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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 July 1, 1998 to
September 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. None.
<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, 1998.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
EXHIBIT A
CSW Energy, Inc.
Balance Sheet
September 30, 1998
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $25,175
Accounts receivable 9,048
Prepaid expenses 252
-------------
Total current assets 34,475
Investments In and Advances to Energy Projects 113,062
Notes Receivable - Affiliate 140,753
Notes Receivable 66,315
Other Assets
Construction in progress and project development costs 53,769
Property, Plant, and Equipment, net 196,129
Other - net 7,056
-------------
Total other assets 256,954
Total assets $611,559
=============
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $17,253
Accrued liabilities and other 13,025
-------------
Total current liabilities 30,278
Long Term Debt 348,876
Deferred Income Taxes 46,936
Other 56,567
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Total liabilities 482,657
Minority Interest 16,667
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 4,095
-------------
Total shareholder's equity 112,235
Total liabilities, shareholder's
equity and minority interest $611,559
=============
EXHIBIT B
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended September 30, 1998 & 1997
(Unaudited)
($000's)
1998 1997
--------- ---------
OPERATING REVENUE:
Equity in income from energy projects $ 14,038 $ 17,042
Electric and Thermal Revenue 80,741 726
Operation and maintenance services 5,623 4,049
Other 4,375 506
--------- ---------
Total operating revenue 104,777 22,323
OPERATING EXPENSES:
Salaries, wages, and benefits 6,669 5,207
Fuel expense 51,099 554
Operation and maintenance services 20,255 2,863
General and administrative 12,046 590
--------- ---------
Total operating expenses 90,069 9,214
--------- ---------
INCOME FROM OPERATIONS 14,708 13,109
OTHER INCOME (EXPENSE)
Interest income 32,225 6,746
Interest expense (39,368) (9,898)
Other, net 201 799
--------- ---------
Total other income (expense) (6,942) (2,353)
--------- ---------
INCOME BEFORE INCOME TAXES 7,766 10,756
PROVISION FOR INCOME TAXES 3,015 4,334
--------- ---------
Net income (loss) $ 4,751 $ 6,422
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