SEC File No. 70-8369
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
ENERGY INITIATIVES, INC. ("EI")
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
:
In the Matter of :
:
ENERGY INITIATIVES, INC., :
GENERAL PUBLIC UTILITIES CORPORATION, : Certificate Pursuant
: to Rule 24 of
Partial
SEC File No. 70-8369 : Completion of
(Public Utility Holding Company Act : Transactions
of 1935) :
________________________________________:
TO THE MEMBERS OF THE SECURITIES AND EXCHANGE COMMISSION:
The undersigned, Energy Initiatives, Inc. ("EI") and
General Public Utilities Corporation ("GPU"), do hereby certify,
pursuant to Rule 24 of the General Rules and Regulations under
the Public Utility Holding Company Act of 1935 (the "Act"), that
certain of the transactions proposed in the Application, as
amended, filed in SEC File No. 70-8369, have been carried out in
accordance with the terms and conditions of, and for the purposes
requested in, said Application and pursuant to the Commission's
Order dated May 17, 1994, and Supplemental Order dated December
1, 1994, with respect to said Application as follows:
1. During the period April 1, 1995 through June 30,
1995, the following borrowing and letters of credit were
outstanding under the Credit Agreement, dated as of December 12,
1994, among EI, the banks named therein, and Citibank, N.A., as
Agent.
a. Borrowing. On June 30, 1995, a $2,500,000 borrowing
was extended to EI. The borrowing bears interest at 6.5625
percent per annum, which is based on the LIBOR at June 30, 1995,
-1-<PAGE>
plus 50 basis points, and matures on July 31, 1995. The
$2,500,000 borrowing will be used as follows: $2,000,000 for an
investment in Polsky Energy Corporation (see Order dated
September 7, 1993, HCAR No. 35-25876), and $500,000 for working
capital requirements.
b. Letters of Credit. On June 29, 1995, letters of
credit in the face amount of $2,000,000 and $3,000,000 were
issued. The letters of credit carry fees equal to 1/2 of 1
percent per annum of the face amount, plus a .10 percent fronting
fee, and mature on December 26, 1995. The purpose of the letters
of credit is to support EI's bid to acquire 50% of the shares of
a privatized Bolivian electric generating company, which will be
an exempt wholesale generator.
-2-<PAGE>
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.
ENERGY INITIATIVES, INC.
By:_______________________________
B. L. Levy, President
GENERAL PUBLIC UTILITIES CORPORATION
By:________________________________
T. G. Howson, Vice President
and Treasurer
Dated: July 13, 1995<PAGE>
