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 October 1, 1999 to
December 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 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.
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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 15th day of February, 2000.
CSW Energy, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
Exhibit A
CSW Energy, Inc.
Balance Sheet
December 31, 1999
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $7,057
Accounts receivable 13,471
Prepaid expenses 6,943
--------
Total current assets 27,471
Investments In and Advances to Energy Projects 135,295
Notes Receivable - Affiliate 8,624
Other Assets
Construction in progress and project development costs 19,317
Property, Plant, and Equipment, net 251,426
Other - net 5,862
--------
Total other assets 276,605
--------
Total assets $447,995
========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $19,369
Accrued liabilities and other 7,757
--------
Total current liabilities 27,126
Long Term Debt 199,928
Deferred Income Taxes 46,958
Other 12,935
--------
Total liabilities 286,947
Minority Interest 66
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 52,842
--------
Total shareholder's equity 160,982
--------
Total liabilities and shareholder's equity $447,995
========
Exhibit B
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended December 31, 1999 and 1998
(Unaudited)
($000's)
1999 1998
OPERATING REVENUE:
Electric revenues $95,023 $ 65,132
Thermal revenues 30,848 45,167
Equity in Income from energy projects 15,416 11,639
Operating and mantenance contract services 9,179 6,482
Construction contract revenue 28,883 7,047
Other 52,946 620
--------- ---------
Total operating revenue 232,295 136,087
OPERATING EXPENSES:
Fuel 67,047 68,107
Operating, maintnance and supplies 16,377 17,476
Depreciation and amortization 7,279 8,496
Salaries, wages and benefits 10,848 9,231
Construction contract expenses 23,624 6,503
General and administrative 13,277 5,711
Operating and maintenance contract services 5,062 4,432
--------- ---------
Total operating expenses 143,514 119,956
INCOME FROM OPERATIONS 88,781 16,131
OTHER INCOME (EXPENSE)
Interest income 17,605 27,443
Interest expense (17,618) (35,103)
Other, net (4,814) 3,889
--------- ---------
Total other (expense) (4,827) (3,771)
INCOME BEFORE INCOME TAXES 83,954 12,360
PROVISION FOR INCOME TAXES 34,362 5,183
--------- ---------
Net income before change in accounting
principle 49,592 7,177
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 117 4,518
--------- ---------
Net income $49,475 $ 2,659
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