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File No. 70-8133
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 16 (POST-EFFECTIVE) TO
FORM U-1 APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
------------------------------------------------------------
CENTRAL AND SOUTH WEST CORPORATION
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
CSW ENERGY, INC.
1616 Woodall Rodgers Freeway
P. O. Box 660789
Dallas, Texas 75202
CSW DEVELOPMENT-I, INC.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
CSW ORANGE, INC.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
ORANGE COGENERATION LIMITED PARTNERSHIP
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
ORANGE COGENERATION G.P., INC.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
<PAGE>
ORANGE COGENERATION GP II, INC.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
CSW ORANGE II, INC.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
(Names of companies filing this statement and
addresses of principal executive offices)
------------------------------------------------------------
CENTRAL AND SOUTH WEST CORPORATION
(Name of top registered holding company parent)
------------------------------------------------------------
Wendy G. Hargus
Treasurer
Central and South West Corporation
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
Terry D. Dennis
President
CSW Energy, Inc.
1616 Woodall Rodgers Freeway
P. O. Box 660789
Dallas, Texas 75202
Terry D. Dennis
President
CSW Development-I, Inc.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
Terry D. Dennis
President
CSW Orange, Inc.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
<PAGE>
Michael T. Moran
Chief Executive Officer of Orange Cogeneration G.P., Inc.,
the general partner of
Orange Cogeneration Limited Partnership
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
Michael T. Moran
Chief Executive Officer
Orange Cogeneration G.P., Inc.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
Michael T. Moran
Chief Executive Officer
Orange Cogeneraiton GP II, Inc.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
Terry D. Dennis
President
CSW Orange II, Inc.
1616 Woodall Rodgers Freeway
P. O. Box 660164
Dallas, Texas 75202
Joris M. Hogan
Milbank, Tweed, Hadley & McCloy
One Chase Manhattan Plaza
New York, New York 10005
(Names and addresses of agents for services)
------------------------------------------------------------
Respectfully request that copies be sent to:
Edwin F. Feo
Milbank, Tweed, Hadley & McCloy
601 South Figueroa Street
Los Angeles, California 90017
<PAGE>
Central and South West Corporation, a Delaware corporation ("CSW") and
a registered holding company under the Public Utility Holding Company Act of
1935, as amended (the "Act"), CSW Energy, Inc., a Texas corporation and a
wholly-owned subsidiary of CSW ("Energy"), CSW Development-I, Inc., a Delaware
corporation and a wholly-owned subsidiary of Energy ("Energy Sub"), Orange
Cogeneration GP II, Inc., a Delaware corporation and a subsidiary of Energy Sub
("Orange GP Sub"), CSW Orange II, Inc., a Delaware corporation and a
wholly-owned subsidiary of Energy Sub ("Orange LP Sub"), Orange Cogeneration
G.P., Inc., a Delaware corporation and a wholly-owned subsidiary of Orange GP
Sub ("JV Sub"), CSW Orange, Inc., a Delaware corporation and a wholly-owned
subsidiary of Orange LP Sub ("CSWO"), Orange Cogeneration Limited Partnership, a
Delaware limited partnership and a subsidiary of JV Sub and CSWO (the "Project
Venture" and collectively with CSW, Energy, Energy Sub, Orange GP Sub, Orange LP
Sub, JV Sub and CSWO, the "Applicants"), hereby file this Amendment No. 16
(post-effective) to the Application-Declaration in File No. 70-8133 (the
"Application-Declaration") to amend the Application-Declaration as follows. In
all other respects, the Application-Declaration as previously filed and amended
will remain the same.
<PAGE>
Item 2. Fees, Commissions and Expenses.
There will be no other fees and expenses incurred in connection with
post-effective amendment nos. 14, 15 and 16.
Item 6. Exhibits and Financial Statements.
Item 6 is hereby amended to file the following exhibits:
Amended
Exhibit 1 - Proposed Notice of Proceeding.
Amended
Exhibit 3 - Preliminary Opinion of Milbank, Tweed, Hadley McCloy,
counsel for CSW, Energy, Energy Sub, Orange LP Sub, Orange LP
Sub, JV Sub, CSWO, the Project Venture and OCLP Sub.
Amended
Exhibit 4 - Final or "past-tense" Opinion of Milbank, Tweed, Hadley & McCloy,
counsel for CSW, Energy, Energy Sub, Orange GP Sub, Orange LP Sub, JV Sub, CSWO,
the Project Venture and OCLP Sub (to be filed with Certificate of Notification).
Amended
Exhibit 5C- Financial Statements per books and pro forma as of September 30,
1996 for CSW and Energy - Orange Securities Option.
