UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
- ----------------------------------------------
In the matter of
CSW Energy, Inc. REPORT FOR PERIOD
Dallas, Texas 75266-0789 July 1, 1997 to
September 30, 1997
File No. 070-07758 PURSUANT TO RULE 24
This report is filed under Rule 24 of the Public Utility Holding Company
Act of 1935 by CSW Energy, Inc. ("CSW Energy"), a wholly owned subsidiary of
Central and South West Corporation ("CSW"). Under HCAR 35-26417, CSW Energy is
authorized to participate in cogeneration projects and to provide consulting
services with respect to IPPs. Attached is the information required pursuant to
HCAR 35-26417.
(1) A balance sheet as of the relevant report date. See Exhibit A.
(2) Income statements for the twelve months ended. See Exhibit B.
(3) Name, owner, and location of each IPP served by CSW Energy during the\
quarter. None.
(4) The amount of compensation received for each IPP project. None.
(5) Information on intercompany transactions with CSW Energy related to CSW
Energy's consulting services, including (a) the name of each associate
company providing services, (b) a listing of services provided and (c)
the total dollar amount of services provided, broken down by associate
company. See Exhibit C.
<PAGE>
S I G N A T U R E
As requested by order of this Commission pursuant to the Public Utility
Holding Company Act of 1935, CSW Energy, Inc. has duly caused this report to be
signed on its behalf on this 25th day of November 1997.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Controller
CSW Energy, Inc.
Balance Sheet
September 30, 1997
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $10
Accounts receivable 999
Prepaid expenses 69
---------
Total current assets 1,078
Investments In and Advances to Energy Projects 114,383
Notes Receivable - Affiliate 129,502
Other Assets
Construction in progress and project development costs 176,517
Other - net 7,538
---------
Total other assets 184,055
=========
Total assets $429,018
=========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $14,748
Accrued liabilities and other 8,813
---------
Total current liabilities 23,561
Long Term Debt 199,835
Deferred Income Taxes 38,978
Other 59,181
---------
Total liabilities 321,555
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,120
Accumulated retained earnings (658)
---------
Total shareholder's equity 107,463
---------
Total liabilities and shareholder's equity $429,018
=========
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended September 30, 1997 and 1996
(Unaudited)
($000's)
Sept 30, Sept 30,
1997 1996
-------- --------
OPERATING REVENUE:
Equity in income from energy projects $17,042 $17,425
Operation and maintenance services 4,049 4,051
Other 1,232 --
-------- --------
Total operating revenue 22,323 21,476
OPERATING EXPENSES:
Salaries, wages, and benefits 5,207 5,311
Loss on construction contract -- 206
Operation and maintenance services 3,417 2,558
General and administrative 590 6,676
Nonrecoverable project development costs -- 6,187
-------- --------
Total operating expenses 9,214 20,938
-------- --------
INCOME FROM OPERATIONS 13,109 538
OTHER INCOME (EXPENSE)
Interest income 6,746 1,624
Interest expense (9,898) (8,552)
Other, net 799 (9,128)
-------- --------
Total other income (expense) (2,353) (16,056)
-------- --------
INCOME (LOSS) BEFORE INCOME TAXES 10,756 (15,518)
PROVISION (BENEFIT) FOR INCOME TAXES 4,334 (6,032)
-------- --------
Net income (loss) $6,422 $(9,486)
======== ========
CSW Energy, Inc.
Intercompany Service Transactions
For the Nine Months Ended September 30, 1997
(Unaudited)
Name Type of Service Amount
- ---------------------------------- ------------------------ -----------
Central and South West Services, Inc. Salaries, overheads, and $2,181,568
(Wholly owned subsidiary of travel in support of CSW
Central and South West Corporation) Energy, Inc. projects.
Central Power and Light Company Salaries, overheads, and 29,067
(Wholly owned subsidiary of travel in support of CSW
Central and South West Corporation) Energy, Inc. projects.
Central and South West Corporation Net Interest on cash 1,515,001
(Parent) advances provided to CSW
Energy, Inc.
