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Previous: SOGEN INTERNATIONAL FUND INC/SOCIETE GENERALE TOUCHE REMNANT, NSAR-A, 1994-11-29 |
Next: INTERCAPITAL INCOME SECURITIES INC, NSAR-B, 1994-11-29 |
<PAGE> 1
File No. 70-8123
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 4 (POST-EFFECTIVE) TO
FORM U-1 APPLICATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
____________________________
SOUTHWESTERN ELECTRIC POWER COMPANY
428 Travis Street
Shreveport, Louisiana 71101
(Name of company filing this statement and address
of principal executive office)
____________________________
CENTRAL AND SOUTH WEST CORPORATION
(Name of top registered holding company parent)
____________________________
Shirley S. Briones
Treasurer
Southwestern Electric Power Company
428 Travis Street
Shreveport, Louisiana 71101
Stephen J. McDonnell
Treasurer
Central and South West Corporation
1616 Woodall Rodgers Freeway
P.O. Box 660164
Dallas, Texas 75266
Joris M. Hogan, Esq.
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
(Names and addresses of agents for service)
<PAGE> 2
Southwestern Electric Power Company ("SWEPCO"), a Delaware
corporation and a wholly owned electric utility subsidiary of Central and
South West Corporation ("CSW"), a Delaware corporation and a registered
holding company under the Public Utility Holding Company Act of 1935, as
amended (the "Act"), hereby files this Amendment No. 4 (Post-Effective) to the
Form U-1 Application in File No. 70-8123 for the purpose of amending Item 6 in
the following respects. In all other respects the Application as previously
filed and amended will remain the same.
Item 6.Exhibits and Financial Statements.
Item 6 is hereby amended to file the following exhibit:
Exhibit 2 -Financial Statements per books and pro forma as of
September 30, 1994, of Southwestern Electric Power
Company and consolidated subsidiaries.
<PAGE> 3
S I G N A T U R E
- - - - - - - - -
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935, as amended, the undersigned company has duly caused this document
to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: November 29, 1994
SOUTHWESTERN ELECTRIC POWER COMPANY
By: /s/ SHIRLEY S. BRIONES
Shirley S. Briones
Treasurer
<PAGE> 1
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION
NUMBER EXHIBIT METHOD
- ------- ------- ------------
2 Financial Statements per books and pro Electronic
forma as of September 30, 1994, of
Southwestern Electric Power Company and
consolidated subsidiaries.
<PAGE> 1
EXHIBIT 2
---------
INDEX
TO
FINANCIAL STATEMENTS
Page
Number
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of September 30, 1994 2 - 3
Consolidated Statement of Income for the Twelve Months Ended
September 30, 1994 4
Consolidated Statement of Retained Earnings for the Twelve
Months Ended September 30, 1994 5
Statements of Long-Term Debt Outstanding as of September 30, 1994 6 - 9
Statements of Preferred Stock Outstanding as of September 30, 1994 10
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of September 30, 1994 11
Statement of Income for the Twelve Months Ended September 30, 1994 12
SOUTHWESTERN ELECTRIC POWER COMPANY
Balance Sheets - Per Books and Pro Forma as of September 30, 1994 13 - 14
Statement of Income for the Twelve Months Ended September 30, 1994 15
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1994 16
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS 17
STATEMENT OF CHANGES 18
CAPITALIZATION RATIOS - Per books and Pro forma 19
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 20
<PAGE> 2
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
ASSETS No pro forma adjustment
PLANT
Electric utility
Production $5,794 $5,794
Transmission 1,355 1,355
Distribution 2,480 2,480
General 756 756
Construction work in progress 352 352
Nuclear fuel 161 161
Gas 800 800
------ ------
11,698 11,698
Less - Accumulated depreciation 3,792 3,792
------ ------
7,906 7,906
------ ------
CURRENT ASSETS
Cash and temporary cash investments 34 34
Accounts receivable 937 937
Materials and supplies, at average cost 154 154
Fuel inventory, substantially at average cost 91 91
Gas inventory/products for resale 24 24
Unrecovered fuel cost 74 74
Prepayments and other 79 79
------ ------
1,393 1,393
------ ------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 516 516
Mirror CWIP asset - net 324 324
Other non-utility investments 333 333
Income tax related regulatory asset net 209 209
Other 295 295
------ ------
1,677 1,677
------ ------ ------
$10,976 $0 $10,976
====== ====== ======
<PAGE> 3
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
CAPITALIZATION AND LIABILITIES No pro forma adjustment
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding
189,901,000 shares $665 $665
Paid-in capital 547 547
Retained earnings 1,841 1,841
------ ------
Total Common Stock Equity 3,053 3,053
Preferred stock
Not subject to mandatory redemption 292 292
