SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                               -------------------

                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934




Date of Report (date of
earliest event reported):                   July 17, 1998



Commission     Registrant, State of Incorporation,            I.R.S. Employer
File Number    Address and Telephone Number                   Identification No.
-----------    ----------------------------                   ------------------

1-6047         GPU, Inc.                                          13-5516989
                   (a Pennsylvania corporation)
                   300 Madison Avenue
                   Morristown, New Jersey 07962-1911
                   Telephone (973) 455-8200

1-3141         Jersey Central Power & Light Company              21-0485010
                   (a New Jersey corporation)
                   2800 Pottsville Pike
                   Reading, Pennsylvania 19605
                   Telephone (610) 929-3601

1-446          Metropolitan Edison Company                        23-0870160
                   (a Pennsylvania corporation)
                   2800 Pottsville Pike
                   Reading, Pennsylvania 19605
                   Telephone (610) 929-3601

1-3522         Pennsylvania Electric Company                      25-0718085
                   (a Pennsylvania corporation)
                   2800 Pottsville Pike
                   Reading, Pennsylvania 19605
                   Telephone (610) 929-3601



<PAGE>



ITEM 5. OTHER EVENTS.
        -------------
        As previously  reported,  GPU has stated that it would consider  selling
the Three Mile Island Unit No. 1 nuclear generation station ("TMI-1"),  a 786 MW
generating  facility jointly owned by GPU's utility  subsidiaries ("GPU Energy")
as follows:  Jersey  Central Power & Light Company  (25%);  Metropolitan  Edison
Company (50%); and Pennsylvania Electric Company (25%).
TMI-1 is operated by GPU's affiliate, GPU Nuclear, Inc.

        On July 17,  1998,  GPU  announced  that it had entered into a Letter of
Intent to sell TMI-1 to AmerGen Energy Company LLC, a joint venture between PECO
Energy and British Energy. The Letter of Intent initiates a 90-day period during
which GPU and AmerGen  will seek to  negotiate a  definitive  agreement  for the
purchase and sale of TMI-1 and AmerGen would  complete its due diligence  review
of the TMI-1 facility.

        The final  purchase  and sale  agreement  will require that all required
regulatory  approvals  and tax  rulings  be  received  within  24  months of the
execution of that agreement.

Terms of the Sale
-----------------

The Letter of Intent uses  December  31, 1999 as an assumed  date for  financial
closing of the sale.  For  certain  items,  an  adjustment  would be made if the
financial  closing occurs on a different date. (GPU expects that at December 31,
1999,  TMI-1  will  have a book  value  of  $593  million  net of  depreciation,
including $77 million of nuclear fuel.)

        1.     Cash Purchase Price:

         The total cash purchase price for TMI-1,  including the nuclear fuel in
the reactor, will be $100.6 million plus certain contingent future payments. The
cash purchase price will be as follows:

                -     At financial closing, AmerGen will pay GPU $23 million for
                the plant;

                - AmerGen will pay GPU $77.6 million for the nuclear fuel in the
                reactor.  These  payments  will be made  annually  in five equal
                installments of $15.2 million starting on December 31, 2000.

                                             -2-


<PAGE>



        2.     Contingent Payments:

         AmerGen  would also make  certain  contingent  payments  to GPU for the
period January 1, 2002 through December 31, 2010 as follows:


                - If the Actual Market Price (to be agreed  upon),  for capacity
                and energy,  for any year is less than the Market Price Cap, the
                Deal Strike Price Adjustment will be as follows:  (Actual Market
                Price at TMI - Deal Strike Price) x 786 MW (TMI-1's  capacity) x
                7,884 (a 90% capacity factor) x .65 (a sharing mechanism);

                - If the Actual  Market  Price for  capacity  and energy for any
                year is greater than the Market Price Cap, the Deal Strike Price
                Adjustment  will be as follows:  (Market Price Cap - Deal Strike
                Price) x 786 MW x 7,884 x .65;

                - If the Actual  Market  Price for  capacity  and energy for any
                year is less than the Deal Strike Price,  the difference will be
                credited  against  any future  adjustment  payments  which would
                otherwise be due to GPU;

                -     In no event  would GPU be required  to make an  adjustment
                payment  to AmerGen;

                -  While  the  formula  is not  modified  for the  actual  TMI-1
                capacity factor during this period, AmerGen would be entitled to
                relief for certain force majeure events;

                -     The Market Price Cap is as follows:

                                      2002              29.54
                                      2003              30.89
                                      2004              32.28
                                      2005              33.66
                                      2006              34.41
                                      2007              35.21
                                      2008              35.74
                                      2009              36.36
                                      2010              27.41

                - If the Actual  Market  Price for TMI-1's  energy and  capacity
                were to meet or  exceed  the  Market  Price  Cap in every  year,
                AmerGen would pay GPU an additional approximately $80 million.

