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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 April 1, 1998 to
June 30, 1998
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 August, 1998.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
CSW Energy, Inc.
Balance Sheet
June 30, 1998
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $ 26,404
Accounts receivable 17,221
Prepaid expenses 370
-----------
Total current assets 43,995
-----------
Investments In and Advances to Energy Projects 112,785
Notes Receivable - Affiliate 5,912
Notes Receivable 63,421
Other Assets
Construction in progress and project development 28,159
costs
Property, Plant, and Equipment, net 195,973
Other - net 8,574
-----------
Total other assets 232,706
===========
Total assets $ 458,819
===========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $ 20,607
Accrued liabilities and other 7,851
-----------
Total current liabilities 28,458
-----------
Long Term Debt 199,866
Deferred Income Taxes 48,177
Other 53,518
-----------
Total liabilities 330,019
-----------
-----------
Minority Interest 16,536
-----------
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 4,124
-----------
Total shareholder's equity 112,264
-----------
Total liabilities, shareholder's equity $ 458,819
and minority interest ===========
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended June 30, 1998 & 1997
(Unaudited)
($000's)
June 30 June 30
1998 1997
---------- --------
OPERATING REVENUE:
Equity in income from energy projects $ 14,510 $ 18,698
Electric and Thermal Revenue 51,571 -
Operation and maintenance services 5,101 4,016
Other 3,442 450
---------- --------
Total operating revenue 74,624 23,164
OPERATING EXPENSES:
Salaries, wages, and benefits 5,611 5,198
Fuel expense 32,695 39
Loss on construction contract - 7
Operation and maintenance services 14,271 2,644
General and administrative 6,301 3,063
---------- --------
Total operating expenses 58,878 10,951
---------- --------
INCOME FROM OPERATIONS 15,746 12,213
OTHER INCOME (EXPENSE)
Interest income 16,873 4,844
Interest expense (21,435) (8,730)
Other, net 64 872
---------- --------
Total other income (expense) (4,498) (3,014)
---------- --------
INCOME (LOSS) BEFORE INCOME TAXES 11,248 9,199
PROVISION (BENEFIT) FOR INCOME TAXES 4,514 3,575
---------- --------
Net income (loss) $ 6,734 $ 5,624
========== ========
CSW Energy, Inc.
Intercompany Service Transactions
For the Three Months Ended June 30, 1998
(Unaudited)
Name Type of Service Amount
- -------------------------- ------------------------- ---------
Central and South West Services, Inc. Salaries, overheads, and travel $1,145,501
(Wholly owned subsidiary of in support of CSW Energy, Inc.
Central and South West Corporation) projects.
Central and South West Corporation Net Interest on cash advances $2,592,046
(Parent) provided to CSW Energy, Inc.
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