Subject to mandatory redemption 35 35
Long-term debt 2,886 2,886
------ ------
Total Capitalization 6,266 6,266
------ ------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 11 11
Short-term debt 739 739
Short-term debt - CSW Credit 808 808
Accounts payable 244 244
Accrued taxes 177 177
Accrued interest 70 70
Accrued restructuring charges 42 42
Other 157 157
------ ------
2,248 2,248
------ ------
DEFERRED CREDITS
Income taxes 2,040 2,040
Investment tax credits 324 324
Mirror CWIP liability and other 98 98
------ ------
2,462 2,462
------ ------ ------
$10,976 $0 $10,976
====== ====== ======
<PAGE> 4
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1994
UNAUDITED
(Millions)
OPERATING REVENUES $3,672
------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 1,206
Gas purchased for resale 326
Other operating 680
Restructuring charges 97
Maintenance 189
Depreciation and amortization 353
Taxes, other than Federal income 206
Federal income taxes 129
------
3,186
------
OPERATING INCOME 486
------
OTHER INCOME AND DEDUCTIONS
Mirror CWIP liability amortization 70
Other 25
------
95
INCOME BEFORE INTEREST CHARGES 581
------
INTEREST CHARGES
Interest on long-term debt 217
Interest on short-term debt and other 62
------
279
------
NET INCOME 302
Preferred stock dividends 19
------
NET INCOME FOR COMMON STOCK $283
======
<PAGE> 5
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1994
UNAUDITED
(Millions)
RETAINED EARNINGS AT September 30, 1993 $1,876
Add: Net income for common stock 283
------
2,159
Deduct: Common stock dividends 318
------
RETAINED EARNINGS AT September 30, 1994 $1,841
======
<PAGE> 6
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
CENTRAL POWER AND LIGHT COMPANY
First mortgage bonds -
Series J, 6-5/8%, due January 1, 1998 $28
Series L, 7%, due February 1, 2001 36
Series T, 7-1/2%, due December 15, 2014 112
Series U, 9-3/4%, due July 1, 2015 32
Series Z, 9-3/8%, due December 1, 2019 140
Series AA, 7-1/2%, due March 1, 2020 50
Series BB, 6%, due October 1, 1997 200
Series CC, 7-1/4%, due October 1, 2004 100
Series DD, 7-1/8%, due December 1, 1999 25
Series EE, 7-1/2%, due December 1, 2002 115
Series FF, 6-7/8%, due February 1, 2003 50
Series GG, 7-1/8%, due February 1, 2008 75
Series HH, 6%, due April 1, 2000 100
Series II, 7-1/2%, due April 1, 2023 100
Series JJ, 7-1/2%, due May 1, 1999 100
Installment sales agreements -
Pollution control bonds
Series 1974 7-1/8%, due June 1, 2004 8
Series 1977 6%, due November 1, 2007 34
Series 1984 7-7/8%, due December 15, 2014 6
Series 1984 10-1/8%, due October 15, 2014 69
Series 1986 7-7/8%, due December 1, 2016 60
Series 1993 6%, due July 1, 2028 120
Unamortized discount (12)
Unamortized costs of reacquired debt (83)
------
$1,465
------
<PAGE> 7
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
PUBLIC SERVICE COMPANY OF OKLAHOMA
First mortgage bonds -
Series J, 5-1/4%, due March 1, 1996 $25
Series K, 7-1/4%, due January 1, 1999 25
Series L, 7-3/8%, due March 1, 2002 30
Series S, 7-1/4%, due July 1, 2003 65
Series T, 7-3/8%, due December 1, 2004 50
Series U, 6-1/4%, due April 1, 2003 35
Series V, 7-3/8%, due April 1, 2023 100
Series W, 6-1/2%, due June 1, 2005 50
Installment sales agreements -
Pollution control bonds
5.9%, due December 1, 2007 35
Series 1984 7-7/8, due December 15, 2014 13
Unamortized discount (5)
Unamortized costs of reacquired debt (21)
------
$402
------
<PAGE> 8
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
SOUTHWESTERN ELECTRIC POWER COMPANY
First mortgage bonds -
Series U, 9-1/8%, due November 1, 2019 $4
Series V, 7-3/4%, due June 1, 2004 40
Series W, 6-1/8%, due December 1, 1999 40
Series X, 7%, due December 1, 2007 90
Series Y, 6-5/8%, due February 1, 2003 55
Series Z, 7-1/4%, due July 1, 2023 45
Series AA, 5-1/4%, due April 1, 2000 45
Series BB, 6-7/8%, due October 1, 2025 80
1976 Series A, 6.2%, due November 1, 2006 7
1976 Series B, 6.2%, due November 1, 2006 1
Installment sales agreements -
Pollution control bonds
1978 Series A, 6%, due January 1, 2008 14
1991 Series A, 8.2%, due August 1, 2011 17
1991 Series B, 6.9%, due November 1, 2004 12
Series 1986, 8.2%, due July 1, 2014 82
Series 1992, 7.6%, due January 1, 2019 54
Bank loan, variable rate, due June 15, 1994 50
Railcar lease obligations 19
Unamortized discount (4)
Unamortized costs of reacquired debt (56)
------
$595
------
WEST TEXAS UTILITIES COMPANY
First mortgage bonds -
Series 0, 9-1/4%, due December 1, 2019 63
Series P, 7-3/4%, due July 1, 2007 25
Series Q, 6-7/8%, due October 1, 2002 35
Series R, 7%, due October 1, 2004 40
Series S, 6-1/8%, due February 1, 2004 40
Installment sales agreement -
Pollution control bonds
7-7/8%, due December 15, 2014 44
Unamortized discount (1)
Unamortized costs of reacquired debt (28)
------
$218
------
<PAGE> 9
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1994
UNAUDITED
(millions)
TRANSOK, INC.