                                             -3-


<PAGE>


        3.     Purchase Power Agreement:

         GPU will  purchase  energy and capacity from TMI-1 from January 1, 2000
through December 31, 2001 at the following rates:

                -     From  January 1, 2000  through  December  31,  2000,  GPU 
                will  purchase TMI-1's energy and capacity for $26.78/Mwh;

                - From January 1, 2001 through  December 31, 2001,  the purchase
                price will be $28.26/Mwh.


        4.     Decommissioning Liability:

        At  closing,   GPU  will  make   additional   deposits  into  the  TMI-1
decommissioning trusts to bring the trust totals to $320 million. If these trust
funds can not be  transferred  to AmerGen in a  tax-efficient  manner,  GPU will
maintain  the funds for  AmerGen's  benefit  until  they can be  transferred  to
AmerGen.

        In 1995, a consultant to GPU performed a site-specific study to estimate
the  decommissioning   cost  for  TMI-1.  The  consultant's  cost  estimate  for
radiological  decommissioning and non-radiological  cost of removal expressed in
1997 dollars was $409 million.

        Following the closing,  AmerGen will have all  liability and  obligation
for all decommissioning cost liabilities and expenses for TMI-1.

        5. TMI-2:

        GPU will continue to own and hold the NRC license for Three Mile Island
Unit No. 2. No liability for Unit No. 2 or its  decommissioning  will be assumed
by AmerGen.  AmerGen will,  however,  provide ongoing monitoring and maintenance
services for Unit No. 2 following the closing for a fee.

        6.     Employees:

        AmerGen  would  employ  all GPU  Nuclear  employees  located at TMI-1 at
financial   closing.   AmerGen  may  also  offer   positions  to  GPU  Nuclear's
headquarters   staff.  GPU  will  be  responsible  for  all  severance  payments
associated  with  these  employees  for a one year  period  following  financial
closing.

        For those GPU employees retained by AmerGen,  AmerGen will adopt pension
and other employee  benefit plans that will provide similar  benefits to the GPU
plans. GPU will be responsible for

                                             -4-


<PAGE>



any enhanced  benefits for these  employees as part of a GPU Nuclear  retirement
protection program.


        AmerGen will accept the current collective bargaining agreement covering
TMI-1 union employees.

        7.     Approvals:

        The final  purchase and sale  agreement  will require the receipt of all
necessary  federal and state  regulatory  approvals prior to financial  closing,
including from the Nuclear Regulatory Commission,  the Federal Energy Regulatory
Commission,  the Securities and Exchange  Commission,  the  Pennsylvania  Public
Utility  Commission and the New Jersey Board of Public  Utilities.  In addition,
certain rulings from the Internal  Revenue Service ("IRS") or changes to the IRS
regulations  and/or the Internal Revenue Code will be necessary with respect to,
among other things, the maintenance or transfer of the decommissioning trusts at
the closing.

        Among  other  things,  the  regulatory   approvals  must  be  reasonably
satisfactory to the parties and contain no terms or conditions  which would have
a  material  adverse  effect  on TMI-1 or the  cost of the  transaction  to GPU,
including GPU's full recovery of TMI-1 decommissioning costs.

        There  can  be no  assurance  as to  the  outcome  of  these  regulatory
proceedings.

        A copy of GPU's Energy related news release is annexed as an exhibit.

ITEM 7. Financial Statements, Pro Forma Financial Information                   
        and Exhibits.

        (c) Exhibits.

               1.     GPU News Release, dated July 17, 1998.


                                             -5-


<PAGE>


                                    SIGNATURE
                                    ---------

        PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANTS  HAVE DULY CAUSED  THIS  REPORT TO BE SIGNED ON THEIR  BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.


