<PAGE> SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
In the matter of )
)
NATIONAL GRID USA )
Westboro, Massachusetts )
)
EUA COGENEX CORPORATION ) Certificate of
Lowell, Massachusetts ) Notification
) Pursuant to
) Rule 24
(70-7287) )
)
(Public Utility Holding Company Act of 1935) )
In accordance with Rule 58 of the Act, EUA Cogenex Corporation, and certain of
its subsidiaries, will be reported as energy related companies on the next
Form U-9C-3 report filed by National Grid USA. National Grid USA will
supplement such Form U-9C-3 report with additional information on these
companies to the extent requested by Commission staff. National Grid USA is
endeavoring to sell EUA Cogenex Corporation, with closing anticipated to occur
by December 31, 2000.
Enclosed herewith for filing by National Grid USA and its wholly-owned
subsidiary, EUA Cogenex Corporation, in accordance with the Order of the
Securities and Exchange Commission entered in the above matter on February 15,
1995 (Release No. 35-26232) and pursuant to Rule 24 under the Public Utility
Holding Company Act of 1935, are the consolidated and consolidating balance
sheet, income statement, and statement of cash flows of EUA Cogenex for the
quarter ended June 30, 2000 and such other information required to be filed by
said order.
National Grid USA
By: /s/ John G. Cochrane
John G. Cochrane
Vice President and Treasurer
EUA COGENEX CORPORATION
By: /s/ Edward T. Liston
Edward T. Liston
President
November 13, 2000
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (1 of 3)
June 30, 2000
<CAPTION>
ASSETS
EUA
EUA EUA EUA Day Matrix EUA
Cogenex
Cogenex Day (fka Day I&I NEM
Consolidated Elimination
(Division) (Division) (Division) Inc.
<S> <C> <C>
<C> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $
$ $ $ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property 34,255,469
23,381,774 7,554,950
Less accumulated provision for depreciation 16,260,925
11,517,803 3,770,414
Net non-utility property 17,994,544
11,863,971 3,784,536
Investments in subsidiaries (at equity) 673,227 33,151,309
33,824,536
Excess of carrying values of investments
in subsidiaries
Notes receivable 3,202,571
3,000,161
Leases receivable 6,122,339
1,503,749
Other 9,917,921
3,415,966
Total Utility Plant and Other Investments 37,910,602 33,151,309
53,608,383 3,784,536
Current Assets:
Cash and temporary cash investments 2,796,052
1,253,475 458,013
Notes receivable 7,928,467 3,424,061
11,101,688
Leases receivable 2,267,519
1,343,381
Accounts receivable - Net:
Customers 7,428,728
3,575,372 651,826
Accrued unbilled revenue
Others 4,187,795
2,675,487
Accounts receivable - associated companies 134,600 15,143,490
(216,406)
Materials and supplies (at average cost):
Plant materials and operating supplies 89,031
Other current assets 1,418,393 48,137
1,415,696 1,080
Total Current Assets 26,250,585 18,615,688
21,148,693 1,110,919
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits 3,762,437
2,277,536 899,715
Total Deferred Debits 3,762,437
2,277,536 899,715
Total Assets $67,923,624 $51,766,997
$77,034,612 $5,795,170
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (2 of 3)
June 30, 2000
<CAPTION>
ASSETS
EUA
EUA EUA
COGENEX EUA
Cogenex Citizens
WEST MUPA
Canada Corporation
Corporation (Partnership)
<S> <C> <C>
<C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $
$ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property (10,051)
2,193,411
Less accumulated provision for depreciation
2,142 694,111
Net non-utility property (12,193)
1,499,300
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable
14 202,396
Leases receivable
557,959 618,887
Other 11,865
4,224,735
Total Utility Plant and Other Investments 557,645
6,545,318
Current Assets:
Cash and temporary cash investments
220,611 207,333
Notes receivable
28,744 222,096
Leases receivable
41,484 199,590
Accounts receivable - Net:
Customers 72,740
1,735,645
Accrued unbilled revenue
Others
335,927 446,156
Accounts receivable - associated companies
94,414 17,445
Materials and supplies (at average cost):
Plant materials and operating
supplies 89,031
Other current assets
2,584 47,170
Total Current Assets 796,504
2,964,466
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits
20,167 (28,156)
Total Deferred Debits
20,167 (28,156)
Total Assets $1,374,316
$9,481,628
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (3 of 3)
June 30, 2000
<CAPTION>
ASSETS
EUA EUA
EUA EUA
WestCoast FRC II
EC&S I EC&S II
(Partnership) (Part.)