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
CENTRAL AND SOUTH WEST CORPORATION
By:/s/WENDY G. HARGUS
Wendy G. Hargus
Treasurer
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
CSW ENERGY, INC.
By:/s/TERRY D. DENNIS
Terry D. Dennis, President and
Chief Executive Officer
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
CSW DEVELOPMENT-I, INC.
By:/s/TERRY D. DENNIS
Terry D. Dennis, President and
Chief Executive Officer
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
ORANGE COGENERATION GP II, INC.
By:/s/MICHAEL T. MORAN
Michael T. Moran, Chief
Executive Officer
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
CSW ORANGE II, INC.
By:/s/TERRY D. DENNIS
Terry D. Dennis, President
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
ORANGE COGENERATION LIMITED PARTNERSHIP
By: ORANGE COGENERATION G.P., INC.,
its general partner
By: /s/MICHAEL T. MORAN
Michael T. Moran, Chief
Executive Officer
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
CSW ORANGE, INC.
By:/s/TERRY D. DENNIS
Terry D. Dennis, President
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding Company of
1935, as amended, the undersigned company has duly caused this document to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: December 11, 1996
ORANGE COGENERATION G.P., INC.
By:/s/MICHAEL T. MORAN
Michael T. Moran, Chief Executive Officer
<PAGE>
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION
NUMBER EXHIBITS METHOD
1 Proposed Notice of Proceeding (Previously filed)
3 Preliminary Opinion of Milbank, Electronic
Tweed, Hadley & McCloy, counsel
for CSW, Energy, Energy Sub,
Orange GP Sub, Orange LP Sub, JV
Sub, CSWO, the Project Venture
and OCLP Sub
4 Final "past-tense" Opinion of ---
Milbank, Tweed, Hadley & McCloy,
counsel for CSW, Energy, Energy Sub,
Orange GP Sub, Orange LP Sub, JV
Sub, CSWO, the Project Venture
and OCLP Sub (to be filed with the
Certificate of Notification).
5C Financial Statements per books Electronic
and pro forma as of September 30,
1996 for CSW and Energy - Orange
Securities Option.
[TEXT]
EXHIBIT 3
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
December 11, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Central and South West Corporation, et al.
Form U-1 Application-Declaration
(File No. 70-8133)
Ladies and Gentlemen:
We refer to the Form U-1 Application-Declaration (File No.
70-8133) under the Public Utility Holding Company Act of 1935, as amended (the
"Application-Declaration"), filed by Central and South West Corporation, a
Delaware corporation and a registered holding company ("CSW"), CSW Energy, Inc.,
a Texas corporation and a wholly-owned nonutility subsidiary of CSW ("Energy"),
CSW Development-I Inc., a Delaware corporation and a wholly-owned nonutility
subsidiary of Energy ("Energy Sub"), Orange Cogeneration GP II, Inc., a Delaware
corporation and a nonutility subsidiary of Energy Sub ("Orange GP Sub"), CSW
Orange II, Inc., a Delaware corporation and a wholly-owned nonutility subsidiary
of Energy Sub ("Orange LP Sub"), Orange Cogeneration G.P., Inc., a Delaware
corporation and a wholly-owned nonutility subsidiary of Orange GP Sub ("JV
Sub"), CSW Orange, Inc., a Delaware corporation and a wholly-owned nonutility
subsidiary of Orange LP Sub ("CSWO"), and Orange Cogeneration Limited
Partnership, a Delaware limited partnership and a nonutility subsidiary of JV
Sub and CSWO (the "Project Venture"). In connection with the
Application-Declaration, we have acted as counsel for CSW, Energy, Energy Sub,
Orange GP Sub, Orange LP Sub, the Project Venture, CSWO and JV Sub
(collectively, the "CSW Entities") and, as such counsel, we are familiar with
the corporate and partnership proceedings taken and to be taken by the CSW
Entities in connection with the formation of a special purpose, wholly-owned
nonutility subsidiary corporation of the Project Venture ("OCLP Sub"), which is
being formed to issue certain debt securities (the "Orange Securities") to third
parties and loan the proceeds of the Orange Securities to the Project Venture.
Terms used and not otherwise defined in this opinion shall have the respective
meanings assigned thereto in the Application-Declaration.
We have examined originals, or copies certified to our
satisfaction, of such corporate records of the CSW Entities, certificates of
public officials, certificates of officers and representatives of the CSW
Entities and other documents as we have deemed it necessary to require as a
basis for the opinions hereinafter expressed. In such examination we have
assumed the genuineness of all signatures and the authenticity of all documents
submitted to us as originals and the conformity with the originals of all
documents submitted to us as copies. As to various questions of fact material to
such opinions, we have, when relevant facts were not independently established,
relied upon certificates by officers of each of the CSW Entities and other
appropriate persons and statements contained in the Application-Declaration.
