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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 January 1, 1999 to
March 31, 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 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 26th day of May, 1999.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
CSW Energy, Inc.
Balance Sheet
March 31, 1999
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $25,014
Accounts receivable 12,924
Prepaid expenses 699
----------
Total current assets 38,637
----------
Investments In and Advances to Energy Projects 113,867
Notes Receivable - Affiliate 56,557
Notes Receivable 67,510
Other Assets
Construction in progress and project development costs 124,300
Property, Plant, and Equipment, net 193,974
Other - net 9,983
----------
Total other assets 328,257
Total assets $604,828
==========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $8,280
Accrued liabilities and other 12,826
----------
Total current liabilities 21,106
----------
Long Term Debt 348,897
Deferred Income Taxes 37,595
Other 68,909
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Total liabilities 476,507
Minority Interest 14,909
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 5,272
----------
Total shareholder's equity 113,412
Total liabilities, shareholder's equity
and minority interest $604,828
==========
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended March 31, 1999 & 1998
(Unaudited)
($000's)
1999 1998
------------- ------------
OPERATING REVENUE:
Equity in income from energy projects $ 14,880 $ 15,091
Electric and Thermal Revenue 117,803 20,425
Operation and maintenance services 7,330 4,569
Other 15,408 352
------------- ------------
Total operating revenue 155,421 40,437
OPERATING EXPENSES:
Salaries, wages, and benefits 9,151 5,586
Fuel expense 71,262 12,605
Operation and maintenance services 34,369 8,891
General and administrative 23,733 2,423
------------- ------------
Total operating expenses 138,515 29,505
------------- ------------
INCOME FROM OPERATIONS 16,906 10,932
OTHER INCOME (EXPENSE)
Interest income 27,414 12,315
Interest expense (36,831) (14,224)
Other, net 2,926 (9)
------------- ------------
Total other income (expense) (6,491) (1,918)
------------- ------------
INCOME BEFORE INCOME TAXES 10,415 9,014
PROVISION FOR INCOME TAXES 6,239 3,645
------------- ------------
Net income (loss) $ 4,176 $ 5,369
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