<PAGE> Exhibit C
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<CAPTION>
NEES Energy, Inc.
Consolidated Statement of Cash Flows
(Thousands of Dollars)
For the Periods Ended June 30, 2000
(Unaudited, Subject to Adjustment)
Twelve
QuarterMonths
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<S> <C> <C>
Operating activities:
Net income (loss) $ (177) $ (6,109)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities:
Depreciation and amortization 160 8,675
(Increase) decrease in accounts receivable and
unbilled revenue (57) (49,700)
(Increase) decrease in inventory 0 2,636
(Increase) decrease in deferred tax 0 5
(Increase) decrease in asset held for
sale-ALLEnergy 31,000 31,000
(Increase) decrease in other current assets 696 1,899
Increase (decrease) in accounts payable (47) 2,591
Increase (decrease) in other current liabilities 0 (2,200)
Other, net 0 1,673
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Net cash provided by (used in) operating activities $ 31,575 $ (9,530)
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Investing activities:
Fixed asset expenditures $ 0 $ (3,935)
Acquisition of Hub-Langie assets 0 0
Acquisition of Texas-Ohio assets 0 (14,005)
Acquisition of Ewing Oil 0 (6,148)
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Net cash used in investing activities $ 0 $(24,088)
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Financing activities:
Change in subordinated notes payable to parent $(31,575) $ 33,050
Change in other paid-in capital 0 (150)
Increase (decrease) in long-term debt 0 (220)
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Net cash provided by (used in) financing activities $(31,575) $
32,680
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Net increase (decrease) in cash and cash equivalents $ 0 $
(938)
Cash and cash equivalents at beginning of period 29 6,466
Cash included with asset held for sale 0 (5,499)
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Cash and cash equivalents at end of period $ 29 $ 29
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