Based upon the foregoing, and having regard to legal
considerations which we deem relevant, we are of the opinion that, in the event
that the proposed transactions are consummated in accordance with the
Application-Declaration, as it may be amended, and subject to the assumptions
and conditions set forth below:
1. OCLP Sub will be, following its formation, validly
organized and duly existing under the laws of the State of
Delaware.
2. The capital or common stock of OCLP Sub will be validly
issued, full paid and nonassessable, and the Project Venture
as the holder of such stock will be entitled to the rights and
privileges appertaining thereto set forth in the articles of
incorporation and by-laws of OCLP Sub.
3. No order, consent or other approval of, or registration or
other filing with, any governmental authority of the United
States of America or the States of New York or Delaware will
be required on the part of the Project Venture for the
acquisition of the capital stock of OCLP Sub by the Project
Venture as described in the Application-Declaration.
4. The Orange Securities will be valid and binding obligations
of OCLP Sub, enforceable against it in accordance with their
terms, in each case except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws
relating to or affecting the rights of creditors generally and
except as the enforceability of such Orange Securities will be
subject to the application of general principles of equity
(regardless of whether considered in a proceeding in equity or
at law), including without limitation (i) the possible
unavailability of specific performance, injunctive relief or
any other equitable remedy and (ii) concepts of materiality,
reasonableness, good faith and fair dealing.
5. The consummation of the proposed transactions as described
in the Application-Declaration will not violate the legal
rights of the holders of any securities issued by each of the
CSW Entities or any associate company of each of the CSW
Entities.
The opinions expressed above in respect of the transactions
described in the Application-Declaration are subject to the following
assumptions or conditions:
a. The transactions shall have been duly authorized
and approved to the extent required by state law by the Boards
of Directors or Management Committee, as appropriate, of each
of the CSW Entities and OCLP Sub.
b. The Securities and Exchange Commission shall have
duly entered an appropriate order or orders granting and
permitting the Application-Declaration to become effective
with respect to the transactions described therein.
The foregoing opinions are limited to matters involving the
federal laws of the United States of America, the laws of the State of New York,
and the General Corporation Law and Uniform Limited Partnership Act of the State
of Delaware, and we do not express any opinion as to the laws of any other
jurisdiction. We hereby consent to the use of this opinion as an exhibit to the
Application-Declaration.
Very truly yours,
MILBANK, TWEED, HADLEY & MCCLOY
[EFF/JMH]
INDEX EXHIBIT 5C
TO
FINANCIAL STATEMENTS Page
Number
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of September 30, 1996 3 - 4
Consolidated Statement of Income for the Twelve Months Ended
September 30, 1996 5
Consolidated Statement of Retained Earnings for the Twelve Months
Ended September 30, 1996 6
Statements of Long-Term Debt Outstanding as of September 30, 1996 7 - 10
Statements of Preferred Stock Outstanding as of September 30, 1996 11
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 12
Statement of Income for the Twelve Months Ended September 30, 1996 13
CSW ENERGY, INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 14
Statement of Income for the Twelve Months Ended September 30, 1996 15
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 16
CSW DEVELOPMENT-I, INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 17
Statement of Income for the Twelve Months Ended September 30, 1996 18
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 19
CSW ORANGE II, INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 20
CSW ORANGE, INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 21
Statement of Income for the Twelve Months Ended September 30, 1996 22
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 23
CSW COGENERATION G.P. II, INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 24
<PAGE>
INDEX
TO
FINANCIAL STATEMENTS
Page
(CONTINUED) Number