                                    GPU, INC.
                                    JERSEY CENTRAL POWER & LIGHT COMPANY
                                    METROPOLITAN EDISON COMPANY
                                    PENNSYLVANIA ELECTRIC COMPANY


                                    By: /s/ T. G. Howson
                                        -------------------------------
                                        T. G. Howson, Vice President
                                        and Treasurer


Date:   July 17, 1998
[{"type": "8-K", "sequence": "1", "description": "CO-REGISTRANT GPU, INC., JCP&L, MET-ED AND PENELEC", "secsgml_size_bytes": 10937}]
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SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                               -------------------

                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of
earliest event reported):                   July 17, 1998

Commission     Registrant, State of Incorporation,            I.R.S. Employer
File Number    Address and Telephone Number                   Identification No.
-----------    ----------------------------                   ------------------

1-6047         GPU, Inc.                                          13-5516989
                   (a Pennsylvania corporation)
                   300 Madison Avenue
                   Morristown, New Jersey 07962-1911
                   Telephone (973) 455-8200

1-3141         Jersey Central Power & Light Company              21-0485010
                   (a New Jersey corporation)
                   2800 Pottsville Pike
                   Reading, Pennsylvania 19605
                   Telephone (610) 929-3601

1-446          Metropolitan Edison Company                        23-0870160
                   (a Pennsylvania corporation)
                   2800 Pottsville Pike
                   Reading, Pennsylvania 19605
                   Telephone (610) 929-3601

1-3522         Pennsylvania Electric Company                      25-0718085
                   (a Pennsylvania corporation)
                   2800 Pottsville Pike
                   Reading, Pennsylvania 19605
                   Telephone (610) 929-3601
ITEM 5. OTHER EVENTS.
        -------------
        As previously  reported,  GPU has stated that it would consider  selling
the Three Mile Island Unit No. 1 nuclear generation station ("TMI-1"),  a 786 MW
generating  facility jointly owned by GPU's utility  subsidiaries ("GPU Energy")
as follows:  Jersey  Central Power & Light Company  (25%);  Metropolitan  Edison
Company (50%); and Pennsylvania Electric Company (25%).
TMI-1 is operated by GPU's affiliate, GPU Nuclear, Inc.

        On July 17,  1998,  GPU  announced  that it had entered into a Letter of
Intent to sell TMI-1 to AmerGen Energy Company LLC, a joint venture between PECO
Energy and British Energy. The Letter of Intent initiates a 90-day period during
which GPU and AmerGen  will seek to  negotiate a  definitive  agreement  for the
purchase and sale of TMI-1 and AmerGen would  complete its due diligence  review
of the TMI-1 facility.

        The final  purchase  and sale  agreement  will require that all required
regulatory  approvals  and tax  rulings  be  received  within  24  months of the
execution of that agreement.

Terms of the Sale
-----------------

The Letter of Intent uses  December  31, 1999 as an assumed  date for  financial
closing of the sale.  For  certain  items,  an  adjustment  would be made if the
financial  closing occurs on a different date. (GPU expects that at December 31,
1999,  TMI-1  will  have a book  value  of  $593  million  net of  depreciation,
including $77 million of nuclear fuel.)

        1.     Cash Purchase Price:

         The total cash purchase price for TMI-1,  including the nuclear fuel in
the reactor, will be $100.6 million plus certain contingent future payments. The
cash purchase price will be as follows:

                -     At financial closing, AmerGen will pay GPU $23 million for
                the plant;

                - AmerGen will pay GPU $77.6 million for the nuclear fuel in the
                reactor.  These  payments  will be made  annually  in five equal
                installments of $15.2 million starting on December 31, 2000.

                                             -2-
2.     Contingent Payments:

         AmerGen  would also make  certain  contingent  payments  to GPU for the
period January 1, 2002 through December 31, 2010 as follows:

                - If the Actual Market Price (to be agreed  upon),  for capacity
                and energy,  for any year is less than the Market Price Cap, the
                Deal Strike Price Adjustment will be as follows:  (Actual Market
                Price at TMI - Deal Strike Price) x 786 MW (TMI-1's  capacity) x
                7,884 (a 90% capacity factor) x .65 (a sharing mechanism);

                - If the Actual  Market  Price for  capacity  and energy for any
                year is greater than the Market Price Cap, the Deal Strike Price
                Adjustment  will be as follows:  (Market Price Cap - Deal Strike
                Price) x 786 MW x 7,884 x .65;

                - If the Actual  Market  Price for  capacity  and energy for any
                year is less than the Deal Strike Price,  the difference will be
                credited  against  any future  adjustment  payments  which would
                otherwise be due to GPU;

                -     In no event  would GPU be required  to make an  adjustment
                payment  to AmerGen;

                -  While  the  formula  is not  modified  for the  actual  TMI-1
                capacity factor during this period, AmerGen would be entitled to
                relief for certain force majeure events;

                -     The Market Price Cap is as follows:

                                      2002              29.54
                                      2003              30.89
                                      2004              32.28
                                      2005              33.66
                                      2006              34.41
                                      2007              35.21
                                      2008              35.74
                                      2009              36.36
                                      2010              27.41

                - If the Actual  Market  Price for TMI-1's  energy and  capacity
                were to meet or  exceed  the  Market  Price  Cap in every  year,
                AmerGen would pay GPU an additional approximately $80 million.

