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")
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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 Supplemental Order dated December
18, 1992 with respect to the transactions proposed in the
Application, as amended, filed in SEC File No. 70-7727 (such
Application, as amended, being herein referred to as the
"Application"), as follows:
1. Accounting, Financial and Other Matters.
Consolidated Statements of Operations and Accumulated
Deficit for the twelve months ended December 31, 1993 and
Consolidated Balance Sheets as of December 31, 1993 for EI and
its subsidiaries are filed herewith as Exhibit 1.
1
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2. Investments in, and Guarantees on Behalf of, GPC and
EI.
During the period October 1, 1993 through December 31,
1993 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 standby letter of credit in the amount of $1,300,000
issued on November 5, 1993 by Mellon Bank, N.A. in favor of San
Diego Gas & Electric (SDG&E) in connection with a bid submitted
by EI in response to an SDG&E request for proposal to provide
electric energy and generating capacity.
Also during such period GPU cancelled separate
repayment agreements for the following standby letters of credit
issued for the benefit of EI:
A standby letter of credit in the amount of $1,235,000
issued on February 26, 1993 by Mellon Bank, N.A. in favor of
SDG&E in connection with a bid submitted by EI in response to a
SDG&E request for proposal to provide electric energy and
generating capacity was cancelled on November 22, 1993.
A standby letter of credit in the amount of $975,000 issued
on April 14, 1993 by Mellon Bank, N.A. in favor of Sierra Pacific
Power Company ("Sierra Pacific") in connection with a bid
submitted by EI in response to a Sierra Pacific request for
proposal to provide electric energy and generating capacity was
cancelled on November 9, 1993.
2
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Through December 31, 1993 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 $12,150,000 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 December 31, 1993.
3
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935, THE UNDERSIGNED COMPANIES HAVE CAUSED THIS
STATEMENT TO BE SIGNED ON THEIR 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: March 14, 1994
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EXHIBIT TO BE FILED BY EDGAR
Exhibit 1 - Consolidated Statements of Operations
and Accumulated Deficit for the twelve
months ended December 31, 1993 and
Consolidated Balance Sheets as of
December 31, 1993 for EI and its
subsidiaries are filed herewith as
Exhibit 1.
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Page 1 of 3
EXHIBIT 1
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1993
UNAUDITED
Operating revenues $ 3,280,969
Operating expenses 4,245,886
Depreciation 159,335
Total 4,405,221
Net operating income (1,124,252)
Other income and expenses:
Gain on Sale of Assets 35,612
Equity in partnership losses (913,565)
Interest income, net 398,839
Total other income and expenses (479,114)
Income before income taxes (1,603,366)
Income tax expense 244,048
Net income (1,847,414)
Accumulated deficit,
beginning of period (11,711,384)
Accumulated deficit, end of period $(13,558,798)
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Page 2 of 3
EXHIBIT 1
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1993
UNAUDITED
ASSETS
______
CURRENT ASSETS:
Cash and temporary investments $5,349,618
Accounts receivable 1,368,402
Interest receivable 864
Income taxes receivable 869,102
Deposits 150
Deferred income taxes 34,723
Other current assets 30,847
TOTAL CURRENT ASSETS $ 7,653,706
OTHER ASSETS:
Project escrow account-Polsky 2,500,001
Investments in option agreement 5,526,064
Investments in partnership 19,329,506
Investments in Polsky 2,738,933
Notes receivable from partnerships 300,000
Fixed assets (Net) 445,154
Cash Surrender Value-Life Insurance 12,200
TOTAL ASSETS $38,505,564
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Page 3 of 3
EXHIBIT 1
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1993
UNAUDITED
LIABILITIES
___________
CURRENT LIABILITIES:
Accounts payable/Accrued expenses $1,084,306
Deferred revenues 85,000
Payroll taxes and deductions payable 1,886
Accounts payable-vacation 158,476
TOTAL CURRENT LIABILITIES $ 1,329,668
LONG TERM LIABILITIES
Deferred credits 3,149,505
STOCKHOLDERS EQUITY 34,026,391
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $38,505,564
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