
                        (whether at maturity, by reason of acceleration or
                        otherwise)."

                  6.3   Section  3.2(a) is  deleted  in its  entirety  and the
            following is substituted therefor:

                  (a) Unused Line Fee. In connection with and as a consideration
                  for the Lender's commitment hereunder, subject to the terms
                  hereof, to lend to the Borrower under the Revolving Credit
                  Facility, the Borrower shall pay a fee to the Lender, from the
                  Effective Date until the Termination Date, in an amount equal
                  to one-half of one percent (.5%) per annum of the average
                  daily unused portion of the Revolving Credit Facility, payable
                  quarterly in arrears on the first day of each quarter and on
                  the date of any permanent reduction in the Revolving Credit
                  Facility.

                  6.4   Section  10.1  is  deleted  in its  entirety  and  the
            following is substituted therefor:

                         "Section 10.1 Financial Ratios.

                    (a)  Minimum Tangible Net Worth. Permit the Tangible Net
                         Worth of the Borrower to be less than:

                              (1)  $5,600,000 at the end of the fiscal quarter
                                 ending January 31, 2001,
                              (2)  $6,100,000   at  the  end  of  each  fiscal
                                 quarter thereafter.

                    (b)  Minimum Current Ratio. Permit the Current Ratio at any
                         time to be less than 1.45 to 1.0, measured on a
                         quarterly basis beginning January 31, 2001.

                    (c)     [Intentionally omitted].

<PAGE>

                    (d)  Maximum Liabilities Ratio. Permit the Liabilities Ratio
                         of the Borrower to exceed:

                              (1)  2.75  to  1  at  the  end  of  the   fiscal
                                 quarters  ending  January  31, 2001 and April
                                 30, 2001,
                              (5)  2.50  to  1  at  the  end  of  each  fiscal
                                 quarter thereafter.

                    (e)  Minimum Debt Service Coverage Ratio. Permit the Debt
                         Service Coverage Ratio of the Borrower to be less than:

                             (1)  .75 to 1 at the end of the fiscal quarter
                                  ending January 31, 2001 (2) 1.00 to 1 at
                                  the end of the fiscal quarter ending
                                  April 30, 2001 (3) 1.20 to 1 at the end
                                 of each fiscal quarter thereafter.

     7. Further Security Documents. As a material part of the consideration for
Lender entering into this Second Amendment and in order to induce Lender to
modify the Loan Agreement and to extend credit to Borrower, the Elecsys and New
ASI agree as follows:

            7.1 New ASI hereby acknowledges, assumes and agrees to be bound by
      all of the terms and conditions of the Loan Agreement as if an original
      borrower thereunder, including without limitation, acknowledging Lender's
      security interests in and to all of Elecsys' assets, which security
      interests continue to be attached and perfected notwithstanding the
      transfer of such assets to New ASI.

            7.2 To the extent not already granted, New ASI does hereby grant
      Lender a security interest in and to all of its assets, including, without
      limitation, all Receivables, Inventory, Equipment, Contract Rights,
      General Intangibles, Deposit Accounts, Real Estate and other Collateral as
      those terms are defined in the Loan Agreement to secure the payment and
      performance of all of Borrower's obligations under the Loan Agreement. New
      ASI additionally agrees to execute a security agreement in such form as is
      reasonably acceptable to Lender.

            7.3 Elecsys shall and does hereby pledge as security for any or all
      of its Borrower's obligations to Lender under the Loan Agreement all its
      right title and interest in and to any and all shares of stock in New ASI.
      Elecsys shall execute a Stock Pledge Agreement further evidencing such
      pledge in such form as is reasonably acceptable to Lender.

            8. Modification Expenses. Borrower will pay to Lender promptly as
they come due, any and all costs and expenses incurred by Lender in connection
with the negotiation,
<PAGE>

preparation and documentation of this Second Amendment, including without
limitation, all recording fees, mortgage registration tax and all reasonable
attorneys' fees and costs.

            9.    Conditions  Precedent.  Lender shall be under no  obligation
 of any kind under  this  Second  Amendment  unless  the  following  conditions
precedent have been satisfied as determined in the sole discretion of Lender:

            9.1 Completion of a U.C.C. search at the expense of Borrower
      demonstrating no intervening liens, claims or encumbrances that would
      adversely impact upon Lender's security interests as set forth in this
      Second Amendment and the Loan Agreement.

            9.2 Full disclosure of all information and documents relating to the
      name change, subsidiary formation and transfer set forth in the
      preliminary statements above that may be reasonably requested by Lender.

            9.3   Payment in full of the  Forbearance  and Waiver Fee in
      immediately available funds.

            9.4 Execution of a security agreement and stock pledge agreement
      required by Section 7 of this Second Amendment.

            9.5 Delivery of an reasoned opinion letter from Blackwell Sanders
      Peper Martin LLP to Lender in form and substance acceptable to Lender in
      its sole discretion opining that the Restructuring was duly authorized
      pursuant to the organizational documents of Elecsys and pursuant to Kansas
      and Federal law with full corporate authority.

            9.6 Delivery of an unqualified opinion letter from Blackwell Sanders
      Peper Martin LLP in form and substance acceptable to Lender in its sole
      discretion opining as to the creation and perfection of security interests
      in favor of Lender with respect to all assets of Borrower.

            9.7 Execution and Delivery of a new Promissory Note reflecting the
      change in the amount of Commitment set forth in paragraph 6.2 of this
      Second Amendment.

            9.8 Execution of any other documents, including financing
      statements, amendments to existing financing statements, or other
      documents reasonably requested by Lender in connection herewith.

