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 January 1, 1998 to
March 31, 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 28th day of May, 1998.
CSW Energy, Inc.
/s/ SANDRA S. BENNETT
Sandra S. Bennett
Controller
CSW Energy, Inc.
Balance Sheet
March 31, 1998
(Unaudited)
($000's)
ASSETS
Current Assets
Cash and cash equivalents $ 5,299
Accounts receivable 16,968
Prepaid expenses 1,242
---------------
Total current assets 23,509
Investments In and Advances to Energy Projects 302,630
Notes Receivable - Affiliate 34,604
Notes Receivable 61,962
Other Assets
Construction in progress and project
development costs 15,947
Other - net 7,331
---------------
Total other assets 23,278
---------------
Total assets $ 445,983
===============
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities
Accounts payable $ 15,193
Accrued liabilities and other 8,351
---------------
Total current liabilities 23,544
Long Term Debt 199,856
Deferred Income Taxes 48,133
Other 65,244
---------------
Total liabilities 336,777
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,114
Accumulated retained earnings 1,091
---------------
Total shareholder's equity 109,206
---------------
Total liabilities and shareholder's
equity $ 445,983
===============
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended March 31, 1998 & 1997
(Unaudited)
($000's)
Mar. 31 Mar. 31
1998 1997
----------- -----------
OPERATING REVENUE:
Equity in income from energy projects $ 15,091 $ 16,817
Operation and maintenance services 4,569 4,046
Other 20,777 357
----------- -----------
Total operating revenue 40,437 21,220
OPERATING EXPENSES:
Salaries, wages, and benefits 5,586 5,227
Loss on construction contract - 7
Operation and maintenance services 21,496 2,601
General and administrative 2,423 5,363
Nonrecoverable project development costs - 6,187
----------- -----------
Total operating expenses 29,505 19,385
----------- -----------
INCOME FROM OPERATIONS 10,932 1,835
OTHER INCOME (EXPENSE)
Interest income 12,315 2,944
Interest expense (14,224) (11,781)
Other, net (9) (8,001)
----------- -----------
Total other income (expense) (1,918) (16,838)
----------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 9,014 (15,003)
PROVISION (BENEFIT) FOR INCOME TAXES 3,645 (5,882)
----------- -----------
Net income (loss) $ 5,369 $ (9,121)
=========== ===========
CSW Energy, Inc.
Intercompany Service Transactions
For the Three Months Ended March 31, 1998
(Unaudited)
Name Type of Service Amount
- ------------------------------------- ----------------------- -----------
Central and South West Services, Inc. Salaries, overheads, $ 843,593
(Wholly owned subsidiary of and travel in support
Central and South West Corporation) of CSW Energy, Inc.
projects.
Central Power and Light Company Salaries, overheads, 0
(Wholly owned subsidiary of and travel in support
Central and South West Corporation) of CSW Energy, Inc.
projects.
Central and South West Corporation Net Interest on cash 2,345,730
(Parent) advances provided to
CSW Energy, Inc.
