FS-15 Page 1 of 2
CONECTIV PRO FORMA CONSOLIDATED BALANCE SHEETS (Dollars in Millions) (Unaudited)
			June 30, 2003	Pro Forma Adjustments	Pro Forma
ASSETS
Current Assets
	Cash and cash equivalents		$     66.0	$                 -	$     66.0
	Restricted cash		6.1	-	6.1
	Marketable securities		1.4	-	1.4
	Restricted funds held by trustee		28.1	-	28.1
	Accounts receivable, less allowance for      uncollectible accounts of $21.1 and $29.4		606.1	-	606.1
	Fuel, materials and supplies - at average cost		123.3	-	123.3
	Prepaid expenses and other		58.9	-	58.9
		Total Current Assets	889.9	-	889.9
Investments and Other Assets
	Goodwill		313.1	-	313.1
	Regulatory assets, net		1,171.3	-	1,171.3
	Investment in finance leases		-	-	-
	Prepaid pension costs		95.6	-	95.6
	Other		184.5	-	184.5
		Total Investments and Other Assets	1,764.5	-	1,764.5
Property, Plant and Equipment
	Property, plant and equipment		6,042.1	-	6,042.1
	Accumulated depreciation		(2,069.5)	-	(2,069.5)
		Net Property, Plant, and Equipment	3,972.6	-	3,972.6
Total Assets			$ 6,627.0	$                 -	$ 6,627.0

FS-15 Page 2 of 2
CONECTIV PRO FORMA CONSOLIDATED BALANCE SHEETS (Dollars in Millions) (Unaudited)
			June 30, 2003	Pro Forma Adjustments		Pro Forma
CAPITALIZATION AND LIABILITIES
Current Liabilities
	Short-term debt		$ 1,678.0	$  (66.8)	(1)	$  1,611.2
	Accounts payable and accrued payroll		306.8	-		306.8
	Capital lease obligations due within one year		0.2	-		0.2
	Interest and taxes accrued		39.2	-		39.2
	Derivative instruments		118.6	-		118.6
	Other		173.9	-		173.9
		Total Current Liabilities	2,316.7	(66.8)		2,249.9
Deferred Credits
	Income taxes		964.6	-		964.6
	Investment tax credits		44.7	-		44.7
	Other postretirement benefits obligation		90.3	-		90.3
	Other		168.2	-		168.2
		Total Deferred Credits	1,267.8	-		1,267.8
Long-Term Debt and Capital Lease Obligations
	Long-term debt		1,663.2	136.8	(2)	1,800.0
	Capital lease obligations		0.5	-		0.5
		Total Long-Term Debt and Capital Lease Obligations	1,663.7	136.8		1,800.5
Company Obligated Mandatorily Redeemable Preferred     Securities Of Subsidiary Trust Which Holds Solely     Parent Junior Subordinated Debentures			95.0	-		95.0
Preferred Stock
	Redeemable serial preferred stock		27.9	-		27.9
Commitments and Contingencies
Shareholders' Equity
	Common stock
	Premium on stock and other capital contributions		1,132.5	-		1,132.5
	Capital stock expense		(7.0)	-		(7.0)
	Accumulated other comprehensive loss		(5.7)	-		(5.7)
	Retained income		136.1	(70.0)	(3)	66.1
		Total Shareholders' Equity	1,255.9	(70.0)		1,185.9
Total Capitalization and Liabilities			$  6,627.0	$          -		$  6,627.0