Conectiv Corp is a power company with headquarters in Wilmington, Delaware. I've extracted the Year 2000 section from their most recent SEC 10-Q and included it below. The complete 10-Q can be read at:

http://www.sec.gov/Archives/edgar/data/1029590/0001036050-98-001908.txt

I've avoid adding my own emphasis so as to let the 10-Q speak for itself...

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YEAR 2000

The Year 2000 issue is the result of computer programs and embedded systems using a two-digit format, as opposed to four digits, to indicate the year.Computer and embedded systems with this characteristic may be unable tointerpret dates beyond the year 1999, which could cause a system failure or other computer errors, leading to disruption of operations. A project team, originally started in 1996 by ACE, is assisting line management in addressing the issue of computer programs and embedded systems not properly recognizing the Year 2000. A Conectiv corporate officer, reporting directly to the Chief Executive Officer, is coordinating all Year 2000 activities. There are substantial challenges in identifying and correcting the many computer and embedded systems critical to generating and delivering power, delivering natural gas and providing other services to customers.

The project team is using a phased approach to managing its activities. The first phase is, inventory and assessment of all systems, equipment, and processes. Each identified item is given a criticality rating of high, medium or low. Those items rated as high or medium are believed to put Conectiv's business operations and customers at substantial risk and are then subject to the second phase of the project. The second phase is determining and implementing corrective action for the systems, equipment and processes, and concludes with a test of the unit being remediated. The third phase is system testing and compliance certification. Additionally, the project team will be updating existing outage contingency plans to address Year 2000 issues over the next 12 months.

The following chart sets forth the current completion percentage of the Year 2000 Project by major business group, and for the information technology systems used in managing Conectiv's business. Conectiv expects significant progress in remediation and testing over the next two quarters based on work that is in process and material that is being ordered.

 
                                 Inventory and   Corrective   Testing and
    Business Group                Assessment       Action     Compliance
    -----------------------------  -------------  ------------  -----------
    Business systems                     95%           70%          60%
    Power production                     90%            0%           0%
    Electricity distribution             90%            5%           5%
    Energy and other services        75%-95%        0%-80%       0%-80%

Conectiv is also contacting critical vendors and service providers to review remediation of their Year 2000 issues. Many aspects of the Conectiv's businesses are dependent on third parties. For example, fuel suppliers must be able to provide coal or gas to allow Conectiv's subsidiaries to generate power.

Distribution of electricity is dependent on the overall reliability of the electric grid. ACE and DPL are cooperating with the North American Electric Reliability Council and the PJM Interconnection in Year 2000 remediation efforts, and is accelerating its Year 2000 Project timeline to be generally in-line with the recommendations of those groups.

Conectiv has incurred approximately $3 million in costs for the Year 2000 Project. Current estimates of the costs for the Year 2000 Project range from $10 million to $15 million. These estimates could change significantly as the Year 2000 Project progresses.

Since the project team is still in the process of assessing and correcting impacted systems, equipment and processes, Conectiv cannot currently determine whether the Year 2000 issue might cause disruptions to its operations and have impacts on related costs and revenues. Conectiv assesses the status of the Year 2000 Project on at least a monthly basis to determine the likelihood of business disruptions. Any substantial disruption to the Conectiv's operations could significantly impact its customers and could generate legal claims against Conectiv. Conectiv's results of operations and financial position would likely suffer an adverse impact if other entities, such as suppliers, customers and service providers do not effectively address their Year 2000 issues.

OK, now let me ask the $10,000 question. Does anyone else except me see a very big problem here? Would any of you care to invest based upon this statement?

-Arnie

-- Arnie Rimmer (arnie_rimmer@usa.net), November 17, 1998

Answers

Perhaps this should be a SAT type exam question. The major problem with Connectiv Y2K progress is: A. the business systems are 95% assessed and 60% remediated B. the power generation segment has been assessed and thats all C. Connectiv is a terribly confusing name for a singles bar. D. Power distribution is 90% assessed, remediation/testing just begun E. Who can understand "energy and other services" line?

Answer: (you can't peek!!) but buy that gen now!!

-- R. D..Herring (drherr@erols.com), November 17, 1998.

The answer is B, and generators won't do you any good, order another cord of wood Professor Herring.

-- Chris (catsy@pond.com), November 17, 1998.

Sorry folks. this is a test question which will not pass the regression analysis to be included in the next year as the correct answer is A B D or any combination of same.

This is an amazing piece of work!! Any person (who is NOT Y2K aware) simply reading it would say they are doing a WONDERFUL job! Nobody looks at tables in these things, and the verbiage doesn't include the data from the table. Cool job as far as the PR company is concerned. They could have done a great job for OJ in his custody fight!!

And they blame their suppliers for any problems!! COOL!! Chuck

-- Chuck a Night Driver (rienzoo@en.com), November 17, 1998.

C'mon, you guys! Look at how good they're doing on their BUSINESS systems. Doesn't it give you warm fuzzies to know they'll be able to send out correct bills to everyone? I think it's wonderful.

-- Arewyn (nordic@northnet.net), November 18, 1998.

Conectiv Corp is a merger of the former Delmarva Power and Atlantic Power. It provides power to a lot of the New Jersey coastal cities. It provides power to light houses (Cape May, and others). Although ships shouldn't need light houses now, what with modern navigation equipment, it sure will make the coast line seem dark in mid-winter.

BTW. The only retreat from some of those areas on the Delmarve Pennisula and NJ coast is to flee into.....gasp.....heavily populated regions.

