FORM 8-K





                  SECURITIES AND EXCHANGE COMMISSION



                        Washington, D.C.  20549

                            CURRENT REPORT


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



Date of Report               September 19, 1994                      



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



       PENNSYLVANIA                1-1401                23-0970240    
(State or other jurisdiction      (Commission           (IRS Employer
       or incorporation)           file number)         Identification
                                                            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 September 19, 1994, PECO Energy Company issued the
following press release:

PECO Energy reported today that approximately 2,500 of its 9,300 employees
have elected to take advantage of the Company's voluntary
retirement/separation programs.

The precise number of employees accepting the programs and the resultant
charge against 1994 Company earnings for the cost of the programs and ongoing
savings from reduced employee levels will be announced next week after the
expiration of the seven day period that some employees still have to revoke
their decisions.

The Company also reported that due to the extent of acceptance by its
employees, it may be necessary to hire some replacements in some areas of the
Company's operations.

The Company announced both programs in April as part of PECO Energy's
continuing cost reduction efforts.

Employees were able to make decisions for the voluntary retirement/separation
programs between July 5 and September 16, 1994.













                          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/ M. W. RIMERMAN         

                                         M. W. Rimerman
                                   
                                   Vice President - Finance
                                         and Treasurer     


        September 19, 1994