4
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
In the Matter of
THIRD
NATIONAL FUEL GAS COMPANY CERTIFICATE
HORIZON ENERGY DEVELOPMENT, INC. PURSUANT TO
RULE 24
File No. 70-8649
(Public Utility Holding Company Act of 1935)
THIS IS TO CERTIFY, pursuant to Rule 24, that certain filing
requirements proposed by National Fuel Gas Company ("National") and its
subsidiary, Horizon Energy Development, Inc. ("Horizon") in Form U-1,
Application-Declaration, File No. 70-8649, as amended, have been carried out in
accordance with the terms and conditions of said Application-Declaration and the
Order of the Securities and Exchange Commission (the "Commission') (HCAR No.
35-26364 dated August 29, 1995) with respect thereto, in that, the following
information for the quarter ended March 31, 1996 is herein provided:
1a) Horizon's balance sheet at March 31, 1996 is
attached as Exhibit 1.
1b) National's balance sheet at March 31, 1996 is included in
National's Form 10Q for the second quarter of fiscal 1996
which was filed with the Commission on May 15, 1996 and is
incorporated herein by reference.
2a) Horizon's income statement for the quarter ended
March 31, 1996 is attached as Exhibit 2.
2b) National's income statement for the quarter ended March
31, 1996 is included in National's Form 10Q for the second
quarter of fiscal 1996 which was filed with the Commission on
May 15, 1996 and is incorporated herein by reference.
3) Recourse and non-recourse debt securities issued to
third parties by Intermediate Companies during the quarter
ended March 31, 1996.
None.
4) A general description of the activities of the Applicants
for the period ended March 31, 1996 and of the projects in
which they or their subsidiary companies have an ownership
interest:
a) Horizon continued its efforts to develop a 151
megawatt power project in the vicinity of Kabirwala, Pakistan
(the "Kabirwala Project"). Horizon may ultimately be an
indirect owner of part of the equity of Fauji Kabirwala Power
Company Limited, the entity developing the Kabirwala Project.
b) Horizon is negotiating the purchase of 100% of the
capital stock of Beheer - En Belegginsmaatschappij Bruwabel,
B.V. ("Bruwabel," a Dutch corporation) from Power
International Inc., an indirect subsidiary of Cinergy
Corporation. Bruwabel owns 100% of the ownership interests
of Power International, s.r.o. ("PI," a Czech corporation)
and Power Development, s.r.o. ("PD," a Czech corporation).
PD owns 100% of the ownership interests of
Teplarna Kromeriz s.r.o. ("Kromeriz," a Czech corporation).
Bruwabel and its subsidiaries are primarily engaged in power
generation project development in Eastern Europe. The first
power development project of the companies, which currently
only consists of a district heating system which serves
residential and commercial customers in the city of Kromeriz,
Czech Republic, is at an interim stage of development. Horizon
intends to carry out the plan of the current owner to convert
the steam plant into a 35-50 MW cogeneration facility which
would sell electricity to the local electric distribution
company under an agreement currently being negotiated. The
Kromeriz district heating plant will continue operating while
Horizon continues the development of the cogeneration
expansion. It is anticipated that construction will begin on
the cogeneration expansion within one year.
If Horizon purchases the stock of Bruwabel, it will file for
EWG or FUCO status in regard to the Kromeriz project described
above at the earliest appropriate time.
5) Information on intercompany service trans-actions
(including those provided at cost and at market rates)
involving affiliated Intermediate Companies.
Neither Horizon or National engaged in any intercompany
service transactions with affiliate Intermediate Companies.
June 3, 1996 NATIONAL FUEL GAS COMPANY
By:/s/Philip C. Ackerman
Philip C. Ackerman
Senior Vice President
HORIZON ENERGY DEVELOPMENT,
INC.
By:/s/Gerald T. Wehrlin
Gerald T. Wehrlin
Secretary
HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
At March 31, 1996
ASSETS
Current Assets:
Cash $ 155,972
Advance to Employees 1,000
_______
Total Current Assets 156,972
Property, Plant & Equipment 69,832
Less: Reserve for DDA 0
______
69,832
______
Other Assets:
_______
Deferred Charges 508,532
_______
Total Other Assets 508,532
_______
Total Assets $ 735,336
________
________
LIABILITIES AND STOCKHOLDERS EQUITY Capital Stock $1 Par:
Shares Authorized, Issued and Outstanding: 1,250 $ 1,250
Paid-in Capital 2,498,750
Retained Earnings -3,356,154
__________
Total Stockholders Equity -856,154
__________
Current and Accrued Liabilities:
Notes Payable - Intercompany $ 1,800,000
Accounts Payable 11,071
Accounts Payable - Intercompany 943,728
Other Accrued Liabilities 635,000
___________
Total Current and Accrued Liabilities 3,389,799
___________
Deferred Credits:
Accumulated Deferred Income Taxes -1,807,160
Other Deferred Credits 8,851
__________
Total Deferred Credits -1,798,309
__________
Total Liabilities and Stockholders Equity $ 735,336
____________
____________
HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
Three Months Ended
March 31, 1996
Operating Expenses:
Operation Expense $ 3,271,617
___________
Total Operating Expenses 3,271,617
___________
Pretax Loss -3,271,617
___________
Income Taxes - Deferred -1,150,794
___________
Loss Before Interest Charges -2,120,823
Interest Charges 16,366
___________
Net Loss $-2,137,189
___________
___________
