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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 : JUNE 30, 1998
Company Act of 1935) :
________________________________ :
During the second quarter, AYP Capital, Inc. (AYP
Capital) continued its activities in marketing and selling heat
pumps. To date, in connection with these activities, AYP Capital
has spent a total of $834,130 in operation and maintenance
expenses, $39,076 in capital expenditures less $9,160 in
depreciation expenses for a net $29,916. Attached are
consolidated financial statements for the quarter ended June 30,
1998.
AYP CAPITAL, INC.
By /s/ Carol G. Russ
Carol G. Russ
Counsel
AYP Capital, Inc.
Dated: August 25, 1998
<PAGE>
AYP CAPITAL
CONSOLIDATED STATEMENT OF INCOME
FOR SIX MONTHS ENDED JUNE 30, 1998
<TABLE>
<CAPTION>
QTR YTD 12MOS
<S> <C> <C> <C> <C>
IA88 ELECTRIC OPERATING REVENUES 63,642,190 112,735,490 173,993,418
OPERATING EXPENSES:
Operation:
IC05 Fuel 4,508,327 9,532,228 21,834,033
IC09 Purchased Power & Exchange 57,251,495 97,474,819 135,527,728
IC13 Other 2,266,267 3,767,160 7,039,504
IC17 Transmission & Distribution 417,282 914,149 2,883,371
IC22 Cust. Accts & Services 695,378 1,528,917 4,486,328
IC25 Administrative & General 1,928,450 3,954,449 9,150,183
Total Operation & Maintenance 67,067,198 117,171,722 180,921,148 67,067,19
IC29 Depreciation 1,397,230 2,794,955 6,757,241
IC35 Taxes other than income taxes 1,688,214 3,377,647 5,833,601
IC42 Federal and state income taxes (3,236,329) (5,595,442) (10,808,126)
Total Operating Expenses 66,916,314 117,748,882 182,703,864 66,916,31
Operating Income (3,274,124) (5,013,392) (8,710,446) (3,274,12
OTHER INCOME AND DEDUCTIONS:
IG88.IG09 Other income, net 436,711 804,237 2,072,030
Total Other Income and Deductio 436,711 804,237 2,072,030
Income Before Interest Charges and
Preferred Dividends (2,837,413) (4,209,155) (6,638,416) (2,837,41
INTEREST CHARGES AND PREFERRED DIVIDENDS:
IK88.IK09 Interest on other long-term obligations 2,499,467 5,051,467 10,596,000
IK88.IK13 Other interest 16,030 21,771 24,022
Total Interest Charges and
Preferred Dividends 2,515,497 5,073,237 10,620,022 2,515,497
Consolidated Net Income (5,352,910) (9,282,393) (17,258,438) (5,352,91
</TABLE>
Unaudited
<PAGE>
AYP Capital, Inc.
CONSOLIDATED BALANCE SHEET
As of June 30, 1998
Assets
Property, plant, and equipment:
BA05 At original cost 171,786,184
BA13 Accumulated depreciation (8,371,710)
163,414,475
Investments and other assets:
BC34 Nonutility investments 6,385,928
6,385,928
Current assets:
BE05 Cash and temporary cash investments 9,481,828
Accounts receivable:
BE13 Electric service 41,067,214
BE17 Other 1,716,841
BE22 Allowance for Uncollectible Accounts (66,544)
BE25 Accts. Receivable - Affiliates 249,783
Materials and supplies--at average cost:
BE35 Operating and construction 2,382,864
BE37 Fuel 3,246,240
be44 Other 5,819,065
63,897,292
Deferred charges:
BG09 Other 5,534,219
5,534,219
Total Assets 239,231,914
Capitalization and Liabilities
Capitalization:
BI13 Common stock 1,000
BI22 Other paid-in capital 49,376,665
BI30 Retained earnings (27,079,269)
22,298,396
Preferred stock:
BI44 Long-term debt of subsidiaries 160,000,000
BI49 Long-term debt of subsidiaries 0
182,298,396
Current liabilities:
Short-Term Debt 649,500
BK13 Accounts payable - Affil. 4,558,007
BK17 Accounts payable - Other 40,406,007
Taxes accrued:
BK22 Federal and state income 2,021,842
BK23 Other 1,997,712
BK29 Interest accrued 1,675,467
BK37 Payrolls Accrued 0
BK44 Other 1,201,796
52,510,330
Deferred credits and other liabilities:
BM09 Deferred income taxes 4,289,362
BM13 Other 133,826
4,423,188
Total Capitalization and Liabilities 239,231,914
Unaudited
U:\ASSTACCT\rgreath\[F24-0698.XLW]A 08/19/98
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