(Part.) (Partnership)
<S> <C> <C>
<C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $
$ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property
605,239 530,146
Less accumulated provision for depreciation
228,441 48,014
Net non-utility property
376,798 482,132
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable
Leases receivable
2,524,762 916,982
Other
551,235 1,714,120
Total Utility Plant and Other Investments
3,452,795 3,113,234
Current Assets:
Cash and temporary cash investments
224,400 432,220
Notes receivable
Leases receivable
218,956 464,108
Accounts receivable - Net:
Customers
911,320 481,825
Accrued unbilled revenue
Others
310,159 420,066
Accounts receivable - associated companies
8,166,486 7,216,151
Materials and supplies (at average cost):
Plant materials and operating supplies
Other current assets
Total Current Assets
9,831,321 9,014,370
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits
249,060 344,115
Total Deferred Debits
249,060 344,115
Total Assets
$13,533,176 $12,471,719
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (1 of 3)
June 30, 2000
<CAPTION>
LIABILITIES
EUA
EUA EUA EUA Day Matrix EUA
Cogenex
Cogenex Day (fka Day NEM
Consolidated Elimination
Corporation (Division) (Division) Inc.
<S> <C> <C>
<C> <C> <C> <C>
Capitalization:
Common equity $37,788,827 $13,146,551
$37,877,527 $8,176,315
Non-redeemable preferred stock of subsid.
Redeemable preferred stock of
subsidiaries - net
Preferred stock redemption cost
Partnerships' capital 20,014,758
Long-term debt - net
Total Capitalization 37,788,827 33,161,309
37,877,527 8,176,315
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable 6,005,140 3,424,062
5,800,000
Accounts payable
70,260 (21,525)
Accounts payable - associated companies 2,693,283 15,143,491
17,979,115 2,103
Customer deposits
Taxes accrued (3,417,831)
(4,069,815) 581,917
Interest accrued 48,135
Dividends declared
Other current liabilities 12,791,897
5,978,267
Total Current Liabilities 18,142,749 18,615,688
25,666,042 584,020
Deferred Credits:
Unamortized investment credit
Other deferred credits 14,556,328 (10,000)
12,166,019
Total Deferred Credits 14,556,328 (10,000)
12,166,019
Accumulated deferred taxes (2,564,280)
1,325,024 (2,965,165)
Commitments and contingencies
Total Liabilities and Capitalization $67,923,624 $51,766,997
$77,034,612 $5,795,170
( ) Denotes Contra
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (2 of 3)
June 30, 2000
<CAPTION>
LIABILITIES EUA
EUA EUA
COGENEX EUA
Cogenex Citizens
WEST MUPA
Canada Corporation
Corporation (Partnership)
<S> <C> <C>
<C> <C>
Capitalization:
Common equity $705,641
$4,175,895
Non-redeemable preferred stock of subsidiaries
Redeemable preferred stock of
subsidiaries - net
Preferred stock redemption cost
Partnerships' capital
Long-term debt - net
Total Capitalization 705,641
4,175,895
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable 205,140
3,424,062
Accounts payable
50,949
Accounts payable - associated companies 309,265
85,916
Customer deposits
Taxes accrued (42,035)
112,102
Interest accrued
48,135
Dividends declared
Other current liabilities 100,457
2,104,748
Total Current Liabilities 572,827
5,825,912
Deferred Credits:
Unamortized investment credit
Other deferred credits 102,137
397,671
Total Deferred Credits 102,137
397,671
Accumulated deferred taxes (6,289)
(917,850)
Commitments and contingencies
Total Liabilities and Capitalization $1,374,316
$9,481,628
( ) Denotes Contra
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (3 of 3)
June 30, 2000
<CAPTION>
LIABILITIES
EUA
EUA EUA EUA
WestCoast FRC
II EC&S I EC&S II
(Partnership) (Partnership)
(Partnership) (Partnership)
<S> <C> <C>
<C> <C>
Capitalization:
Common equity $0 $0
$0 $0
Non-redeemable preferred stock of subsidiaries
Redeemable preferred stock of
subsidiaries - net
Preferred stock redemption cost
Partnerships' capital 868,109
11,046,374 8,100,275
Long-term debt - net
Total Capitalization 868,109
11,046,374 8,100,275
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable
Accounts payable
40,836
Accounts payable - associated companies (868,109)
46,333 110,934 171,217
Customer deposits
Taxes accrued
Interest accrued
Dividends declared
Other current liabilities
(46,333) 1,521,032 3,133,726
Total Current Liabilities
(868,109) 1,672,802 3,304,943
Deferred Credits:
Unamortized investment credit
Other deferred
credits 814,000
1,066,501
Total Deferred
Credits 814,000
1,066,501
Accumulated deferred taxes
Commitments and contingencies
Total Liabilities and Capitalization
$13,533,176 $12,471,719
( ) Denotes Contra
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (1 of 3)
FOR THE SIX MONTHS ENDED
June 30, 2000
<CAPTION>
EUA
EUA EUA EUA Day Matrix EUA
Cogenex Cogenex Day (fka Day I&I NEM
Consolidated Elimination
Corporation (Division) (Division) Inc.
