Peter’s money troubles have become too much for him to hande. As Spider-Man, he meets with a group of television executives to negotiate an appearance on a late night talk show. Coincidentally, the TV station has recently taken on a new janitor, Max Dillon, a.k.a. Electro!
At the start of this issue, Peter Parker is worrying about various things, such as Captain Stacy working out his identity, and whether he should tell Gwen Stacy his secret identity. After getting a call from Gwen, who tells Peter that he has to chip in for Flash's farewell dinner, Peter goes off swinging as Spider-Man, so that he can make some money.
After a while, Spider-Man swings past a TV studio, and decides that if he can convince them to let him on TV, he'll have enough money. Spider-Man swings in, and offers to let them put him on TV. After demonstrating that he really is Spider-Man, the studio executives are called out of the room, where a high voltage cable is short circuiting. And electrician named Max Dillon manages to turn it off, whilst miraculously remaining unharmed. Spider-Man thinks that he has heard of Max Dillon somewhere, but can't remember where.
Meanwhile, Max Dillon thinks about how he has to lay low, so that he can strike as Electro. His mind flashes back to how he had been struck by lightning, which turned him into Electro. His power was so great that he defeated Spider-Man in their first encounter, but Spider-Man later defeated him by blasting him with a water hose. However, as Max Dillon returns home, he thinks about how he's not going to make any mistakes when he and Spider-Man meet next time. Upon seeing J. Jonah Jameson on TV criticizing Spider-Man for being put on TV, Max decides that he can make Jameson pay him if he unmasks Spider-Man.
Meanwhile, Peter Parker takes Gwen out to a date with Harry, Flash and Mary Jane. However, when Flash mentions that Gwen should start dating him rather than Peter, it causes Peter to lose him temper and leave.
At the Daily Bugle, Jameson is on the phone when Electro comes in. Electro tells Jameson that for five thousand dollars, he'll unmask Spider-Man on live television. Jameson agrees, and Electro leaves. Jameson then starts inviting his friends to the show that Spider-Man is going to be on, looking forward to seeing Spider-Man unmasked.
That night, Spider-Man arrives at the studio, but moments after he arrives Electro attacks him. Electro manages to get the upper hand by travelling on his own electrical current, which makes it impossible for Spider-Man to hit him. However, Spider-Man manages to use his webbing to get Electro's hands to cross, which causes him to short-circuit himself.