Peco Energy Co

Pennsylvania Utility Rejects $3.8-Billion Takeover Proposal: PP&L Resources Inc., the parent of Pennsylvania Power & Light Co., said it rejected the unsolicited acquisition bid from PECO Energy Co. "The acquisition wouldn't serve any of our constituents--shareholders, customers, employees or the communities we serve," PP&L Chairman William Hecht said. "We can grow shareholder value without this merger. We are considering other options," he added without elaborating.

Unicom Corp., parent of Commonwealth Edison Co., is merging with Peco Energy Co. of Pennsylvania in an $8.2-billion deal that would create the nation's largest electric utility. The new company would also be one of the nation's largest nuclear power generators. The companies said the merger could result in the loss of about 1,100 jobs, or about 5% of the combined work force of 22,500 people.

Unicom Corp., parent of Commonwealth Edison Co., is merging with Peco Energy Co. of Pennsylvania in an $8.2-billion deal that would create the nation's largest electric utility. The new company would also be one of the nation's largest nuclear power generators. The companies said the merger could result in the loss of about 1,100 jobs, or about 5% of the combined work force of 22,500 people.

A joint venture by Peco Energy Co. and British Energy said it will buy the lone operating reactor at the Three Mile Island power plant, site of the worst U.S. nuclear accident, for $100 million in cash. Only one of the two reactors at the plant near Harrisburg, Pa., is working. Three Mile Island's owner, GPU Inc., will continue to own the reactor ruined by the 1979 accident. That reactor came within one hour of a complete meltdown and a release of fatal doses of radiation into the atmosphere.

A joint venture by Peco Energy Co. and British Energy said it will buy the lone operating reactor at the Three Mile Island power plant, site of the worst U.S. nuclear accident, for $100 million in cash. Only one of the two reactors at the plant near Harrisburg, Pa., is working. Three Mile Island's owner, GPU Inc., will continue to own the reactor ruined by the 1979 accident. That reactor came within one hour of a complete meltdown and a release of fatal doses of radiation into the atmosphere.

Two big utilities announced plans Monday to buy neighboring power companies, speeding the consolidation of an industry that has found itself fighting for customers. Philadelphia-based Peco Energy Co. is threatening a $3.8-billion hostile takeover of PP&L Resources Inc. of Allentown, Pa. And, in a friendly deal, Union Electric Co. of St. Louis said it has an agreement to buy Central Illinois Public Service Co. of Springfield, Ill., for $1.2 billion.

A tornado plowed through two suburban areas of Philadelphia, killing three people and injuring more than 30 others, authorities said. At least 15 homes were destroyed and 15 heavily damaged when the storm struck a housing development in Limerick Township, about 25 miles northwest of Philadelphia, just before midnight Wednesday, officials said. Seven other homes were severely damaged in neighboring Chester County, where the storm hit first.

Hospitals, hotels and thousands of homes in downtown Philadelphia lost power after a water main break flooded an electric substation, authorities said. About 26,000 customers were affected, and some 14,000 remained without power, Peco Energy Co. spokeswoman Cathy Engel said. Pennsylvania Hospital canceled all surgeries, while also running on emergency generators. All critical machines were still functioning, said hospital spokeswoman Olivia Fermano.

The U.S. Department of Agriculture will send investigators to slaughterhouses next week to search for the source of contaminated beef that led to the nation's largest recall of meat. . . Peco Energy Co. and British Energy said they have formed a joint venture, AmGen Energy Co., to buy and operate nuclear plants in the United States.

A gas main attached to a bridge crossing the Pennsylvania Turnpike ruptured, forcing the evacuation of two shopping centers and an elementary school and closing the road in both directions for several hours. No injuries were reported. The busy toll road was closed for seven miles north of Philadelphia and reopened in time for the afternoon commute. "In all of my years, I have never heard of a gas main break along one of our bridge abutments," said Peco Energy Co. spokesman Michael Wood.

Pennsylvania Utility Rejects $3.8-Billion Takeover Proposal: PP&L Resources Inc., the parent of Pennsylvania Power & Light Co., said it rejected the unsolicited acquisition bid from PECO Energy Co. "The acquisition wouldn't serve any of our constituents--shareholders, customers, employees or the communities we serve," PP&L Chairman William Hecht said. "We can grow shareholder value without this merger. We are considering other options," he added without elaborating.

Two big utilities announced plans Monday to buy neighboring power companies, speeding the consolidation of an industry that has found itself fighting for customers. Philadelphia-based Peco Energy Co. is threatening a $3.8-billion hostile takeover of PP&L Resources Inc. of Allentown, Pa. And, in a friendly deal, Union Electric Co. of St. Louis said it has an agreement to buy Central Illinois Public Service Co. of Springfield, Ill., for $1.2 billion.

Two utility companies said they are joining forces with AT&T Corp. and ADT Inc. to provide one-stop shopping for an array of utility, telephone, Internet and other household services that would eventually be bundled on one monthly bill. The venture, named EnergyOne, will spend $10 million this year promoting itself nationally. Jointly owned by UtiliCorp United of Kansas City, Mo., and Peco Energy Co.

Peco Energy Co. and British Energy said they formed a joint venture to buy and operate nuclear plants in the United States. Each company will hold a 50% stake in the venture, AmGen Energy Co. AmGen is in talks with "a number of organizations" in the U.S. and intends to build "a national portfolio of nuclear generation assets," Smith said. Power markets in the U.S. and Britain are headed toward greater competition.