<S> <C> <C>
<C> <C> <C> <C>
Operating Revenues $16,674,383 $
$3,772,130 $1,726,591
Operating Expenses:
Operation
12,884,033 4,303,279 2,144 59,341
Maintenance
640,944 351,992 1,647
Depreciation and amortization
4,440,516 2,551,342 290,955
Taxes - Other than income
312,277 215,858
- Income (credit) (1,229,207)
(1,782,686) 325,536
- Deferred
205,922 76,256 163,794
Total Operating Expenses
17,254,485 5,716,041 2,144 841,273
Operating Income (580,102)
(1,943,911) (2,144) 885,318
Other Income and Deductions:
Interest and dividend income 1,666,803
381,503 1,775,094
Equity in earnings of jointly-
owned companies 484,573
1,354,090 1,838,663
Allowance for other funds used during
construction
Other (deductions) income - net (1,174,486)
(1,137,332)
Total Other Income 976,890
1,735,593 2,476,425
Income (Loss) Before Interest Charges 396,788
1,735,593 532,514 (2,144) 855,318
Interest Charges:
Interest on long-term debt
2,669,892 2,669,892
Amortization of debt expense and premium
Other interest expense (principally
short-term notes) 21,906
269,709 14,551
Allowance for borrowed funds used during
construction - (credit)
(57,519) (15,222)
Total Interest Charges 2,634,279
269,709 2,669,221
Net Income (Loss) before preferred return (2,237,491) 1,465,884
(2,136,707) (2,144) 885,318
Preferred Return Requirement 13,153
Net (Loss) Income ($2,250,644)$1,465,884
($2,136,707) ($2,144) $885,318
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (2 of 3)
FOR THE SIX MONTHS ENDED
June 30, 2000
<CAPTION>
EUA
EUA EUA
COGENEX EUA
Cogenex
Citizens WEST MUPA
Canada Corporation
Corporation (Partnership)
<S> <C>
<C> <C> <C>
Operating Revenues $27,609 $4,347,005
$4,636,210 $
Operating Expenses:
Operation 178,021 3,736,482
4,024,607
Maintenance (1,466) (4,119)
28,723
Depreciation and amortization 4,461 256,156
267,929
Taxes - Other than income 1,469 66,731
28,219
- Income (credit) (32,425) 86,832
173,536
- Deferred 5,700
(39,828)
Total Operating Expenses 150,060 4,147,782
4,483,186
Operating Income (122,451) 199,223
153,024
Other Income and Deductions:
Interest and dividend income 25,579
93,664
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net 62,092 (200)
(97,900)
Total Other Income 87,671 (200)
(4,236)
Income (Loss) Before Interest Charges (34,780) 199,023
148,788
Interest Charges:
Interest on long-term debt
Amortization of debt expense and premium
Other interest expense (principally
short-term notes) 6,462 91,840
178,762
Allowance for borrowed funds used during
construction - (credit) (19,526)
(22,771)
Total Interest Charges 6,462 72,314
155,991
Net Income (Loss) before preferred return (41,242) 126,709
(7,203)
Preferred Return Requirement 13,153
Net (Loss) Income ($41,242) $113,556
($7,203)
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (3 of 3)
FOR THE SIX MONTHS ENDED
June 30, 2000
<CAPTION>
EUA EUA
EUA EUA
WestCoast FRC II
EC&S I EC&S II
(Partnership) (Partnership)
(Partnership) (Partnership)
<S> <C> <C>
<C> <C>
Operating Revenues $ $
$929,743 $1,235,095
Operating Expenses:
Operation
70 529,579 50,510
Maintenance
38,743 225,424
Depreciation and amortization
15,539 283,926 770,208
Taxes - Other than income
- Income (credit)
- Deferred
Total Operating Expenses 15,539
70 852,248 1,046,142
Operating Income (15,539)
(70) 77,495 188,953
Other Income and Deductions:
Interest and dividend
income 101,336 52,633
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income -
net (573) (573)
Total Other
Income 100,763
52,060
Income (Loss) Before Interest Charges (15,539)
(70) 178,258 241,013
Interest Charges:
Interest on long-term debt
Amortization of debt expense and premium
Other interest expense (principally
short-term notes)
Allowance for borrowed funds used during
construction - (credit)
Total Interest Charges
Net Income (Loss) before preferred return (15,539)
(70) 178,258 241,013
Preferred Return Requirement
Net (Loss) Income ($15,539) ($70)
$178,258 $241,013
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED June 30, 2000
(1 of 3)
<CAPTION>
EUA
EUA EUA EUA Day Matrix
Cogenex Cogenex Day (fka Day
Consolidated
Elimination Corporation (Division) (Division)
<S> <C>
<C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($2,250,644)
$1,465,884 ($2,136,707) ($2,144)
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization
4,591,272 2 2,702,046
Deferred taxes
205,922 76,256
Gains on sales of investments in energy savings
projects paid for with notes and leases receiv.
