UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                                    FORM 8-K



                                 CURRENT REPORT




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




                                  June 22, 2000
                                (Date of earliest
                                 event reported)



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




          PENNSYLVANIA                1-1401              23-0970240
        (State or other                (SEC              (IRS Employer
        jurisdiction of             file number)         Identification
         incorporation)                                      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 June 22, 2000 the Company issued the following press release:

PENNSYLVANIA PUC UNANIMOUSLY APPROVES
PECO ENERGY'S MERGER WITH UNICOM

Philadelphia,  Pa., June 22, 2000 - The Pennsylvania  Public Utility  Commission
today unanimously  approved the proposed merger between PECO Energy Company,  of
Philadelphia, and Unicom Corporation, of Chicago.

The vote was 5-0.

Corbin A. McNeill, Jr., chairman,  president and CEO of PECO Energy, and John W.
Rowe, chairman, president and CEO of Unicom, said they were pleased with the PUC
approval, as it takes the merger one step closer to completion. They will become
co-CEOs of the new Exelon Corporation.

The PUC approval  followed the submission on March 24, 2000, by PECO Energy of a
joint  petition for  settlement  reached with various  parties to the  Company's
proceedings before the PUC involving the merger.

The settlement  agreement provides  comprehensive  customer benefits,  including
$200 million in rate reductions from 2002 through 2005, an 18-month extension on
existing  energy  delivery rate caps, an additional $3 million for service funds
that assist low-income  households,  quality service  benchmarks and performance
measurement criteria for electric reliability and customer service, a nearly $20
million   investment  to  support  the  development  of  wind  and  solar  power
generation,   and  several   provisions  that  will  further  promote   electric
competition in Pennsylvania.

Additionally  the  Company  committed,  through  January  1,  2008,  to keep its
distribution headquarters in Philadelphia, retain employment at the headquarters
at not less  than  1,100  and  maintain  charitable  and  community  development
contributions at least at current levels.

In addition to the  Pennsylvania  PUC, the merger also has been  approved by the
Federal Energy Regulatory Commission, the Department of Justice and the Illinois
Commerce Commission.

Additional regulatory review and approvals of the merger include shareholders of
both  companies,  the  Nuclear  Regulatory  Commission  and the  Securities  and
Exchange Commission. Target date for closing the merger remains September, 2000.












                                   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/ Jean H. Gibson
                                        ---------------------------
                                        Vice President & Controller


June 22, 2000