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<TITLE>Current Report on Form 8-K</TITLE>
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<B><FONT SIZE=3><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">FORM 8-K</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">CURRENT REPORT</B></FONT></TD>
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<B><FONT SIZE=3><P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of <BR>
The Securities Exchange Act of 1934</P>
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<FONT SIZE=3><P ALIGN="CENTER">Date of Report (Date of earliest event reported):  <B><U>May 19, 2006</B></U></FONT></TD>
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<U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DELMARVA POWER &amp; LIGHT COMPANY</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>(Exact name of registrant as specified in its charter)</FONT></TD>
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<B><U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware and Virginia&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</B></U>(State or other jurisdiction<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of incorporation)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<B><U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;001-01405&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U><BR>
(Commission<BR>
File Number)</FONT></TD>
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<B><U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;51-0084283&nbsp;&nbsp;&nbsp;&nbsp;</B><BR>
</U>(IRS Employer <BR>
Identification No.)</FONT></TD>
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<B><U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 King Street, P.O. Box 231, Wilmington, DE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><BR>
</U>(Address of principal executive offices)</FONT></TD>
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<B><U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19899&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;<BR>
</U>(Zip Code)</FONT></TD>
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<FONT SIZE=3><P ALIGN="CENTER">Registrant's telephone number, including area code &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>(202) 872-3526</B></U></FONT></TD>
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<B><U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><BR>
</U>(Former name or former address, if changed since last report.)</FONT></TD>
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<FONT SIZE=3><P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></TD>
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<FONT FACE="Wingdings" SIZE=3><P ALIGN="CENTER">&#111;</FONT></TD>
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<FONT SIZE=3><P>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
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<FONT FACE="Wingdings" SIZE=3><P ALIGN="CENTER">&#111;</FONT></TD>
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<FONT SIZE=3><P>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
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<FONT FACE="Wingdings" SIZE=3><P ALIGN="CENTER">&#111;</FONT></TD>
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<FONT SIZE=3><P>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></TD>
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<FONT FACE="Wingdings" SIZE=3><P ALIGN="CENTER">&#111;</FONT></TD>
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<FONT SIZE=3><P>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD>
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<B><P ALIGN="RIGHT">Delmarva Power &amp; Light Company<BR>
Form 8-K</B></TD>
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<B><P>Item 8.01</B></TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=3>
<B><P>Other Events.</B></TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=3>
<U><P>Maryland Customer Electricity Cost Increase Deferral</U></TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=3>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously disclosed, the Maryland Public Service Commission ("MPSC") approved a settlement agreement on April 21, 2006, Delmarva Power &amp; Light Company ("DPL"), the staff of the MPSC, and the Maryland Office of People's Counsel.  The settlement agreement provides for a rate mitigation program for DPL's residential customers to address recent significant increases in electricity costs.</TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through May 17, 2006, less than 1% of DPL's customers have elected to participate in the deferral program.</TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<U><P>Delaware Customer Electricity Cost Increase Deferral</U></TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=3>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously disclosed, the State of Delaware on April 6, 2006, enacted legislation that provides for a deferral of the impact of recent significant increases in electricity costs.</TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through May 17, 2006, approximately 50% of DPL's residential customers in Delaware have opted out of the deferral program.</TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=3>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As DPL has continued to work through the details of implementing this program, it has determined that the aggregate amount of the deferred customer payments will be included in revenues and taxable income sooner than originally believed, and, accordingly, the deferral program will not result in a temporary tax timing benefit as previously disclosed.</TD>
