FORM 8-K





                       SECURITIES AND EXCHANGE COMMISSION




                              Washington, DC 20549

                                 CURRENT REPORT



                Pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934




                          Date of Report: May 22, 1997



                               PECO ENERGY COMPANY
             (Exact name of registrant as specified in its charter)



                         PENNSYLVANIA 1-1401 23-0970240
                       (State or other (SEC (IRS Employer
                   jurisdiction of file number) Identification
                             incorporation) Number)




              230l Market Street, Philadelphia, Pennsylvania 19101
               (Address of principal executive offices) (Zip Code)



               Registrant's telephone number, including area code:
                                 (215) 841-4000






Item 5. Other Events

On May 21, 1997, the Company's  Consumers Energy Services Group (CESG) employees
voted not to be  represented  by a union in secret  balloting  conducted  by the
National Labor Relations Board (NLRB).

CESG employees cast 761 votes for "no union" and 523 votes for the Utility 
Workers Union of America (UWUA).

The Company  and the UWUA have seven days to file  objections  to the  election.
Absent any  objections,  at the end of the seven days, the NLRB will certify the
results.

                                     * * * *

As  previously  reported,  on  January  22,  1997,  the  Company  filed with the
Pennsylvania   Public  Utility   Commission  (PUC)  an  application   under  the
Pennsylvania  Electricity  Generation  Consumer  Choice and  Competition Act for
securitizing  $3.6  billion  of  stranded  and  related  transaction  and use of
proceeds costs at this time.

On May 22, 1997,  the PUC issued an order  regarding the  Company's  application
allowing  the Company to  securitize  $1.1  billion of its  stranded and related
transaction and use of proceeds costs at this time.

The $1.1 billion of  securitized  costs allowed by the PUC order consists of the
following items:

                  $607 million              Generation Plant
                  $373 million              Regulatory Assets
                  $ 96 million              1996 Deferred Fuel Balance
                  $ 22 million              Issuance and use-of-proceeds costs
                                                     (debt and preferred only)

The  order  defers  without   prejudice  all  other  aspects  of  the  Company's
securitization  application.  The Company expects that the PUC will consider any
further  securitization  of  stranded  and other  costs in  connection  with the
Company's previously filed restructuring plan. An order regarding that filing is
scheduled for January 8, 1998.

                                     * * * *








                                   SIGNATURES




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 hereunto duly authorized.




                                                PECO ENERGY COMPANY

                                                 s\ J. B. Mitchell
                                              Vice President - Finance
                                                   and Treasurer

May 22, 1997