Pricing Supplement No. 1 Filed Pursuant to Dated 1/08/98 Rule 424(b)(2) Registration No. 333-23475 (To Prospectus dated March 21, 1997 and Prospectus Supplement dated March 24, 1997) $150,000,000 ATLANTIC CITY ELECTRIC COMPANY Secured Medium Term Notes, Ser ies D Due from One Year to Thirty Years from Date of Issue CUSIP No.: 04830QCA6 Interest Rate: 6.19% Stated Maturity: 1/17/2006 Principal amount: $50,000,000 Issue date: 1/12/98 Issue price: 100% Redeemable: Yes ___ No X In whole: Yes ___ No ___ In part: Yes ___ No ___ Selling Agent's commission: .550% Initial redemption date: Redemption limitation date: Initial redemption price: % Reduction percentage: % Proceeds to Company: 99.45 % Selling Agent: Goldman, Sachs & Co. ___ First Chicago Capital Markets, Inc. Lehman Brothers X THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PRICING SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.