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<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP" COLSPAN=3>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a revised table showing the estimated maximum customer deferral balances and the estimated total interest expense, net of taxes, at various levels of assumed customer participation in the customer deferral program based on a projected interest cost of 5% accrued over the combined 37-month deferral and recovery period.  This table revises the table set forth in DPL's Form 10-Q for the quarter ended March&nbsp;31, 2006.</TD>
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<P ALIGN="CENTER">Customer<U><BR>
Participation Rate<BR>
</U></TD>
<TD WIDTH="31%" VALIGN="BOTTOM">
<P ALIGN="CENTER">Estimated Maximum <U><BR>
Customer Deferral Balance</U><BR>
(millions)</TD>
<TD WIDTH="29%" VALIGN="BOTTOM">
<P ALIGN="CENTER">Estimated Total Interest<BR>
<U>Expense, Net of Taxes</U><BR>
(millions)</TD>
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<P ALIGN="CENTER">100%</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="CENTER">$109</TD>
<TD WIDTH="29%" VALIGN="TOP">
<P ALIGN="CENTER">$6</TD>
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<P ALIGN="CENTER">75%</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="CENTER">$82</TD>
<TD WIDTH="29%" VALIGN="TOP">
<P ALIGN="CENTER">$5</TD>
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<P ALIGN="CENTER">50%</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="CENTER">$55</TD>
<TD WIDTH="29%" VALIGN="TOP">
<P ALIGN="CENTER">$3</TD>
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<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="CENTER">25%</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="CENTER">$27</TD>
<TD WIDTH="29%" VALIGN="TOP">
<P ALIGN="CENTER">$2</TD>
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<FONT SIZE=1><P ALIGN="CENTER">- 2 -</P></UL>

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<B><P ALIGN="RIGHT">Delmarva Power &amp; Light Company<BR>
Form 8-K</B></TD>
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<B><P ALIGN="CENTER">SIGNATURES</B></TD>
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<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>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.</TD>
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<U><FONT SIZE=3><P>&nbsp;&nbsp;DELMARVA POWER &amp; LIGHT COMPANY&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</FONT></TD>
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<FONT SIZE=3><P>Date &nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;May 19, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="55%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=3><P>&nbsp;/s/ JOSEPH M. RIGBY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;Joseph M. Rigby<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</FONT></TD>
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Current Report on Form 8-K
UNITED STATES
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):
May 19, 2006
DELMARVA POWER & LIGHT COMPANY
(Exact name of registrant as specified in its charter)
Delaware and Virginia
(State or other jurisdiction
of incorporation)
001-01405
(Commission
File Number)
51-0084283
(IRS Employer
Identification No.)
800 King Street, P.O. Box 231, Wilmington, DE
(Address of principal executive offices)
19899
(Zip Code)
Registrant's telephone number, including area code
(202) 872-3526
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Delmarva Power & Light Company
Form 8-K
Item 8.01
Other Events.
Maryland Customer Electricity Cost Increase Deferral
As previously disclosed, the Maryland Public Service Commission ("MPSC") approved a settlement agreement on April 21, 2006, Delmarva Power & Light Company ("DPL"), the staff of the MPSC, and the Maryland Office of People's Counsel.  The settlement agreement provides for a rate mitigation program for DPL's residential customers to address recent significant increases in electricity costs.
Through May 17, 2006, less than 1% of DPL's customers have elected to participate in the deferral program.
Delaware Customer Electricity Cost Increase Deferral
As previously disclosed, the State of Delaware on April 6, 2006, enacted legislation that provides for a deferral of the impact of recent significant increases in electricity costs.
Through May 17, 2006, approximately 50% of DPL's residential customers in Delaware have opted out of the deferral program.
As DPL has continued to work through the details of implementing this program, it has determined that the aggregate amount of the deferred customer payments will be included in revenues and taxable income sooner than originally believed, and, accordingly, the deferral program will not result in a temporary tax timing benefit as previously disclosed.
Set forth below is a revised table showing the estimated maximum customer deferral balances and the estimated total interest expense, net of taxes, at various levels of assumed customer participation in the customer deferral program based on a projected interest cost of 5% accrued over the combined 37-month deferral and recovery period.  This table revises the table set forth in DPL's Form 10-Q for the quarter ended March 31, 2006.
Customer
Participation Rate
Estimated Maximum
Customer Deferral Balance
(millions)
Estimated Total Interest
Expense, Net of Taxes
(millions)
100%
$109
$6
75%
$82
$5
50%
$55
$3
25%
$27
$2
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Delmarva Power & Light Company
Form 8-K
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.
DELMARVA POWER & LIGHT COMPANY
(Registrant)
Date
May 19, 2006
/s/ JOSEPH M. RIGBY
Name:  Joseph M. Rigby
Title:    Senior Vice President and
Chief Financial Officer
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