CSW COGENERATION G.P., INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 25
Statement of Income for the Twelve Months Ended September 30, 1996 26
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 27
ORANGE COGENERATION L.P.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 28
Statement of Income for the Twelve Months Ended September 30, 1996 29
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 30
ORANGE COGENERATION L.P. SUBSIDIARY
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 31
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS 32 - 33
STATEMENT OF CHANGES 34
CAPITALIZATION RATIOS - Per books and Pro forma 35
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
Production $5,833 $5,833
Transmission 1,521 1,521
Distribution 4,040 4,040
General 1,297 1,297
Construction work in progress 203 203
Nuclear fuel 175 175
Other Diversified 57 57
-------- -------- --------
13,126 13,126
Less - Accumulated depreciation 4,820 4,820
-------- -------- --------
8,306 8,306
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 422 65 487
Special Deposits 60 60
Accounts receivable 1,216 1,216
Materials and supplies, at average cost 179 179
Electric fuel inventory, substantially at
average cost 111 111
Prepayments and other 164 164
-------- -------- --------
2,152 65 2,217
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 505 505
Mirror CWIP asset - net 302 302
Other non-utility investments 292 (53) 239
Income tax related regulatory assets, net 239 239
Goodwill 1,374 1,374
Other 422 422
-------- -------- --------
3,134 (53) 3,081
-------- -------- --------
$13,592 $12 $13,604
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding 210,800,000 shares $737 $737
Paid-in capital 999 999
Retained earnings 1,996 1,996
Foreign currency translation adjustment (3) (3)
-------- -------- --------
Total Common Stock Equity 3,729 3,729
Preferred stock
Not subject to mandatory redemption 293 293
Subject to mandatory redemption 32 32
Long-term debt 4,315 4,315
-------- -------- --------
Total Capitalization 8,369 8,369
-------- -------- --------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 65 65
Short-term debt 378 378
Short-term debt - CSW Credit 809 809
Loan Notes 97 97
Accounts payable 457 457
Accrued taxes 451 451
Accrued interest 74 74
Other 175 12 187
-------- -------- --------
2,506 2,518
-------- -------- --------
DEFERRED CREDITS
Accumulated deferred income taxes 2,229 2,229
Investment tax credits 295 295
Other 193 193
-------- -------- --------
2,717 2,717
-------- -------- --------
$13,592 $12 $13,604
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
OPERATING REVENUES $4,806
--------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 1,193
United Kingdom Cost of Sales 1,118
Other operating 719
Maintenance 154
Depreciation and amortization 454
Taxes, other than income 177
Income taxes 233
--------
4,048
--------
OPERATING INCOME 758
--------
OTHER INCOME AND DEDUCTIONS (45)
--------
(45)
INCOME BEFORE INTEREST CHARGES 713
--------
INTEREST CHARGES
Interest on long-term debt 300
Interest on short-term debt and other 99
--------
399
--------
INCOME FROM CONTINUING OPERATIONS 314
DISCONTINUED OPERATIONS
Income from discontinued operations, net
of tax 23
Gain on the sale of discontinued
operations, net of tax 113
--------
136
--------
NET INCOME 450
Preferred stock dividends 18
--------
NET INCOME FOR COMMON STOCK $432
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $1,914
Add: Net income for common stock 432
--------
2,346
Deduct: Common stock dividends 348
Retained earnings adjustment 2
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $1,996
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
CENTRAL POWER AND LIGHT COMPANY
First mortgage bonds -
Series J, 6-5/8%, due January 1, 1998 $28
Series L, 7%, due February 1, 2001 36
Series T, 7-1/2%, due December 15, 2014 112
Series AA, 7-1/2%, due March 1, 2020 50
Series BB, 6%, due October 1, 1997 200
Series CC, 7-1/4%, due October 1, 2004 100
Series DD, 7-1/8%, due December 1, 1999 25
Series EE, 7-1/2%, due December 1, 2002 115
Series FF, 6-7/8%, due February 1, 2003 50
Series GG, 7-1/8%, due February 1, 2008 75
Series HH, 6%, due April 1, 2000 100
Series II, 7-1/2%, due April 1, 2023 100
Series JJ, 7-1/2%, due May 1, 1999 100
Series KK, 6-5/8%, due July 1, 2005 200
Installment sales agreements -
Pollution control bonds
Series 1984, 7-7/8%, due September 15, 2014 6
