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Previous: BT INVESTMENT FUNDS, DEFA14A, 1999-08-25 |
Next: SCUDDER NEW ASIA FUND INC, N-30D, 1999-08-25 |
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 75202 April 1, 1999 to
June 30, 1999
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 independent power projects ("IPP's").
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 as of the relevant report
date. 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 August, 1999.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
CSW Energy, Inc.
Balance Sheet
June 30, 1999
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $25,491
Accounts receivable 17,671
Prepaid expenses 1,738
-------
Total current assets 44,900
Investments In and Advances to Energy Projects 113,530
Notes Receivable - Affiliate 34,263
Notes Receivable 66,647
Other Assets
Construction in progress and project development costs 148,762
Property, Plant, and Equipment, net 184,283
Other - net 15,875
-------
Total other assets 348,920
-------
Total assets $608,260
=======
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $10,732
Accrued liabilities and other 10,684
-------
Total current liabilities 21,416
Long Term Debt 348,907
Deferred Income Taxes 36,105
Other 72,097
-------
Total liabilities 478,525
Minority Interest 12,979
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 8,616
-------
Total shareholder's equity 116,756
-------
Total liabilities and shareholder's equity $608,260
=======
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended June 30, 1999 and 1998
(Unaudited)
($000's)
1999 1998
OPERATING REVENUE:
Electric revenues $77,732 $ 31,282
Thermal revenues 41,806 20,672
Equity in Income from energy projects 12,664 11,803
Operating and mantenance contract services 7,454 4,992
Construction contract revenue 16,721 -
Other 627 515
--------- --------
Total operating revenue 157,004 69,264
OPERATING EXPENSES:
Fuel 68,417 32,695
Operating, maintnance and supplies 18,591 7,318
Depreciation and amortization 9,557 3,501
Salaries, wages and benefits 10,129 5,607
Construction contract expenses 12,344 2,065
General and administrative 7,631 64
Operating and maintenance contract services 4,761 3,396
--------- --------
Total operating expenses 131,430 54,646
INCOME FROM OPERATIONS 25,574 14,618
OTHER INCOME (EXPENSE)
Interest income 26,554 20,860
Interest expense (35,822) (25,421)
Other, net (315) 1,191
--------- --------
Total other (expense) (9,583) (3,370)
INCOME BEFORE INCOME TAXES 15,991 11,248
PROVISION FOR INCOME TAXES 6,295 4,515
--------- --------
Net income before change in accounting principle l9,696 6,733
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 5,203 -
--------- --------
Net income $ 4,493 $ 6,733
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