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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 75202 July 1, 1999 to
September 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 19th day of November, 1999.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
Exhibit A
CSW Energy, Inc.
Balance Sheet
September 30, 1999
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $32,954
Accounts receivable 27,174
Prepaid expenses 2,765
--------
Total current assets 62,893
Investments In and Advances to Energy Projects 112,958
Notes Receivable - Affiliate 2,728
Notes Receivable 64,909
Other Assets
Construction in progress and project development costs 192,277
Property, Plant, and Equipment, net 183,062
Other - net 14,527
--------
Total other assets 389,866
--------
Total assets $633,354
========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $18,932
Accrued liabilities and other 15,626
--------
Total current liabilities 34,558
Long Term Debt 348,918
Deferred Income Taxes 39,544
Other 74,165
--------
Total liabilities 497,185
Minority Interest 12,131
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 15,898
--------
Total shareholder's equity 124,038
--------
Total liabilities and shareholder's equity $633,354
========
Exhibit B
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended September 30, 1999 and 1998
(Unaudited)
($000's)
1999 1998
OPERATING REVENUE:
Electric revenues $ 109,015 $ 49,434
Thermal revenues 42,322 32,570
Equity in Income from energy projects 12,607 9,978
Operating and mantenance contract services 8,204 5,513
Construction contract revenue 23,910 -
Other 630 569
--------- --------
Total operating revenue 196,688 98,064
OPERATING EXPENSES:
Fuel 82,372 51,099
Operating, maintnance and supplies 20,924 11,882
Depreciation and amortization 9,043 5,033
Salaries, wages and benefits 10,915 6,662
Construction contract expenses 17,400 3,194
General and administrative 11,534 2,809
Operating and maintenance contract services 5,139 3,684
--------- --------
Total operating expenses 157,327 84,363
INCOME FROM OPERATIONS 39,361 13,701
OTHER INCOME (EXPENSE)
Interest income 6,001 10,228
Interest expense (16,632) (17,361)
Other, net (2,108) 1,198
--------- --------
Total other (expense) (12,739) (5,935)
INCOME BEFORE INCOME TAXES 26,622 7,766
PROVISION FOR INCOME TAXES 9,616 3,015
--------- --------
Net income before change in accounting principle 17,006 4,751
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 5,203 -
--------- --------
Net income $11,803 $ 4,751
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