Series 1986, 7-7/8%, due December 1, 2016 60
Series 1993, 6%, due July 1, 2028 120
Series 1995, 6-1/10%, due July 1, 2028 101
Series 1995, variable, due November 1, 2015 41
Unamortized discount (6)
Unamortized costs of reacquired debt (91)
--------
$1,522
--------
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
PUBLIC SERVICE COMPANY OF OKLAHOMA
First mortgage bonds -
Series K, 7-1/4%, due January 1, 1999 $25
Series L, 7-3/8%, due March 1, 2002 30
Series S, 7-1/4%, due July 1, 2003 65
Series T, 7-3/8%, due December 1, 2004 50
Series U, 6-1/4%, due April 1, 2003 35
Series V, 7-3/8%, due April 1, 2023 100
Series W, 6-1/2%, due June 1, 2005 50
Long-term note
Series A-1, 5.89%, due December 15, 2000 10
Series A-2, 5.91%, due March 1, 2001 6
Series A-3, 6.02%, due March 1, 2001 5
Series A-4, 6.02%, due March 1, 2001 9
Series A-5, 6.43%, due March 30, 2000 10
Installment sales agreements -
Pollution control bonds
Series A, 5.9%, due December 1, 2007 35
Series 1984 7-7/8, due September 15, 2014 12 *
Unamortized discount (4)
Unamortized costs of reacquired debt (18)
--------
* Rounded down from 12,660,000 $420
--------
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
SOUTHWESTERN ELECTRIC POWER COMPANY
First mortgage bonds -
Series V, 7-3/4%, due June 1, 2004 $40
Series W, 6-1/8%, due September 1, 1999 40
Series X, 7%, due September 1, 2007 90
Series Y, 6-5/8%, due February 1, 2003 55
Series Z, 7-1/4%, due July 1, 2023 45
Series AA, 5-1/4%, due April 1, 2000 45
Series BB, 6-7/8%, due October 1, 2025 80
1976 Series A, 6.2%, due November 1, 2006 7
1976 Series B, 6.2%, due November 1, 2006 1
Installment sales agreements -
Pollution control bonds
1978 Series A, 6%, due January 1, 2008 14
Series 1986, 8.2%, due July 1, 2014 82
1991 Series A, 8.2%, due August 1, 2011 17
1991 Series B, 6.9%, due November 1, 2004 12
Series 1992, 7.6%, due January 1, 2019 54
Bank loan, variable rate, due June 15, 2000 50
Railcar lease obligations 11
Unamortized premium 1
Unamortized costs of reacquired debt (44)
Amount to be redeemed within one year (4)
--------
$596
--------
WEST TEXAS UTILITIES COMPANY
First mortgage bonds -
Series P, 7-3/4%, due July 1, 2007 25
Series Q, 6-7/8%, due October 1, 2002 35
Series R, 7%, due October 1, 2004 40
Series S, 6-1/8%, due February 1, 2004 40
Series T, 7-1/2%, due April 1, 2000 40
Series U, 6-3/8%, due October 1, 2005 80
Installment sales agreement -
Pollution control bonds
Series 1984, 7-7/8%, due September 15, 2014 44
Unamortized discount and premium (1)
Unamortized costs of reacquired debt (29)
--------
$274
--------
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1996
UNAUDITED
(millions)
CSW U.K. GROUP
Long-term debt facility, floating rate, due 2001 $729
Eurobond, 8-1/2%, due October 3, 2005 156
Eurobond, 8-7/8%, due September 27, 2006 156
Notes, 6.95%, due August 1, 2001 * 202
Notes, 7.45%, due August 1, 2006 * 202
Unamortized discount and premium (2)
--------
$1,443
--------
* The $202 million amounts result from a U.S.
dollar to British pound cross currency swamp
and the subsequent translation of those pounds
back into U.S. dollars for U.S. reporting
purposes.
CENTRAL AND SOUTH WEST SERVICES, INC.
Term loan facility, Variable rate, due
December 1, 2001 60
--------
$60
--------
TOTAL CONSOLIDATED $4,315
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF PREFERRED STOCK OUTSTANDING
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
NOT SUBJECT TO MANDATORY REDEMPTION
CENTRAL POWER AND LIGHT COMPANY
4.00% Series, 100,000 shares $10
4.20% Series, 75,000 shares 7
7.12% Series, 260,000 shares 26
8.72% Series, 500,000 shares 50
Auction Money Market, 750,000 shares 75
Auction Series A, 425,000 shares 43
Auction Series B, 425,000 shares 43
Issuance expense (3)
--------
$251
--------
PUBLIC SERVICE COMPANY OF OKLAHOMA
4.00% Series, 97,900 shares $10
4.24% Series, 100,000 shares 10
--------
$20
--------
SOUTHWESTERN ELECTRIC POWER COMPANY
5.00% Series, 75,000 shares $8
4.65% Series, 25,000 shares 2
4.28% Series, 60,000 shares 6
--------
$16
--------
WEST TEXAS UTILITIES COMPANY
4.40% Series, 60,000 shares 6
--------
Total Consolidated $293
========
SUBJECT TO MANDATORY REDEMPTION
SOUTHWESTERN ELECTRIC POWER COMPANY
6.95% Series, 352,000 shares $34
Amount to be redeemed within one year (2)
--------
Total Consolidated $32
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
General $4 $4
Less - Accumulated depreciation (1) (1)
