Pennsylvania Power & Light Co. said Wednesday(1/22) it plans to redeem four series of its first mortgage bonds on April 1, 1997.

Three of the series of first mortgage bonds, which have a total principal amount of $180 million, will be redeemed under the maintenance and replacement fund provisions of these bonds. The fourth series, having a principal amount of $30 million, will be redeemed under the optional redemption provisions.

John R. Biggar, PP&L's vice president-Finance, said the three series of bonds the company will be redeeming through the maintenance and replacement fund provisions are the 7 percent series due Jan. 1, 1999, with a total principal amount of $40 million; the 7 1/4 percent series due Feb. 1, 2001 with a principal amount of $60 million; and the 7 1/2 percent series due Jan. 1, 2003, with a total principal amount of $80 million.

Under the terms of these bonds, the redemption prices will be 100.12 percent of the principal amount for the 7 percent series bonds, 100.35 percent of the principal amount for the 7 1/4 percent series bonds, and 100.34 percent of the principal amount for the 7 1/2 percent series bonds, Biggar said.

Biggar said that the fourth series of bonds, consisting of $30 million principal amount of the 6 3/4 percent series bonds due Nov. 1, 1997, will be redeemed through the optional redemption provisions relating to that series. The optional redemption price will be 100.00 percent of the principal amount.

"The redemption of these series of bonds is being made as part of the company's plans to reduce its overall cost of financing," Biggar said.

PP&L, a subsidiary of PP&L Resources, Inc., Allentown, Pa., supplies electricity to a 10,000-square-mile area of 29 counties in central eastern Pennsylvania. Among the communities it serves are Allentown, Bethlehem, Harrisburg, Hazleton, Lancaster, Scranton, Wilkes-Barre and Williamsport.