Which do you prefer, the frying pan or the fire?

-- rocky (rknolls@hotmail.com), November 18, 1998.

Rocky, very, very prophetic...Since Frying Pan Shoals is just south of N.J. Wow. A penny for your.. Charon

-- Charon (Thatplace@below.com), November 18, 1998.

uh, Rocky, what retreat? remember we're talking January in Jersey...what sorts of temps do they hit at night anyway?

...you know they may be counting on none of their nonindustrial customers being left around to sue them afterward...

just a thought, Arlin Adams

-- Arlin H. Adams (ahadams@ix.netcom.com), November 18, 1998.

The answer to the sat exam. (and by the way Jan.1,2000 falls on a sat.) :-) is drum roll please....none of the above. It is a trick question designed to confuse and distract. The correct answer is that they are ignorant and stupid. It has been nothing but merge, merge, merge....soon it will change to dirge, dirge, dirge.

I live on the peninisula in N.J. I have a Conectiv bill on my desk. I am putting a line thru their name and writing Disconectiv. I use to think that power would fixed within three months of y2k...I have prepared accordingly. Now I'll have to prepare for Rick Cowles and his family who live near Salem, N.J. and others. Thought there would be enough fish and garden food. Not so sure now. You think Conectiv is ill-prepared. The community, churches, and leaders are no different. There is absolutely no preparing except on a lone individual basis.

I will be going to wva over Thanksgiving to look at land.

By the way, where is Tansun's comments on this power release? Hey Rick, help us out will you. Tell us why this report belongs on North's and Hamasaki's websites. Tell us this is just another illusion so we can go back to sleep.

-- bob brown (peace2u@bellatlantic.net), November 23, 1998.

Let's see if this copies + pastes okay below:

Electricity distribution 90% 5% 5%

Energy and other services 75%-95% 0%-80% 0%-80%

What the hades they mean? - It appears that they are claiming 5% corrective action complete on electricity; and 0-80% correction action on energy and other services. Now, 5% stinks, bluntly, but at least it is a number.

What's 0-80% mean? "Some number between 0 and 80%?"

Want to bet its closer to 0.01% than 79.9%?

And these guys have been working since 1996?

-- Robert A. Cook, P.E. (Kennesaw, GA) (cook.r@csaatl.com), November 23, 1998.

"By the way, where is Tansun's comments on this power release? Hey Rick, help us out will you. Tell us why this report belongs on North's and Hamasaki's websites. Tell us this is just another illusion so we can go back to sleep."

Bob, if you would bother to actually comperhend a lot of my posts, as opposed to just reading them, you would see I promote being prepared. I have never suggested anything else. The only part of being prepared I don't agree with is generators as you will run out of gas, have trouble storing said gas, draw atttention to yourself if you are not in a rural enough area and when all is said and done you will have a hunk of metal in a few months that will do you no good. There are a lot better things you can spend your money on when preparing like food, wood burning stoves, renewable sources of power (such as solar or wind) and so on.

As for Hamasaki, to the best of my recollection, I don't ever remember attacking him. If I did, it has slipped my mind.

As for North, yes I have attacked him, but has been for things such as when he printed a THEORY about a computer hacker attack as truth.

In regards to this paticular report, no it is not good and I would never dream of sugar coating it because it can't be.

Gee...bet that wasn't the answer you were expecting now was it?

Rick

-- Rick Tansun (ricktansun@hotmail.com), November 24, 1998.

Rick,\ No, I don't read all the posts. It's too much. I didn't like the way North was castigated by you and others by an admittedly careless mistake corrected within an hour. That attack plus your post below that you won't miss North and Milne led me to believe you are a denialhead. Denialheads are dangerous. They make people waver and wonder and put off making important decisions that are a matter of life and death for some. People like North and Milne are waking people up although they are far far from perfect. I don't agree with everything they say, but I leave them alone in public lest I undermine their basic message and indirectly affect someone not preparing.

Now we have the 10Q filings. We shouldn't need the y2k prophets much longer. The message will soon be mainstream.

-- BBrown (peace2u@bellatlantic.net), November 24, 1998.

"I didn't like the way North was castigated by you and others by an admittedly careless mistake corrected within an hour."

The reason I was so abusive about that paticular incident was he did not post a retraction on his board. There are probably still a great number of people out there who read it on his board and do not know what the outcome of that was. This is also another in series of posting questionable stories and myths.

"That attack plus your post below that you won't miss North and Milne led me to believe you are a denialhead. Denialheads are dangerous."

Well my actions show me to be quite different than a denialhead as I am about as broke as a person can be with preparing. I do not condone North and Milne mainly becuase they show Y2K believers as a little less than sane. It is the type of comments that Milne makes ("butthead", attacks on homosexuals, less than favorable comments towards women) that the press will latch onto first and say "Look, those Y2K people are extremists/radicals/nutty" and so on. That in of itself can be just as dangerous, if not more so than a denial head.

"Now we have the 10Q filings. We shouldn't need the y2k prophets much longer. The message will soon be mainstream. "

And I for one sing the praises of a 10Q versus the "prophets" and those folks who spell doom and then go "read all about it in my book". No matter which way things go, I much prefer to stand on a stable ground of facts than predictions.

Rick

-- Rick Tansun (ricktansun@hotmail.com), November 24, 1998.

Roger on the "about broke on preparing" there. Doesn't feel good does it? We're spending dollars because they screwed up.

-- Robert A. Cook, P.E. (Kennesaw, GA) (cook.r@csaatl.com), November 24, 1998.