Note payable, 8.960%, due April 17, 2017 $15
Note payable, 8.280%, due April 16, 2007 3
Note payable, 8.130%, due April 16, 2002 3
Note payable, 8.125%, due April 22, 2002 17
Note payable, 8.900%, due May 21, 2012 5
Note payable, 7.810%, due May 20, 1999 3
Note payable, 8.250%, due May 20, 2004 1
Note payable, 8.170%, due May 22, 2003 2
Note payable, 7.750%, due May 21, 1999 5
Note payable, 8.170%, due May 28, 2004 2
Note payable, 8.280%, due June 3, 2003 4
Note payable, 8.340%, due June 2, 2004 2
Note payable, 8.350%, due August 27, 2012 5
Note payable, 7.350%, due August 26, 2002 5
Note payable, 7.330%, due August 26, 2002 1
Note payable, 7.320%, due August 28, 2002 14
Note payable, 6.750%, due December 1, 1999 15
Note payable, 7.800%, due March 1, 2004 10
Note payable, 7.770%, due March 1, 2004 3
Note payable, 7.780%, due December 15, 2004 2
Note payable, 7.730%, due December 15, 2004 1
Note payable, 7.670%, due March 1, 2004 1
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.710%, due December 23, 2003 11
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.900%, due March 1, 2005 6
Note payable, 6.990%, due March 24, 2005 5
Note payable, 6.860%, due March 28, 2005 12
Note payable, 7.750%, due April 24, 2023 10
Note payable, 6.840%, due April 25, 2005 3
Note payable, 7.750%, due April 26, 2023 5
Note payable, 6.810%, due April 26, 2003 7
Note payable, 6.600%, due April 29, 2003 2
Note payable, 6.710%, due April 30, 2004 1
Note payable, 6.930%, due May 5, 2005 1
Note payable, 7.070%, due May 5, 2008 1
Note payable, 7.000%, due January 12, 2004 5
------
$200
CENTRAL AND SOUTH WEST SERVICES, INC. ------
Note payable, 9%, due February 1, 2008 5
------
TOTAL CONSOLIDATED $2,886
======
<PAGE> 10
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF PREFERRED STOCK OUTSTANDING
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
NOT SUBJECT TO MANDATORY REDEMPTION
CENTRAL POWER AND LIGHT COMPANY
4.00% Series, 100,000 shares $10
4.20% Series, 75,000 shares 8
7.12% Series, 260,000 shares 26
8.72% Series, 500,000 shares 50
2.69% Series, 750,000 shares 75
2.711% Series, 425,000 shares 42
2.688% Series, 425,000 shares 42
Issuance expense (3)
------
250
------
PUBLIC SERVICE COMPANY OF OKLAHOMA
4.00% Series, 97,900 shares 10
4.24% Series, 100,000 shares 10
------
20
------
SOUTHWESTERN ELECTRIC POWER COMPANY
5.00% Series, 75,000 shares 8
4.65% Series, 25,000 shares 2
4.28% Series, 60,000 shares 6
------
16
------
WEST TEXAS UTILITIES COMPANY
4.40% Series, 60,000 shares 6
------
Total Consolidated $292
======
SUBJECT TO MANDATORY REDEMPTION
SOUTHWESTERN ELECTRIC POWER COMPANY
6.95% Series, 364,000 shares 35
------
Total Consolidated $35
======
<PAGE> 11
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
INVESTMENTS IN COMMON STOCK No pro forma adjustments
OF SUBSIDIARY
COMPANIES (at equity) $3,338 $3,338
------ ------
CURRENT ASSETS
Cash and temporary cash investments 3 3
Advances to affiliates 193 193
Prepayments and other 244 244
------ ------
440 440
------ ------
Deferred charges and other assets 38 38
------ ------ ------
$3,816 $0 $3,816
====== ====== ======
COMMON STOCK EQUITY
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding
189,901,000 shares $665 $665
Paid-in capital 547 547
Retained earnings 1,841 1,841
------ ------
3,053 3,053
------ ------
CURRENT LIABILITIES
Short-term debt 739 739
Accounts payable and other 11 11
------ ------
750 750
------ ------
DEFERRED CREDITS 13 13
------ ------ ------
$3,816 $0 $3,816
====== ====== ======
<PAGE> 12
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1994
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $143
Public Service Company of Oklahoma 42
