SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of
earliest event reported): June 4, 1998
Pennsylvania Electric Company
(Exact name of registrant as specified in charter)
Pennsylvania 1-3522 25-0718085
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(State or other (Commission (IRS employer
jurisdiction of file number) identification no.)
incorporation)
2800 Pottsville Pike, Reading, PA 19640-0001 (Address of
principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610) 929-3601
ITEM 5. OTHER EVENTS
As previously reported on May 6 and 7, 1998, an Administrative
Law Judge (ALJ) issued Recommended Decisions in the Metropolitan Edison Company
(Met-Ed) and Pennsylvania Electric Company (Penelec) restructuring proceedings
pending before the Pennsylvania Public Utility Commission (PaPUC).
Reference is made to the Quarterly Reports on Form 10-Q for
the quarter ended March 31, 1998 filed by GPU for a summary of the ALJ's
recommendations which description is incorporated in this Report by reference.
On June 4, 1998, the PaPUC, in non-binding polls, approved
restructuring plans for Met-Ed and Penelec. Among other things, the PaPUC action
would allow Met-Ed to collect through a competitive transition charge $975
million of its requested $1.466 billion in stranded costs over 11 years; Penelec
would recover approximately $858 million of its requested $1.245 billion over an
8 year period. Retail choice would begin for one third of each companies'
customers January 1, 1999, another third could choose their supplier on January
2, 1999 and full retail choice would be available on January 2, 2000. The PaPUC
has scheduled final votes for June 25, 1998.
In a news release issued following the PaPUC's votes, GPU
stated that the PaPUC's reductions in transmission and distribution rates and
failure to insure full recovery of non-utility generation costs amounts to
"confiscating the property of GPU Energy and its shareholders in violation of
their legal and constitutional rights." Noting that it could not accept the
PaPUC's action, GPU stated that if the PaPUC's final order followed its
preliminary action, GPU would "vigorously pursue all available remedies to
challenge the ruling."
Copies of GPU's news release and the news releases issued by
the PaPUC are annexed as exhibits.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
1. GPU News Release, dated June 4, 1998.
2. PaPUC News Releases, dated June 4, 1998.
SIGNATURE
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PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF
1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY
THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
GPU, INC.
By:______________________________
T.G. Howson, Vice President
and Treasurer
Date: June 5, 1998