            10. Cross Default and Cross Collateralization. A default in the
payment or performance of Borrower's obligations under this Second Amendment
will constitute an Event of Default under the Loan Agreement and in such event
Lender will be entitled to exercise any and all remedies available thereunder.
Lender and Borrower further agree that the Security
<PAGE>

Documents securing the Loan Agreement are hereby modified so that the Security
Documents will continue to secure the Loan Agreement as amended by this Second
Amendment.

            11. Ratification. The parties hereto ratify and reaffirm that all
terms, conditions and provisions of the Loan Agreement remain in full force and
effect except to the extent expressly modified by the terms of this Second
Amendment and the terms and conditions of this Second Amendment are hereby
incorporated in, and will hereafter be deemed a part of, the Loan Documents for
all purposes.

            12. Releases. As a material part of the consideration for Lender
entering into this Second Amendment and in order to induce Lender to modify the
Loan Agreement and to extend credit to Borrower, Borrower hereby jointly and
severally releases and forever discharges Lender's directors, officers,
employees, agents, attorneys, affiliates, subsidiaries, successors and assigns
from any and all liabilities, obligations, actions, contracts, claims, causes of
action, damages, demands, costs and expenses whatsoever (collectively "Claims"),
of every kind and nature, however evidenced or created, whether known or
unknown, arising prior to or on the date of this Second Amendment including, but
not limited to, any Claims involving the extension of credit under or
administration of the Loan Agreement, the indebtedness incurred by the Borrower
or any other transactions evidenced by the Loan Agreement and/or this Second
Amendment.

            13. Renewal. To the extent that any payment or payments made to
Lender under this Second Amendment or the Loan Agreement are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or
required to be repaid to a trustee, to either Borrower, whether directly or
indirectly as a debtor-in-possession, or to a receiver or any other party under
any bankruptcy law, or other state or federal law, then the portion of the
indebtedness of the Borrower intended to have been satisfied by such payment or
payments will be revived and will continue in full force and effect as if such
payment or payments had never been received by Lender.

            14.   Representations  and  Warranties.  Elecsys,  New ASI and DCI
jointly and severally represent and warrant to Lender as follows:

                  (A) All of the representations and warranties of Borrower in
      the Loan Agreement are true and correct as of the date hereof, as modified
      by this Second Amendment.

                  (B) Except as expressly described herein, no Event of Default
      is in existence with respect to the Loan Agreement or Security Documents.

                  (C) No Event of Default has occurred or will occur as a result
      of the execution, delivery, and performance of this Second Amendment.

                  (D) This Second Amendment has been duly authorized, executed
      and delivered and is a legally valid, binding, joint and several
      obligation of Elecsys, New ASI and DCI and is enforceable against each of
      them in accordance with its terms.
<PAGE>

                        (E) The transfer to New ASI by Elecsys of assets and
      related liabilities in the Restructuring did not create any tax liability
      to Elecsys or New ASI, and (ii) the conduct of the navigational aids
      business through New ASI will not have any material federal income tax
      consequences different than if such business had continued to be conducted
      through Elecsys.

            15.   Miscellaneous.

                  (A) Borrower hereby agrees and acknowledges that Lender may
      endorse and deposit any check or other instrument tendered in connection
      with a partial payment without thereby giving effect to or being bound by
      any language purporting to make acceptance of such instrument an accord
      and satisfaction of the Secured Obligations evidenced by this Second
      Amendment or the Loan Agreement.

                  (B) In the event of a conflict between or among the terms,
      covenants, conditions or provisions of this Second Amendment, Loan
      Agreement or any other Loan Documents, Lender may elect to enforce from
      time to time those provisions that would afford Lender the maximum
      financial benefits and security for the Secured Obligations and/or provide
      Lender the maximum assurance of payment of the Secured Obligations in
      full.

                  (C) No inference in favor of, or against, any party will be
      drawn from the fact that such party has drafted any portion of the Loan
      Agreement.

                  (D) This Second Amendment may be executed in any number of
      counterparts, each of which will be deemed to be an original but all of
      which taken together will constitute one and the same agreement.

                  (E) This Second Amendment will be governed by and construed
      under the laws of the State of Missouri.

                  (F) This Second Amendment will be binding upon and will inure
      to the benefit of the parties hereto and to their respective successors
      and assigns.

            16. WAIVER OF JURY TRIAL. LENDER AND BORROWER WAIVE THE RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT
MATTER OF THIS SECOND AMENDMENT. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY MADE BY BORROWER AND BORROWER ACKNOWLEDGES THAT NEITHER LENDER NOR
ANY PERSON ACTING ON BEHALF OF LENDER HAS MADE ANY REPRESENTATIONS OF FACT TO
INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS
EFFECT. BORROWER FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED (OR HAS HAD
THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS FIRST AMENDMENT AND IN
THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE
WILL, AND IT
<PAGE>

HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. BORROWER FURTHER
ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF
THIS WAIVER PROVISION.

            IN WITNESS WHEREOF, Borrower and Lender have caused this First
Amendment to be executed by an officer duly authorized to so execute and bind
Borrower and Lender, respectively, effective as of the day and year first
written above.

"BORROWER"

ELECSYS CORPORATION, a Kansas
corporation

By:
Printed Name:
Its:

DCI, INC., a Kansas corporation

By:
Printed Name:
Its:

AIRPORT SYSTEMS INTERNATIONAL, INC., a
Kansas corporation

By:
Printed Name:
Its:

<PAGE>

            ACCEPTED effective the _____ day of December, 2000, at Lender's
place of business in the City of Kansas City State of Missouri.

"LENDER"

BANK OF AMERICA, N.A.,
a national banking association

By:
Printed Name:
Title:

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