-------- -------- --------
NET PLANT 3 3
INVESTMENTS IN COMMON STOCK
OF SUBSIDIARY COMPANIES (at equity) 3,914 3,914
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 5 65 70
Advances to affiliates 208 208
Accounts receivable - Affiliated 162 (65) 97
Prepayments and other 8 8
-------- -------- --------
383 383
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS 58 58
-------- -------- --------
$4,358 $0 $4,358
======== ======== ========
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value;
authorized 350,000,000 shares;
issued and outstanding 210,800,000 shares $737 $737
Paid-in capital 999 999
Retained earnings 1,996 1,996
-------- -------- --------
Total Common Stock Equity 3,732 3,732
-------- -------- --------
Long-term debt 0 0
-------- -------- --------
Total Capitalization 3,732 3,732
-------- -------- --------
CURRENT LIABILITIES
Short-term debt 378 378
Accounts payable and other 214 214
-------- -------- --------
592 592
-------- -------- --------
DEFERRED CREDITS 34 34
-------- -------- --------
$4,358 $0 $4,358
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $152
Public Service Company of Oklahoma 35
Southwestern Electric Power Company 73
West Texas Utilities Company 17
SEEBOARD plc 62
Transok, Inc. 22
CSW Credit, Inc. 8
CSW Energy, Inc. (9)
CSW Leasing, Inc. 1
CSW International, Inc. (4)
CSW Communications, Inc. (3)
Enershop Inc. (1)
Central and South West Services, Inc. 0
Other Income 53
--------
$406
--------
EXPENSES AND TAXES
General and administrative expenses 32
Interest expense 59
Federal income taxes (4)
--------
87
--------
DISCONTINUED OPERATIONS
Gain on sale of discontinued operations, net of tax 113
--------
NET INCOME $432
========
<PAGE>
CSW ENERGY, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Accounts receivable $2,070 $2,070
Other Current Assets 8,498 8,498
Equity Investments 189,536 189,536
Notes Receivable 1,605 1,605
Deferred Charges and Other 34,918 34,918
-------- -------- --------
TOTAL $236,627 $0 $236,627
======== ======== ========
LIABILITIES AND EQUITY
LIABILITIES
Accounts Payable and Other $47,539 $47,539
Borrowings from CSW Corp. 83,578 (65,000) 18,578
Notes Payable 65,000 65,000
Other Liabilities 5,237 5,237
Accumulated Deferred Income Taxes 36,625 36,625
-------- -------- --------
172,979 0 172,979
-------- -------- --------
EQUITY
Common Stock 1 1
Paid-In Capital 70,728 70,728
Retained Earnings (7,081) (7,081)
-------- -------- --------
63,648 0 63,648
-------- -------- --------
TOTAL $236,627 $0 $236,627
======== ======== ========
<PAGE>
CSW ENERGY, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Income:
Income from Equity Investments $15,538
Interest Income 1,588
Misc. Income 3,865
--------
Total Income 20,991
--------
Expenses:
Depreciation and Amortization 3,218
Outside Services 4,397
Expenses Transferred Out (2,994)
Interest Expense 8,553
General and Administrative Expense 23,335
--------
Total Expenses 36,509
--------
Income Tax Benefit (6,032)
--------
Net Income/(Loss) ($9,486)
========
<PAGE>
CSW ENERGY, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $2,405
Add: Net Income (9,486)
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 ($7,081)
========
<PAGE>
CSW DEVELOPMENT-I, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Accounts receivable $1,887 $1,887
Equity Investments 93,298 (53,151) 40,147
Notes Receivable 5,190 65,000 70,190
Deferred Charges and Other 3,865 3,865
-------- -------- --------
TOTAL $104,240 $11,849 $116,089
======== ======== ========
LIABILITIES AND EQUITY
LIABILITIES
Accounts Payable and Other $1,847 $1,847
Notes Payable 3,443 11,849 15,292
Accumulated Deferred Income Taxes 10,754 10,754
Federal Income Taxes (4,102) (4,102)
-------- -------- --------
11,942 11,849 23,791
-------- -------- --------
EQUITY
Common Stock 1 1
Paid-In Capital 96,236 0 96,236
Retained Earnings (3,939) (3,939)
-------- -------- --------
92,298 0 92,298
-------- -------- --------
TOTAL $104,240 $11,849 $116,089
======== ======== ========
<PAGE>
CSW DEVELOPMENT-I, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Income:
Income from Equity Investments $638
Interest Income 1,370
Misc. Income 2,234
--------
Total Income 4,242
--------
Expenses:
Outside Services 24
Expenses Transferred Out (27)
Interest Expense 2,156
General and Administrative Expense 8,721
--------
Total Expenses 10,874
--------
Income Tax Benefit (2,579)
--------
Net Income/(Loss) ($4,053)
========
