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 Orders dated December
1, 1994 and September 15, 1995, with respect to said Application
as follows:
During the period April 1, 1996 through June 30, 1996,
the following borrowings 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. Borrowings. The proceeds of the three borrowings
listed below which were extended to EI were loaned to EI Energy,
2<PAGE>
Inc. (a wholly-owned subsidiary of GPU) which in turn used the
funds to acquire securities in a foreign utility company:
(1) On May 15, 1996, the $8,000,000 borrowing extended to
EI on February 13, 1996, matured. On such date, $1,500,000 was
repaid and a $6,500,000 borrowing was extended to EI. The
borrowing bore interest at 5.9375 percent per annum, which was
based on the LIBOR at May 15, 1996, plus 50 basis points, and was
repaid on May 17, 1996.
(2) On May 6, 1996, a borrowing in the amount of $3,000,000
was extended to EI. The borrowing bore interest at 8.25 percent
per annum, which was based on the Prime Rate at May 6, 1996, and
was repaid on May 8, 1996.
(3) On May 1, 1996, a borrowing in the amount of $8,700,000
was extended to EI. The borrowing bore interest at 5.9375
percent per annum, which was based on the LIBOR at May 1, 1996,
plus 50 basis points, and was repaid on June 3, 1996.
On April 18, 1996, a borrowing in the amount of $700,000 was
extended to EI for working capital needs. The borrowing bore
interest at 5.9375 percent per annum, which was based on the
LIBOR at April 18, 1996, plus 50 basis points, and was repaid on
May 17, 1996.
b. Letters of Credit. On May 17, 1996, a letter of credit
in the face amount of $7,000,000 which was issued on August 7,
1995 and scheduled to expire on August 7, 1996, was cancelled.
The letter of credit carried a fee equal to 1/2 of 1 percent per
annum of the face amount, plus a .10 percent fronting fee. The
purpose of the letter of credit was to support EI's commitment to
3<PAGE>
construct a 300 MW cogeneration facility pursuant to the Power
Sales Agreement with Georgia Power Company.
On February 26, 1996, a letter of credit in the face amount
of $30,000 was issued to support a bid for a 500 MW coal-fired
generating plant in Punjab State, India. The letter of credit
carries a fee equal to 1/2 of 1 percent per annum of the face
amount, plus a .10 percent fronting fee, and expires on May 26,
1997.
On December 8, 1995, a letter of credit in the face amount
of $1,788,850 was issued. The letter of credit carries a fee
equal to 1/2 of 1 percent per annum of the face amount, plus a
.10 percent fronting fee, and expires on December 8, 1996. The
purpose of the letter of credit is to support Polsky Energy
Corp's (PEC) commitment to construct a 236 MW cogeneration
facility pursuant to its power sales agreement with Wisconsin
Public Service Co. EI is the joint developer, along with PEC, of
this project.
4<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 10, 1996
<PAGE>