Southwestern Electric Power Company 75
West Texas Utilities Company 28
Transok, Inc. 18
CSW Credit, Inc. 8
CSW Energy, Inc. (4)
CSW Leasing, Inc. 0
Central and South West Services, Inc. 0
Other Income 24
------
$334
------
EXPENSES AND TAXES
General and administrative expenses 23
Interest expense 31
Federal income taxes (6)
Other 3
------
51
------
NET INCOME $283
======
<PAGE> 13
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
ASSETS No pro forma adjustments
ELECTRIC UTILITY PLANT
Production $1,402 $1,402
Transmission 371 371
Distribution 712 712
General 211 211
Construction work in progress 133 133
------ ------
2,829 2,829
Less - Accumulated depreciation 1,006 1,006
------ ------
1,823 1,823
------ ------
CURRENT ASSETS
Cash and temporary cash investments 6 6
Accounts receivable 70 70
Materials and supplies, at average costs 26 26
Fuel inventory, at average cost 38 38
Accumulated deferred income taxes 14 14
Prepayments and other 14 14
------ ------
168 168
------ ------
DEFERRED CHARGES AND OTHER ASSETS 56 56
------ ------ ------
$2,047 $0 $2,047
====== ====== ======
<PAGE> 14
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
CAPITALIZATION AND LIABILITIES No pro forma adjustments
CAPITALIZATION
Common stock, $18 par value; authorized
7,600,000 shares; issued and outstanding
7,536,640 shares $135 $135
Paid-in capital 245 245
Retained earnings 298 298
------ ------
Total common stock equity 678 678
Preferred stock
Not subject to mandatory redemption 16 16
Subject to mandatory redemption 35 35
Long-term debt 595 595
------ ------
Total capitalization 1,324 1,324
------ ------
CURRENT LIABILITIES
Long-term debt due within twelve months 10 10
Advances from affiliates 5 5
Accounts payable 54 54
Customer deposits 14 14
Fuel refunds due customers 11 11
Accrued taxes 60 60
Accrued interest 13 13
Accrued restructuring charges 11 11
Other 18 18
------ ------
196 196
------ ------
DEFERRED CREDITS
Income taxes 352 352
Investment tax credits 82 82
Income tax related regulatory
liabilities - net 48 48
Other 45 45
------ ------
527 527
------ ------ ------
$2,047 $0 $2,047
====== ====== ======
<PAGE> 15
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1994
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $839
------
OPERATING EXPENSES AND TAXES
Fuel 351
Purchased power 19
Other Operating 123
Restructuring charges 25
Maintenance 47
Depreciation and amortization 79
Taxes, other than Federal income 48
Federal income taxes 28
------
720
------
OPERATING INCOME 119
------
OTHER INCOME AND DEDUCTIONS 8
------
INCOME BEFORE INTEREST CHARGES 127
------
INTEREST CHARGES
Interest on long-term debt 43
Interest on short-term debt and other 5
------
48
------
NET INCOME 79
PREFERRED STOCK DIVIDENDS 4
------
NET INCOME FOR COMMON STOCK $75
======
<PAGE> 16
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1994
UNAUDITED
(Millions)
RETAINED EARNINGS AT September 30, 1993 $305
Add: Net income (loss) for common stock 75
------
380
Deduct: Common stock dividends 82
------
RETAINED EARNINGS AT September 30, 1994 $298
======
<PAGE> 17
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
SEPTEMBER 30, 1994
UNAUDITED
(Millions)
Central Central Public
and South West Power Service West Southwestern
Corporation and Company Texas Electric
and Subsidiary Light of Utilities Transok Power
Companies Company Oklahoma Company Inc. Company
No pro forma adjustments
<PAGE> 18
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
There have been no significant changes in the financial statements of
Central and South West Corporation and subsidiary companies subsequent to
September 30, 1994, other than in the ordinary course of business.