<PAGE>
CSW DEVELOPMENT-I, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $114
Add: Net Income (4,053)
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 ($3,939)
========
<PAGE>
CSW ORANGE II, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Accounts receivable $1,998 $1,998
Equity Investments 53,151 (53,151) 0
Notes Receivable 122 11,849 11,971
-------- -------- --------
TOTAL $55,271 ($41,302) $13,969
======== ======== ========
LIABILITIES AND EQUITY
LIABILITIES
Accounts Payable and Other $1,998 $1,998
Notes Payable 122 11,849 11,971
-------- -------- --------
2,120 11,849 13,969
-------- -------- --------
EQUITY
Paid-In Capital 53,151 (53,151) 0
-------- -------- --------
TOTAL $55,271 ($41,302) $13,969
======== ======== ========
<PAGE>
CSW ORANGE, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Accounts receivable $2,271 $2,271
Equity Investments 55,485 (65,000) (9,515)
Notes Receivable 476 11,849 12,325
-------- -------- --------
TOTAL $58,232 ($53,151) $5,081
======== ======== ========
LIABILITIES AND EQUITY
LIABILITIES
Notes Payable $122 $122
Accumulated Deferred Income Taxes 2,230 2,230
-------- -------- --------
2,352 0 2,352
-------- -------- --------
EQUITY
Paid-In Capital 53,151 (53,151) 0
Retained Earnings 2,729 2,729
-------- -------- --------
55,880 (53,151) 2,729
-------- -------- --------
TOTAL $58,232 ($53,151) $5,081
======== ======== ========
<PAGE>
CSW ORANGE, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Income:
Income from Equity Investments $4,272
Interest Income 87
--------
Total Income 4,359
--------
Expenses:
Outside Services 64
Expenses Transferred Out (381)
General and Administrative Expense 302
--------
Total Expenses (15)
--------
Income Tax Expense 1,706
--------
Net Income/(Loss) $2,668
========
<PAGE>
CSW ORANGE, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $61
Add: Net Income 2,668
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $2,729
========
<PAGE>
ORANGE COGENERATION G.P. II, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Equity Investment $1 $0 $1
======== ======== ========
LIABILITIES & EQUITY
Paid-In Capital $1 $0 $1
======== ======== ========
<PAGE>
ORANGE COGENERATION G.P., INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Cash $74 $74
Equity Investment 44 44
-------- -------- --------
TOTAL $118 $0 $118
======== ======== ========
LIABILITIES & EQUITY
Accounts Payable & Other ($112) ($112)
Partners' Capital 230 0 230
-------- -------- --------
TOTAL $118 $0 $118
======== ======== ========
<PAGE>
ORANGE COGENERATION G.P., INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Income:
Income from Equity Investments $75
Interest Income 10
Misc. Income 412
--------
Total Income 497
--------
Expenses:
Outside Services 42
General and Administrative Expense 227
--------
Total Expenses 269
--------
Net Income/(Loss) $228
========
<PAGE>
ORANGE COGENERATION G.P., INC.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
PARTNER'S CAPITAL AT SEPTEMBER 30, 1995 $2
Add: Net Income 228
--------
PARTNER'S CAPITAL AT SEPTEMBER 30, 1996 $230
========
<PAGE>
ORANGE COGENERATION L.P.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Cash & Equivalents $11,176 ($1) $11,175
Investment In Subsidiary 1 1
Accounts Receivable 3,015 3,015
Other Current Assets 485 485
Plant & Equipment 94,147 94,147
Project Development 9,509 9,509
Accumulated Depreciation (3,339) (3,339)
Inventory 984 984
Work In Process 571 571
-------- -------- --------
TOTAL $116,548 $0 $116,548
======== ======== ========
LIABILITIES AND EQUITY
LIABILITIES
Accounts Payable and Other $3,027 $3,027
Accrued Liabilities 2,635 2,635
Notes Payable 0 130,000 130,000
-------- -------- --------
5,662 130,000 135,662
-------- -------- --------
Partners Capital
Partners Capital 103,540 (130,000) (26,460)
Current Earnings 7,346 7,346
-------- -------- --------
110,886 (130,000) (19,114)
-------- -------- --------
TOTAL $116,548 $0 $116,548
======== ======== ========
<PAGE>
ORANGE COGENERATION L.P.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Income:
Operating Revenue $30,281
Operating Expenses:
Fuel & Fuel Transportation 12,933
Operating, Maintenance & Supplies 3,692
Depreciation & Amortization 2,355
General and Administrative Expense 1,992
--------
Total Expenses 20,972
--------
Other Income/(Expense)
Interest Income & Other 343
Interest Expense (1,020)
--------
Net Income/(Loss) $8,632
========
<PAGE>
ORANGE COGENERATION L.P.