                                             -3-
3.     Purchase Power Agreement:

         GPU will  purchase  energy and capacity from TMI-1 from January 1, 2000
through December 31, 2001 at the following rates:

                -     From  January 1, 2000  through  December  31,  2000,  GPU 
                will  purchase TMI-1's energy and capacity for $26.78/Mwh;

                - From January 1, 2001 through  December 31, 2001,  the purchase
                price will be $28.26/Mwh.

        4.     Decommissioning Liability:

        At  closing,   GPU  will  make   additional   deposits  into  the  TMI-1
decommissioning trusts to bring the trust totals to $320 million. If these trust
funds can not be  transferred  to AmerGen in a  tax-efficient  manner,  GPU will
maintain  the funds for  AmerGen's  benefit  until  they can be  transferred  to
AmerGen.

        In 1995, a consultant to GPU performed a site-specific study to estimate
the  decommissioning   cost  for  TMI-1.  The  consultant's  cost  estimate  for
radiological  decommissioning and non-radiological  cost of removal expressed in
1997 dollars was $409 million.

        Following the closing,  AmerGen will have all  liability and  obligation
for all decommissioning cost liabilities and expenses for TMI-1.

        5. TMI-2:

        GPU will continue to own and hold the NRC license for Three Mile Island
Unit No. 2. No liability for Unit No. 2 or its  decommissioning  will be assumed
by AmerGen.  AmerGen will,  however,  provide ongoing monitoring and maintenance
services for Unit No. 2 following the closing for a fee.

        6.     Employees:

        AmerGen  would  employ  all GPU  Nuclear  employees  located at TMI-1 at
financial   closing.   AmerGen  may  also  offer   positions  to  GPU  Nuclear's
headquarters   staff.  GPU  will  be  responsible  for  all  severance  payments
associated  with  these  employees  for a one year  period  following  financial
closing.

        For those GPU employees retained by AmerGen,  AmerGen will adopt pension
and other employee  benefit plans that will provide similar  benefits to the GPU
plans. GPU will be responsible for

                                             -4-
any enhanced  benefits for these  employees as part of a GPU Nuclear  retirement
protection program.

        AmerGen will accept the current collective bargaining agreement covering
TMI-1 union employees.

        7.     Approvals:

        The final  purchase and sale  agreement  will require the receipt of all
necessary  federal and state  regulatory  approvals prior to financial  closing,
including from the Nuclear Regulatory Commission,  the Federal Energy Regulatory
Commission,  the Securities and Exchange  Commission,  the  Pennsylvania  Public
Utility  Commission and the New Jersey Board of Public  Utilities.  In addition,
certain rulings from the Internal  Revenue Service ("IRS") or changes to the IRS
regulations  and/or the Internal Revenue Code will be necessary with respect to,
among other things, the maintenance or transfer of the decommissioning trusts at
the closing.

        Among  other  things,  the  regulatory   approvals  must  be  reasonably
satisfactory to the parties and contain no terms or conditions  which would have
a  material  adverse  effect  on TMI-1 or the  cost of the  transaction  to GPU,
including GPU's full recovery of TMI-1 decommissioning costs.

        There  can  be no  assurance  as to  the  outcome  of  these  regulatory
proceedings.

        A copy of GPU's Energy related news release is annexed as an exhibit.

ITEM 7. Financial Statements, Pro Forma Financial Information                   
        and Exhibits.

        (c) Exhibits.

               1.     GPU News Release, dated July 17, 1998.

                                             -5-
SIGNATURE
                                    ---------

        PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANTS  HAVE DULY CAUSED  THIS  REPORT TO BE SIGNED ON THEIR  BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.

                                    GPU, INC.
                                    JERSEY CENTRAL POWER & LIGHT COMPANY
                                    METROPOLITAN EDISON COMPANY
                                    PENNSYLVANIA ELECTRIC COMPANY

                                    By: /s/ T. G. Howson
                                        -------------------------------
                                        T. G. Howson, Vice President
                                        and Treasurer

Date:   July 17, 1998