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
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")
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, December 18, 1992, and
December 28, 1994 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 December 31, 1994 and
Consolidated Balance Sheets as of December 31, 1994 for EI and
its subsidiaries are filed herewith as Exhibit 1.
2. Investments in, and Guarantees on Behalf of, GPC and
EI.
During the period October 1, 1994 through December 31,
1994 GPU made cash capital contributions to EI in the aggregate
1<PAGE>
amount of $7,700,000. During such period the following letters
of credit which GPU entered into a repayment agreement for the
benefit of EI expired or were cancelled:
(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 generation
capacity;
(b) a standby letter of credit in 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 Corporation
("PEC") in response to a WPS request for proposals to
provide electric energy and generation 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 PEC in
response to a WPS request for proposals to provide electric
energy and generating capacity.
Through December 31, 1994, and as of such date, GPU has
made cash capital contributions to EI, and GPU entered into
repayment agreements for standby letters of credit issued for the
benefit of EI, in the aggregate amount of $29,450,000 pursuant to
the Commission's orders in File No. 70-7727.
2<PAGE>
3. Sales of Fuel and Fuel Transportation Capacity.
EI Fuels Corp. has sold no excess fuel or fuel
transportation capacity through December 31, 1995.
4. By filing the following exhibit and financial
statements in Item 6 thereof:
(a) Financial Statements:
1 - EI Consolidated Balance Sheet as of December
31, 1994 and Consolidated Statement of
Operations and Accumulated Deficit for the
twelve months ended December 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.
ENERGY INITIATIVES, INC.
By:_________________________
B. L. Levy, President
Dated: February 17, 1995<PAGE>
FINANCIAL STATEMENTS TO BE FILED BY EDGAR
Financial Statements
1 - EI Consolidated Balance Sheet as of December
31, 1994 and Consolidated Statement of
Operations and Accumulated Deficit for the
twelve months ended December 31, 1994.<PAGE>
Exhibit 1
Page 1 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
(UNAUDITED)
Operating revenues $ 4,694,914
Operating expenses 8,574,166
Depreciation 369,590
Total 8,943,756
Net operating loss (4,248,842)
Other income and expenses:
Equity in partnership losses (1,014,105)
Interest income, net 503,089
Total other income
and expenses (511,016)
Loss before income taxes (4,759,858)
Income tax benefit (1,623,813)
Net loss (3,136,045)
Accumulated deficit,
beginning of period (12,482,161)
Accumulated deficit, end of period $(15,618,206)<PAGE>
Exhibit 1
Page 2 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1994
(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash and temporary investments $ 772,335
Accounts receivable 1,568,700
Interest receivable 216
Income taxes receivable 632,011
Deposits 150
Deferred income taxes 491,751
Other current assets 3,081,086
TOTAL CURRENT ASSETS 6,546,249
OTHER ASSETS
Long term accounts receivable 233,000
Investments other 4,767,367
Investments in securities 15,035,286
Investments in partnerships 78,659,501
Long term receivables from partnerships 2,331,231
Notes receivable from partnerships 3,044,441
Fixed assets, net 430,643
Intangible assets, net 16,633,132
Deferred income taxes 2,006,378
Other noncurrent assets 12,200
TOTAL ASSETS $129,699,428<PAGE>
Exhibit 1
Page 3 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1994
(UNAUDITED)
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 2,735,325
Deferred revenues 111,528
Payroll taxes and deductions payable 4,965
Accounts payable-vacation 261,159
TOTAL CURRENT LIABILITIES 3,112,977
LONG TERM LIABILITIES
Long term accounts payable 325,000
Deferred credits 5,842,047
Deferred revenues 2,240,915
STOCKHOLDERS EQUITY 118,178,489
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $129,699,428<PAGE>