(10,882) (1) 125,944
Costs of energy savings cash sales type projects
7,725,888 868,117
Pension liability
7,371 7,371
Gain on sale of Citizens (1,034,135)
2,034,135 1,000,000
Collections of prin port of project notes & leases receiv.
3,700,735 (3) 2,837,277
Undistributed Equity earnings of subsidiaries
(484,573) (2) (484,575)
Proceeds from sales of notes and leases 3rd party
61,941,680 45,229,901
Amortization of deferred revenues
(1,115,482) (1,039,631)
Other - net (253,609)
(26,175) (459,413) (1)
Net Changes to Working Capital:
Accounts receivable 5,361,033
(15,773,663) 5,245,055
Materials and supplies
Accounts payable (1,885,588)
15,789,966 14,264,211
Accrued taxes
(3,196,646) (4,077,850)
Accrued interest
(1,123,245) 19,650 (1,123,244)
Other - net 5,153,900
(31,118) 3,347,271 2,819,042 (3,477,928)
Net Cash Provided from (Used in) Operating Activities 77,332,997
3,478,675 66,382,029 2,816,897 (3,477,928)
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy savings projects
(14,866,756) (2) (4,984,695)
Collections on financing notes and leases receivable
1,298,018 1,298,018
Proceeds from sale of Citizens 5,287,761
(5,298,000)
Investments in subsidiaries
1,674,740 1,674,740
Net Cash Provided from (Used in) Investing Activities (8,280,977)
(3,623,262) (2,011,937)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
(77,400,000) (77,400,000)
Premium on reacquisition and financing expenses
Dividends declared
(1,175,000)
Capital contribution -
EUA (315,561)
(3,162,367) 3,477,928
Partner's contribution (withdrawal)
(1,900,801)
Net increase (decrease) in short-term debt 5,850,040
3,220,388 11,307,670
Net Cash Provided from (Used in) Financing Activities (71,549,960)
144,587 (66,407,891) (3,162,367) 3,477,928
NET (DECREASE) INCREASE IN CASH
(2,497,940) (2,037,799) (345,470)
Cash and temporary cash investments at beginning of year
5,293,992 3,291,274 345,470
Cash and temporary cash investments at end of year
$2,796,052 $1,253,475
Cash paid during the year for:
Interest (net of amounts capitalized)
$3,866,042 $3,866,042
Income Taxes
Conversion of investments in energy savings projects
to notes and leases receivable
$597,175 $125,945
( ) Denotes contra
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED
June 30, 2000
(2 of 3)
<CAPTION>
EUA
EUA EUA EUA COGNEX EUA
NEM Cogenex Citizens WEST MUPA
Inc Canada Corporation Corporation (Partnership)
<S> <C>
<C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss)
$885,318 ($41,242) $113,556 ($7,203)
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization
290,954 4,509 256,158 267,932
Deferred taxes
163,794 5,700 (39,828)
Gains on sales of investments in energy savings
projects paid for with notes and leases
receivable (16,979)
Costs of energy savings cash sales type
projects 3,189,727 3,668,044
Pension liability
Gain on sale of Citizens
Collections of prin port of project notes and leases
receiv. 44,541 405,911
Undistributed Equity earnings of subsidiaries
Proceeds from sales of notes and leases 3rd
party 1,354,770
Amortization of deferred
revenues
(17,680)
Other - net
1 (145,321) 3,938 234,768
Net Changes to Working Capital:
Accounts receivable
(578,237) (1,727) 730,726 (159,378)
Materials and supplies
Accounts payable
6,224 426,176 (657,441) (159,937)
Accrued taxes
581,917 (108,871) 296,056 112,102
Accrued
interest
5,823 13,827
Other - net
1,079 (31,678) 72,416 1,271,241
Net Cash Provided from (Used in) Operating Activities
1,351,050 129,408 4,016,659 6,944,569
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy savings
projects 9,217 (4,220,148)(4,514,212)
Collections on financing notes and leases receivable
Proceeds from sale of
