1
                                                                     EXHIBIT C-1


                                                    [CONECTIV LOGO]

For immediate release
July 15, 1999

For more information, call
Betty Kennedy (609) 625-5567

                    CONECTIV RESTRUCTURING DECISION ANNOUNCED

Mays Landing, N.J. - Conectiv Executive Vice President Tom Shaw said the
decision made today by the Board of Public Utilities regarding the company's
restructuring proposal benefits New Jersey customers with rate reductions
beginning Aug. 1 and sets the stage for real competition to develop.

"The announced Board ruling appears to balance the interests of our customers,
shareholders and employees," said Shaw. "We realize that the mandated rate
reductions and increase in the shopping credit allowance are a part of the
series of challenges that our company must meet as our industry becomes fully
competitive."

"We believe the ruling gives us the framework to successfully meet those
challenges," he added.

The BPU decision includes a revamping of Conectiv's 10-percent rate reduction
and an increase in the residential shopping credits. Both were previously
negotiated with groups representing the interests of New Jersey business
consumers, non-regulated generators and retail power suppliers.

                                     (more)
   2
Page 2 /Conectiv Restructuring Decision Announced

The Board mandated an initial 5-percent rate reduction effective August 1, at
least an additional 2-percent rate reduction by Jan. 1, 2001, and 3 percent by
August 1, 2002, totaling 10 percent within three years. The rate reductions must
be sustained through July 31, 2003. Combined with the gross receipts and
franchise tax reduction, customer rates will be reduced by approximately 15
percent within four years. It is estimated the initial rate reduction will
result in about a $50 million reduction in revenues.

"With this Board decision, the path of the electric utility industry
restructuring is clearer. This clarity should help Conectiv go forward to
implement its overall business strategy. We believe the successful
implementation of that strategy and the continued effort of our management and
workforce to look for ways to cut costs and increase productivity should enable
us to overcome the loss of revenue," Shaw said.

"We are committed to providing our customers these significant savings, while
maintaining safe, reliable, quality service," he added.

The BPU established shopping credits higher than those proposed in the
settlement. The BPU ruling establishes average shopping credit "floors" of 5.27
cents per kilowatt hour effective Aug. 1, 1999, 5.31 cents in 2000, 5.37 cents
in 2001, 5.42 in 2002 and 5.48 in 2003. These shopping credits will be the
highest in New Jersey; in addition they may increase based on the market price
of energy.

"While customers will be able to shop for their energy suppliers, Conectiv will
continue to deliver that energy, maintain the wires and poles, and provide
emergency service," said Shaw.


                                     (more)
   3
Page 3 /Conectiv Restructuring Decision Announced

The ruling allows Conectiv to fully recover approximately $800 million of
stranded costs associated with the non-utility generation contracts. Conectiv
announced in May that it would divest its base-load generating facilities. The
stranded cost associated with the generation stations to be sold, previously
estimated to be about $400 million, will be determined through the sale and also
will be fully recoverable.

The company will transfer its remaining New Jersey generation to an unregulated
subsidiary, and if those facilities are sold within the four-year transition
period, net gains will be shared by customers and shareholders.

In addition, the Board's decision supports full securitization of stranded costs
associated with restructuring or buyout of non-utility generating contracts and
the divested generation.

Conectiv, formed through the merger involving Atlantic Energy, Inc. and Delmarva
Power & Light Company, is the parent company for Conectiv Power Delivery, a
regulated energy provider that provides electric service to almost 1 million
customers, including 480,000 in southern New Jersey.

FORWARD-LOOKING STATEMENTS

         The Private Securities Litigation Reform Act of 1995 (the "Litigation
Reform Act") provides a "safe harbor" for forward-looking statements to
encourage such disclosures without the threat of litigation, provided those
statements are identified as forward-looking and are accompanied by meaningful,
cautionary statements identifying important factors that could cause the actual
results to differ materially from those projected in the statement.
Forward-looking statements have been made in this Press Release. Such statements
are based on beliefs of Conectiv's (the "Company's") management ("Management")
as well as assumptions made by and information currently available to
Management. When used herein, the words "will," "anticipate," "estimate,"
"expect," "objective," and similar expressions are intended to identify
forward-looking statements. In addition to any assumptions and other factors
referred to specifically in connection with such forward-looking statements,
factors that could cause actual results to differ materially from those
contemplated in any forward-looking statements include, among others, the
following:


                                     (more)
   4
Page 4/ Conectiv Restructuring Decision Announced

deregulation of energy supply and telecommunications; the unbundling of delivery
services; and increasingly competitive energy and telecommunications
marketplace; results of any asset dispositions; sales retention and growth;
federal and state regulatory actions; future litigation results; cost of
construction; operating restrictions; increased costs and construction delays
attributable to environmental regulations; nuclear decommissioning and the
availability of reprocessing and storage facilities for spent nuclear fuel; and
credit market concerns. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The foregoing list of factors pursuant
to the Litigation Reform Act should not be construed as exhaustive or as
admission regarding the adequacy of disclosures made prior to the effective date
of the Litigation Reform Act.

                                www.conectiv.com

                                       ###