SEC File No. 70-7727
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")
GENERAL PORTFOLIOS CORPORATION ("GPC")
ENERGY INITIATIVES, INC. ("EI")
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
:
In the Matter of :
:
GENERAL PUBLIC UTILITIES CORPORATION : Certificate Pursuant
GENERAL PORTFOLIOS CORPORATION, and : to Rule 24 of Partial
ENERGY INITIATIVES, INC. : Completion of
: Transactions
SEC File No. 70-7727 :
(Public Utility Holding Company Act :
of 1935) :
________________________________________:
TO THE MEMBERS OF THE SECURITIES AND EXCHANGE COMMISSION:
The undersigned General Public Utilities Corporation
("GPU"), General Portfolios Corporation ("GPC") and Energy
Initiatives, Inc. ("EI") hereby certify, pursuant to Rule 24 of
the General Rules and Regulations under the Public Utility
Holding Company Act of 1935, in accordance with the Commission's
Order dated June 26, 1990 and December 18, 1992 with respect to
the transactions proposed in the Declaration, as amended, filed
in SEC File No. 70-7727 (such Declaration, as amended, being
herein referred to as the "Declaration"), as follows:
1. Accounting, Financial and Other Matters.
Consolidated Statements of Operations and Accumulated
Deficit for the twelve months ended March 31, 1994 and
Consolidated Balance Sheets as of March 31, 1994 for EI and its
subsidiaries are filed herewith as Exhibit 1.
1
<PAGE>
2. Investments in, and Guarantees on Behalf of, GPC and
EI.
During the period January 1, 1994 through March 31,
1994 no cash contributions were made by GPU to GPC or by GPC to
EI.
During such period GPU entered into repayment
agreements for the following standby letters of credit issued for
the benefit of EI:
(a) a standby letter of credit in the amount of
$625,000 issued on March 18, 1994 by Mellon Bank, N.A.
in favor of Wisconsin Public Service Corporation (WPS)
in connection with a bid submitted by EI in response to
a WPS request for proposals to provide electric energy
and generating capacity;
(b) a standby letter of credit in the amount of
$895,000 issued on March 18, 1994 by Mellon Bank, N.A.
in favor of WPS in connection with a bid submitted by
Polsky Energy Corp. ("PES") in response to a WPS
request for proposals to provide electric energy and
generating capacity; and
(c) a standby letter of credit in the amount of
$875,000 issued on March 18, 1994 by Mellon Bank, N.A.
in favor of WPS in connection with a bid submitted by
EI and PES in response to a WPS request for proposals
to provide electric energy and generating capacity.
2
<PAGE>
Through March 31, 1994 and as of such date, GPU has
made cash capital contributions to GPC and GPC, in turn, has made
such cash contributions to EI, and GPU has entered into repayment
agreements for standby letters of credit issued for the benefit
of EI, in the aggregate amount of $14,545,000 pursuant to the
Commission's orders in File No. 70-7727.
3. Sales of Fuel and Fuel Transportation Capacity.
EI Fuels Corp. has sold no excess fuel or fuel
transportation capacity through March 31, 1994.
3
<PAGE>
SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS CAUSED THIS
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO
DULY AUTHORIZED.
GENERAL PUBLIC UTILITIES CORPORATION
GENERAL PORTFOLIOS CORPORATION
By:_________________________________
Don W. Myers, Vice President
and Treasurer
ENERGY INITIATIVES, INC.
By:_________________________________
B. L. Levy, President
Dated: June 20, 1994
<PAGE>
EXHIBIT TO BE FILED BY EDGAR
Exhibit 1 - Consolidated Statements of Operations and
Accumulated Deficit for the twelve months
ended March 31, 1994 and Consolidated
Balance Sheets as of March 31, 1994 for
EI and its subsidiaries are filed
herewith as Exhibit 1.
<PAGE>
Page 1 of 3
EXHIBIT 1
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE TWELVE MONTHS ENDED MARCH 31, 1994
UNAUDITED
Operating revenues $ 3,404,354
Operating expenses 4,817,952
Depreciation 144,702
Total 4,962,654
Net operating loss (1,558,300)
Other income and expenses:
Equity in partnership income 713,177
Interest income, net 354,950
Gain on sale of assets 35,612
Total other income and expenses 1,103,739
Loss before income taxes (454,561)
Income tax expense 18,966
Net loss (473,527)
Accumulated deficit,
beginning of period (13,441,862)
Accumulated deficit, end of period $(13,915,389)
<PAGE>
Page 2 of 3
EXHIBIT 1
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 1994
UNAUDITED
ASSETS
CURRENT ASSETS:
Cash and temporary investments $6,750,213
Accounts receivable 1,778,674
Interest receivable 1,128
Income taxes receivable 1,108,013
Deposits 150
Deferred income taxes 34,723
Other current assets 47,138
TOTAL CURRENT ASSETS $ 9,720,039
OTHER ASSETS:
Investments other 8,310,760
Investments in partnership 19,361,883
Notes receivable from partnerships 300,000
Fixed assets (Net) 412,695
Other noncurrent assets 12,200
TOTAL ASSETS $38,117,577
<PAGE>
Page 3 of 3
EXHIBIT 1
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 1994
UNAUDITED
LIABILITIES
CURRENT LIABILITIES:
Accounts payable/Accrued expenses $ 771,505
Deferred revenues 111,528
Payroll taxes and deductions payable 2,083
Accounts payable-vacation 186,981
TOTAL CURRENT LIABILITIES $ 1,072,097
LONG TERM LIABILITIES
Deferred credits 3,260,868
STOCKHOLDERS EQUITY 33,784,612
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $38,117,577
<PAGE>
