Pennsylvania Power & Light Co. Wednesday (2/22) declared the regular quarterly dividend on common stock of 41.75 cents per share,payable April 1 to shareowners of record March 10.

The dividend is at the same level as last year. Although the dividend had been increased at this time of the year for the past several years, the PP&L Board of Directors decided that current circumstances did not justify an increase in the dividend, according to Ronald E. Hill, PP&L's senior vice president-Financial.

"Maintaining the dividend at the 1994 level was prudent, in light of our reduced earnings in 1994 and the prospect of continued pressure on earnings as we move into a more competitive environment," said Hill.

"A dividend increase also is not appropriate at a time when our future financial health will depend to a large degree on the outcome of the current rate case filing," Hill said.

PP&L filed a $261 million base rate increase request with the Pennsylvania Public Utility Commission in December 1994.

Hill noted that the decision to continue the dividend at its current level was based on PP&L's specific financial circumstances at this time. "We remain committed to providing shareowners with a fair return on their investment," he said.

The company's 1994 earnings were down about 32 percent compared to 1993. Substantially all of the reduction, however, can be traced to nonrecurring charges, including the cost of an early retirement program that will reduce operating costs significantly.

PP&L also declared the following quarterly dividends on its preferred stock:

Preferred

4 1/2%...............$1.125

3.35% Series....$.8375

4.40% Series....$1.10

4.60% Series....$1.15

5.95% Series....$1.4875

6.05% Series....$1.5125

6.125% Series..$1.53125

6.33% Series....$1.5825

6.75% Series....$1.6875