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<PAGE>
___________________________________
:
IN THE MATTER OF :
:
AYP CAPITAL, INC. :
: CERTIFICATE
File No. 70-8951 : PURSUANT TO RULE 24
: FOR THE QUARTER ENDED
(Public Utility Holding : SEPTEMBER 30, 1998
Company Act of 1935) :
__________________________________ :
During the third quarter, AYP Capital, Inc. (AYP
Capital) discontinued its activities in marketing and selling
heat pumps. To date, in connection with these activities, AYP
Capital has spent a total of $903,737 in operation and
maintenance expenses. The capital expenditures balance is zero
because the assets were sold during the quarter. Attached are
consolidated financial statements for the quarter ended September
30, 1998.
AYP CAPITAL, INC.
By /s/ Carol G. Russ
Carol G. Russ
Counsel
AYP Capital, Inc.
Dated: November 24, 1998
<PAGE>
AYP CAPITAL
CONSOLIDATED STATEMENT OF INCOME
FOR NINE MONTHS ENDED SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
QTR YTD 12MOS
<S> <C> <C> <C>
ELECTRIC OPERATING REVENUES 106,354,461 219,089,951 252,013,127
OPERATING EXPENSES:
Operation:
Fuel 5,624,188 15,156,416 21,542,671
Purchased Power & Exchange 97,940,340 195,415,159 216,338,740
Other 1,550,334 5,317,494 6,722,586
Transmission & Distribution 1,043,518 1,957,667 2,844,639
Cust. Accts & Services 695,341 2,224,258 3,600,195
Administrative & General 4,355,922 8,310,371 11,725,632
Total Operation & Maintenance 111,209,643 228,381,365 262,774,463
Depreciation 1,442,723 4,237,678 5,894,531
Taxes other than income taxes 1,852,003 5,229,650 6,395,062
Federal and state income taxes (3,325,313) (8,920,755) (11,298,447)
Total Operating Expenses 111,179,056 228,927,938 263,765,609
Operating Income (4,824,595) (9,837,987) (11,752,482)
OTHER INCOME AND DEDUCTIONS:
Other income (loss), net (730,675) 73,562 1,197,324
Total Other Income and Deductions (730,675) 73,562 1,197,324
Income Before Interest Charges and
Preferred Dividends (5,555,269) (9,764,424) (10,555,158)
INTEREST CHARGES AND PREFERRED DIVIDENDS:
Interest on other long-term obligations 2,526,933 7,578,400 10,350,667
Other interest 19,932 41,703 46,692
Total Interest Charges and
Preferred Dividends 2,546,865 7,620,103 10,397,358
Consolidated Net Income (Loss) (8,102,134) (17,384,527) (20,952,516)
</TABLE>
Unaudited
AYP Capital, Inc.
CONSOLIDATED BALANCE SHEET
As of September 30, 1998
Assets
Property, plant, and equipment:
At original cost 172,203,276
Accumulated depreciation (9,804,012)
162,399,264
Investments and other assets 6,847,122
Current assets:
Cash and temporary cash investments 8,961,357
Accounts receivable:
Electric service 16,712,370
Other 2,093,696
Allowance for Uncollectible Accounts (98,723)
Affiliates 374,293
Materials and supplies--at average cost:
Operating and construction 2,370,105
Fuel 2,452,872
Other 5,928,681
38,794,651
Deferred charges 4,863,227
Total Assets 212,904,264
Capitalization and Liabilities
Capitalization:
Common stock 1,000
Other paid-in capital 53,672,747
Retained earnings (35,181,403)
18,492,344
Long-term debt of subsidiaries 160,000,000
0
178,492,344
Current liabilities:
Accounts payable 15,009,363
Accounts payable - Affiliates 2,502,490
Taxes accrued:
Federal and state income 6,866,031
Other 3,097,902
Interest accrued 1,675,467
Other 822,730
29,973,982
Deferred credits and other liabilities:
Deferred income taxes 4,150,289
Other 2,287,649
6,437,938
Total Capitalization and Liabilities 214,904,264
Unaudited
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