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
BALANCE OF PARTNER'S CAPITAL AT SEPTEMBER 30, 1995 $205
Add: Net Income (Through September 1996) 8,632
Add: Contributions 106,170
Subtract: Distributions (4,121)
--------
BALANCE OF PARTNER'S CAPITAL AT SEPTEMBER 30, 1996 $110,886
========
<PAGE>
ORANGE COGENERATION L.P. SUBSIDIARY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
Cash $1 $1
Notes Receivable - Orange LP 130,000 130,000
Equity Investment 0
-------- -------- --------
TOTAL $0 $130,001 $130,001
======== ======== ========
LIABILITIES & EQUITY
Bonds Payable $130,000 $130,000
Paid in Capital 1 1
-------- -------- --------
TOTAL $0 $130,001 $130,001
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
DR CR
-------- --------
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Cash and temporary cash investments 65,000
Other non-utility investments 53,151
Other current liabilities 11,849
To record the reduction in equity investment resulting
from the transaction
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Cash and temporary cash investments 65,000
Accounts receivable - Affiliated 65,000
To record the receipt of cash resulting from the
transaction
CSW ENERGY, INC.
Cash 65,000
Borrowings from CSW Corp. 65,000
Notes Payable 65,000
Cash 65,000
To record the affects of the transaction at CSW Energy
CSW DEVELOPMENT-I, INC.
Cash 65,000
Equity Investments 53,151
Notes Payable 11,849
Notes Receivable 65,000
Cash 65,000
To record the affects of the transaction at CSW
Development-I, Inc.
CSW ORANGE II, INC.
Cash 65,000
Equity Investments 53,151
Notes Payable 11,849
Paid-In Capital 53,151
Notes Receivable 11,849
Cash 65,000
To record the affects of the transaction at CSW
Orange II, Inc.
CSW ORANGE, INC.
Cash 65,000
Equity Investments 65,000
Paid-In Capital 53,151
Notes Receivable 11,849
Cash 65,000
To record the affects of the transaction at CSW
Orange, Inc.
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
SEPTEMBER 30, 1996
UNAUDITED
(Thousands)
(CONTINUED)
ORANGE COGENERATION L.P.
Investment In Subsidiary 1
Cash 1
Cash 130,000
Notes Payable 130,000
Partners Capital (Tenneco) 65,000
Partners Capital (CSW Orange) 65,000
Cash 130,000
To record the affects of the transaction at Orange
Cogeneration L.P.
ORANGE COGENERATION L.P. SUBSIDIARY
Cash 1
Paid in Capital 1
Cash 130,000
Bonds Payable 130,000
Notes Receivable - Orange LP 130,000
Cash 130,000
To record the affects of the transaction at Orange
Cogeneration L.P. Subsidiary
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF CHANGES
There have been no significant changes in the financial statements of
Central and South West Corporation and subsidiary companies subsequent to
September 30, 1996, other than in the ordinary course of business. See CSW
Combined Quarterly Report on Form 10-Q for the quarter ended September 30,
1996.
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CAPITALIZATION RATIOS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
Common
Stock Preferred Long-term
Equity Stock Debt
-------- -------- --------
Central and South West Corporation
and Subsidiary Companies
(Consolidated) Per books 44.6% 3.9% 51.6%
Central and South West Corporation
and Subsidiary Companies
(Consolidated) Pro forma 44.6% 3.9% 51.6%
Central and South West Corporation (Corporate)
Per books 100.0% 0.0% 0.0%
Central and South West Corporation (Corporate)
Pro forma 100.0% 0.0% 0.0%
CSW Energy, Inc.
Per books 93.1% 0.0% 6.9%
CSW Energy, Inc.
Pro forma 50.2% 0.0% 49.8%
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The notes to consolidated financial statements included in Central and
South West Corporation's 1995 Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1995 Annual Report on Form 10-K pages 2-32 through 2-67
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SUBSIDIARY>
<NUMBER> 013
<NAME> CSW DEVELOPMENT I, INC.
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<S> <C> <C>
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<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 030
<NAME> CSW Orange II, Inc.
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<S> <C> <C>
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<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
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<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 031
<NAME> CSW Orange, Inc.
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<S> <C> <C>
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<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
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<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 027
<NAME> Orange Cogeneration GP II, Inc.
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<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 028
<NAME> Orange Cogeneration GP, Inc.
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<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996
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<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 028
<NAME> Orange Cogeneration GP, Inc.
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996
<BOOK-VALUE> PER-BOOK PRO-FORMA
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<OPERATING-INCOME-LOSS> (194) (194)
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<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 029
<NAME> Orange Cogeneration LP
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996
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<TABLE> <S> <C>
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<SUBSIDIARY>
<NUMBER> 032
<NAME> ORANGE COGENERATION LP SUBSIDIARY
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<S> <C> <C>
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