Citizens (10,239)
Investments in subsidiaries
Net Cash Provided from (Used in) Investing
Activities 9,217 (4,230,387)(4,514,212)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reacquisition and financing expenses
Dividends declared
(1,000,000) (175,000)
Capital contribution - EUA
Partner's contribution (withdrawal)
Net increase (decrease) in short-term
debt 50,040 388,728 (2,676,010)
Net Cash Provided from (Used in) Financing Activities
(1,000,000) 50,040 213,728 (2,676,010)
NET (DECREASE) INCREASE IN CASH
351,050 188,665 (245,653)
Cash and temporary cash investments at beginning of year
106,962 31,946 452,987
Cash and temporary cash investments at end of year
$458,012 $220,611 $207,334
Cash paid during the year for:
Interest (net of amount capitalized)
Income Taxes
Conversion of investments in energy savings projects
to notes and leases
receivable $10,629
( ) Denotes contra
</TABLE>
<PAGE><TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED
June 30, 2000
(3 of 3)
<CAPTION>
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership) (Partnership)
<S>
<C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss)
($15,539) ($70) $178,258 $241,013
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization
15,541 283,924 770,210
Deferred taxes
Gains on sales of investments in energy savings
projects paid for with notes and leases
receivable (119,848)
Costs of energy savings cash sales type projects
Pension liability
Gain on sale of Citizens
Collections of prin port of project notes and leases
receivable 144,174 268,829
Undistributed Equity earnings of subsidiaries
Proceeds from sales of notes and leases 3rd
party 8,140,858 7,216,151
Amortization of deferred
revenues
(33,419) (24,752)
Other -
net
1 86,243
Net Changes to Working Capital:
Accounts
receivable
(8,183,338) (7,465,731)
Materials and supplies
Accounts payable
(33,683) 46,333 (195,318) 207,813
Accrued taxes
Accrued interest
(1)
Other - net
(20,000) (46,333) 556,782 630,890
Net Cash Provided from (Used in) Operating Activities
(53,682) (70) 772,074 1,930,666
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy savings
projects (846,522) (310,398)
Collections on financing notes and leases receivable
Proceeds from sale of Citizens
Investments in subsidiaries
Net Cash Provided from (Used in) Investing
Activities (846,522) (310,398)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reacquisition and financing expenses
Dividends declared
Capital contribution - EUA
Partner's
contribution(withdrawal)
(801) (1,900,000)
Net increase (decrease) in short-term debt
Net Cash Provided from (Used in) Financing
Activities (801) (1,900,000)
NET (DECREASE) INCREASE IN CASH
(53,682) (871) (74,448) (279,732)
Cash and temporary cash investments at beginning of year
53,682 871 298,848 711,952
Cash and temporary cash investments at end of
year $224,400 $432,220
Cash paid during the year for:
Interest (net of amount
capitalized) $0
Income Taxes
Conversion of investments in energy savings projects
to notes and leases
receivable
$442,601
( ) Denotes contra
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Business Line Project Equipment
in Service Revenues
as of 6/30/00 as of 6/30/00
<S> <C> <C>
Demand Side Mgmt./Energy Mgmt. Services $29,178,974 $16,656,150
Manufacturing and Fabrication
Consulting $18,233
TOTAL $29,178,974 $16,674,383
Geographic Location Project Equipment
In Service Revenues
as of 6/30/00 as of 6/30/00
New England / New York Region $17,515,058 $9,739,211
United States excluding New England $11,663,916 $6,907,563
and New York
Canada $27,609
All areas of the world excluding the
U.S. and Canada
TOTAL $29,178,974 $16,674,383
</TABLE>
