SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-57
NOTIFICATION OF FOREIGN UTILITY COMPANY STATUS
Filed Under Section 33(a) of the
Public Utility Holding Company Act of 1935, as amended
PSI Energy Argentina, Inc.
1000 East Main Street
Plainfield, Indiana 46168
______________________________________
(Name of foreign utility company)
CINergy Corp.
__________________________________________
(Name of filing company if filed on behalf
of a foreign utility company)
The Commission is requested to mail copies of all
communications relating to this Notification to:
Cheryl M. Foley
Vice President, General Counsel and Corporate Secretary
CINergy Corp.
139 East Fourth Street
Cincinnati, Ohio 45202
M. Douglas Dunn William T. Baker
Milbank, Tweed, Hadley & McCloy Reid & Priest
1 Chase Manhattan Plaza 40 West 57th Street
New York, New York 10005-1413 New York, New
York 10019
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CINergy Corp. ("CINergy"), a Delaware corporation and a
registered holding company under the Public Utility Holding
Company Act of 1935, as amended (the "Act"), acting on behalf of
PSI Energy Argentina, Inc. ("Energy Argentina), an Indiana
corporation and wholly-owned subsidiary of CINergy, hereby
notifies the Securities and Exchange Commission (the
"Commission") that Energy Argentina is, and hereby claims status
as, a foreign utility company ("FUCO") within the meaning of
Section 33 of the Act.
Item 1. Name, Business Address, Facilities and Ownership.
The name and business address of the company claiming
FUCO status is PSI Energy Argentina, Inc., 1000 East Main Street,
Plainfield, Indiana 46168.
Energy Argentina owns an indirect interest in, and
participates in the operation of, Edesur, S.A. ("Edesur"), an
electric distribution system serving the southern half of Buenos
Aires, Argentina. Energy Argentina acquired its interest in
Edesur in the privatization of distribution assets in Argentina
in 1992 and is an 8% shareholder in Distrilec Inversora, S.A.
("Distrilec"), which owns 51% of the stock of Edesur. All of the
outstanding voting stock of Energy Argentina is owned by PSI
Energy, Inc., an Indiana corporation ("PSI Energy"). CINergy
owns 100% of the common stock of PSI Energy. The ownership of
Distrilec is more fully described in the Application of PSI
Resources, Inc. and PSI Energy for an Order under Section 3(b) of
the Act and Form U-1 Application in File No. 70-7964, which is
hereby incorporated by reference.
Item 2. Domestic Associate Public-Utility Companies of Energy
Argentina and their Relationship to Energy Argentina.
PSI Energy, which provides electric service in portions
of the State of Indiana, is a domestic public utility associate
company of Energy Argentina. The relationship between PSI Energy
and Energy Argentina is that of parent and wholly-owned
subsidiary, respectively. In addition, through Energy Argentina,
PSI Energy provides certain services to Edesur. As set forth in
the Commission's order in PSI Resources, et al., Holding Co. Act
Rel. No. 35-25570, 51 SEC Docket 1374 (July 2, 1992), "only a
small number of [PSI Energy] employees will be involved in
providing services to [Edesur] and none of . . . PSI Energy's
senior management will be assigned on a full-time or long-term
basis to such tasks. To the extent that employees of PSI Energy
provide any services in connection with the Argentine operations,
PSI Energy will charge for such services based upon accounting
procedures already in place and subject to review by the Indiana
Utility Regulatory Commission." The purchase price for PSI
Energy's interest in Energy Argentina was paid by PSI Resources,
Inc. ("PSI"), which was the parent company of PSI Energy when
Energy Argentina was organized.
In addition to PSI Energy, the following companies are
domestic public utility associate companies of Energy Argentina:
The Cincinnati Gas & Electric Company ("CG&E"), an Ohio
corporation; The Union Light, Heat & Power Company ("ULH&P"), a
Kentucky corporation; Lawrenceburg Gas Company ("Lawrenceburg"),
an Indiana corporation; The West Harrison Gas and Electric
Company ("West Harrison"), an Indiana corporation; and Miami
Power Corporation ("Miami"), an Indiana corporation. CG&E is a
direct subsidiary of CINergy, and ULH&P, Lawrenceburg, West
Harrison and Miami are direct subsidiaries of CG&E. At present,
apart from their common affiliation under CINergy, CG&E, ULH&P,
Lawrenceburg, West Harrison and Miami have no relationship with
Energy Argentina.
Exhibit A: State certifications.
Because CINergy is a registered holding company, state
certifications under Section 33(a)(2) are not required for Energy
Argentina to be exempt under Section 33(a)(1) of the Act.
Because Energy Argentina was organized before the
creation of the CINergy system and the enactment of Section 33 of
the Act, exemptions under Section 3(b) of the Act (together with
certain approvals of the Commission) were obtained for Energy
Argentina and certain related investments. See PSI Resources, et
al., Holding Co. Act Rel. No. 35-25570, 51 SEC Docket 1374 (July
2, 1992); PSI Resources, Inc., et al., Holding Co. Act Rel. No.
35-25674, 52 SEC Docket 2533 (Nov. 13, 1992). In connection with
the applications for those exemptions and approvals, the
following letters were submitted to the Commission:
(1) Letter from James R. Monk, Chairman, Indiana Utility
Regulatory Commission, to the Commission dated
September 15, 1992.
(2) Letter from James R. Monk, Chairman, Indiana Utility
Regulatory Commission, to the Commission dated July 2,
1992.
In these letters, the Indiana Utility Regulatory Commission
("IURC") indicated that PSI Energy's ratepayers are adequately
insulated from the effects of PSI Energy's foreign
diversification investment in Energy Argentina and that the
investment would not impair the IURC's ability to regulate
effectively the operations of PSI Energy. See PSI Resources,
Inc., et al., Holding Co. Act Rel. No. 35-25674, 52 SEC Docket
2533, 2536-37 (Nov. 13, 1992) (IURC "has sufficient general and
specific authority to protect PSI Energy's consumers in
connection with the proposed transactions" and "has 'the
authority to adjust PSI Energy's rates to protect ratepayers from
adverse financial effects resulting from diversification
activities'") (footnotes omitted); PSI Resources, et al., Holding
Co. Act Rel. No. 35-25570, 51 SEC Docket 1374, 1374-75 (July 2,
1992) (IURC's "continuing authority over PSI Energy's capital
structure, financing and cost of capital for ratemaking purposes
will enable the IURC to protect PSI Energy's retail electric
customers from any financial effects resulting from the
activities of [Energy] Argentina").
SIGNATURE
The undersigned company has duly caused this statement
to be signed on its behalf by the undersigned thereunto duly
authorized.
CINergy Corp.
By: /s/ William L. Sheafer
-----------------------------
William L. Sheafer
Treasurer
Date: February 21, 1995
