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 October 1, 1995 through December 31,
1995, 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.
-1-<PAGE>
a. Borrowings. On October 31, 1995, the $15,000,000
borrowing extended to EI on July 27, 1995, to provide partial
financing for Guaracachi America, Inc.'s (a subsidiary of EI
Power, Inc.), investment in Empresa Guaracachi, S.A., matured. On
such date, $3,500,000 was repaid and a $11,500,000 borrowing was
extended to EI. The borrowing bears interest at 6.3125 percent
per annum, which is based on the LIBOR at October 31, 1995, plus
50 basis points, and matured on December 29, 1995.
On December 29, 1995, $10,000,000 was repaid and a
$1,500,000 borrowing was extended to EI. The borrowing bears
interest at 6.25 percent per annum, which is based on the LIBOR
at December 29, 1995, plus 50 basis points, and matures on
January 31, 1996.
The two borrowings listed below were used for working
capital needs:
(1) On July 31, 1995, the maturity date of a $2,500,000
borrowing, originally scheduled to mature on July 31, 1995, was
extended to October 31, 1995. The borrowing bears interest at
6.375 percent per annum, which is based on the LIBOR at July 31,
1995, plus 50 basis points, and was repaid on October 31, 1995.
(2) On August 16, a borrowing in the amount of $500,000 was
extended to EI. The borrowing bears interest at 6.3125 percent
per annum, which is based on the LIBOR at August 21, 1995, plus
50 basis points, and was repaid on October 19, 1995.
b. Letters of Credit. 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
-2-<PAGE>
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 and
owner, along with PEC, of this facility.
On August 7, 1995, a letter of credit in the face amount of
$7,000,000 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 August 7, 1996. The purpose
of the letter of credit is to support EI's commitment to
construct a 300 MW cogeneration facility pursuant to its Power
Purchase Agreement with Georgia Power Company dated August 7,
1995.
-3-<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: January 10, 1996<PAGE>