<PAGE> 19
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CAPITALIZATION RATIOS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1994
Common Stock Preferred Long-term
Equity Stock Debt(*)
--------- --------- ---------
Central and South West
Corporation and
Subsidiary Companies
(Consolidated) Per books 48.7% 5.2% 46.1%
Central and South West
Corporation and
Subsidiary Companies
(Consolidated) Pro forma NO PRO FORMA ADJUSTMENTS
Central and South West
Corporation Per books 100.0% 0.0% 0.0%
Central and South West
Corporation Pro forma NO PRO FORMA ADJUSTMENTS
Southwestern Electric
Power Company Per books 51.2% 3.8% 45.0%
Southwestern Electric
Power Company Pro forma NO PRO FORMA ADJUSTMENTS
(*) Includes Transok's Medium-Term Notes Payable
<PAGE> 20
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The notes to consolidated financial statements included in Central
and South West Corporation's 1993 Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1993 Annual Report on Form 10-K 53 - 72
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 001
<NAME> CENTRAL AND SOUTH WEST CORP CONSOLIDATED
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 7,307
<OTHER-PROPERTY-AND-INVEST> 599
<TOTAL-CURRENT-ASSETS> 1,393
<TOTAL-DEFERRED-CHARGES> 516
<OTHER-ASSETS> 1,161
<TOTAL-ASSETS> 10,976
<COMMON> 665
<CAPITAL-SURPLUS-PAID-IN> 547
<RETAINED-EARNINGS> 1,841
<TOTAL-COMMON-STOCKHOLDERS-EQ> 3,053
35
292
<LONG-TERM-DEBT-NET> 2,822
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 50
<COMMERCIAL-PAPER-OBLIGATIONS> 1,547
<LONG-TERM-DEBT-CURRENT-PORT> 11
0
<CAPITAL-LEASE-OBLIGATIONS> 16
<LEASES-CURRENT> 4
<OTHER-ITEMS-CAPITAL-AND-LIAB> 3,146
<TOT-CAPITALIZATION-AND-LIAB> 10,976
<GROSS-OPERATING-REVENUE> 3,672
<INCOME-TAX-EXPENSE> 129
<OTHER-OPERATING-EXPENSES> 3,057
<TOTAL-OPERATING-EXPENSES> 3,186
<OPERATING-INCOME-LOSS> 486
<OTHER-INCOME-NET> 95
<INCOME-BEFORE-INTEREST-EXPEN> 581
<TOTAL-INTEREST-EXPENSE> 279
<NET-INCOME> 302
19
<EARNINGS-AVAILABLE-FOR-COMM> 283
<COMMON-STOCK-DIVIDENDS> 317
<TOTAL-INTEREST-ON-BONDS> 217
<CASH-FLOW-OPERATIONS> 758
<EPS-PRIMARY> 1.50
<EPS-DILUTED> 1.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 002
<NAME> CENTRAL AND SOUTH WEST CORPORATION
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 3,338
<TOTAL-CURRENT-ASSETS> 440
<TOTAL-DEFERRED-CHARGES> 38
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 3,816
<COMMON> 665
<CAPITAL-SURPLUS-PAID-IN> 547
<RETAINED-EARNINGS> 1,841
<TOTAL-COMMON-STOCKHOLDERS-EQ> 3,053
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 739
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 24
<TOT-CAPITALIZATION-AND-LIAB> 3,816
<GROSS-OPERATING-REVENUE> 0
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0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000092487
<NAME> SOUTHWESTERN ELECTRIC POWER COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> PER-BOOK
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<TOTAL-ASSETS> 2,047
<COMMON> 135
<CAPITAL-SURPLUS-PAID-IN> 245
<RETAINED-EARNINGS> 298
<TOTAL-COMMON-STOCKHOLDERS-EQ> 678
35
16
<LONG-TERM-DEBT-NET> 531
<SHORT-TERM-NOTES> 0
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<LONG-TERM-DEBT-CURRENT-PORT> 4
1
<CAPITAL-LEASE-OBLIGATIONS> 14
<LEASES-CURRENT> 4
<OTHER-ITEMS-CAPITAL-AND-LIAB> 713
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<OTHER-INCOME-NET> 8
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4
<EARNINGS-AVAILABLE-FOR-COMM> 75
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<EPS-PRIMARY> .40
<EPS-DILUTED> .40
</TABLE>
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