FS-4 Page 1 of 2
Conectiv Thermal Systems, Inc. Consolidated Balance Sheet (Dollars in Thousands) (Unaudited)
ASSETS			As of June 30, 2002
Current Assets
	Cash and cash equivalents		*
	Accounts receivable		*
	Inventories, at average cost
		Fuel (coal, oil and gas)	*
		Materials and supplies	*
	Income tax benefit receivable		*
	Other prepayments		*
			*
Investments
	Funds held by trustee		*
Property, Plant and Equipment
	Property, plant and equipment		*
	Less: Accumulated depreciation		*
	Net Plant		*
	Construction work-in-progress		*
			*
Deferred Charges and Other Assets
	Unamortized debt expense		*
	License fees		*
	Other		*
			*
Total Assets			*
LIABILITIES AND OWNER'S EQUITY
Current Liabilities
	Accounts payable		*
	Accounts payable to associated companies		*
	Interest accrued		*
	Other		*
			*
Deferred Credits and Other Liabilities
	Pension and OPEB		*
	Deferred income taxes, net		*
	Other		*
			*
Capitalization
	Additional paid-in capital		*
	Retained deficit		*
	Conectiv money pool loan		*
		Total equity	*
	Variable rate demand bonds (1)		*
		Total capitalization	*
Total Capitalization and Liabilities			*
(1) Classified as current liability for external reporting
* Filed under request for confidential treatment pursuant to Rule 104(b) of the Public Utility Holding Company Act of 1935.

FS-4 Page 2 of 2
Conectiv Thermal Systems, Inc. Consolidated Statements of Income (Dollars in Thousands) (Unaudited)
		Six Months Ended June 30, 2002
OPERATING REVENUES		*
OPERATING EXPENSES
	Cost of sales	*
	Operation and maintenance	*
	Depreciation and amortization	*
	Taxes other than income taxes	*
		*
OPERATING INCOME		*
OTHER INCOME		*
INTEREST EXPENSE
	Interest charges	*
	Allowance for borrowed funds used during    construction and capitalized interest	*
		*
INCOME BEFORE INCOME TAXES		*
INCOME TAXES		*
NET INCOME		*
* Filed under request for confidential treatment pursuant to Rule 104(b) of the Public Utility Holding Company Act of 1935.