For Immediate Release

BETHLEHEM, Pa., January 17, 2002 - Bethlehem Steel Corporation has completed the sale of 60 acres of property in the northeast corner of the Bethlehem Commerce Center to Conectiv Bethlehem, Inc., an affiliate of Conectiv Energy Supply, Inc., Wilmington, Del.

"The Conectiv project is an ideal use for those 60 acres and will fit in well with the other industrial and manufacturing uses planned for the Bethlehem Commerce Center," said Stephen G. Donches, vice president, public affairs, Bethlehem Steel Corporation. "We were pleased to see the project advance so quickly with the cooperation of the City of Bethlehem and Lower Saucon Township," he said.

"The opportunity to recycle this brownfield site, coupled with our technical evaluation and the burgeoning need for power in this region, has led Conectiv to increase the size of the plant and land purchase from our original expectations," said Roberta S. Brown, Conectiv's vice president, business development. "The site's strategic location relative to the Northeast corridor makes it an ideal place to create more power generation capacity." The Conectiv project has grown to a $600-million investment on 60 acres fronting on Applebutter Road that will generate about 1,100 megawatts of power into the Pennsylvania/New Jersey/Maryland grid.

Site preparation has been under way for several months to facilitate construction that began immediately on receipt of the necessary permits. During construction, the project will involve 300 to 400 construction employees. Once completed and operational in late 2002, approximately 35 to 40 Conectiv employees will staff the power plant.

"Being in the Bethlehem Commerce Center provides Conectiv with a strategic location that allows it to move its power to millions of consumers," said Mr. Donches. "We look forward to Conectiv's start up later this year, and we welcome the Conectiv organization to the Lehigh Valley business community," he said.

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