File No. 70-8123
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 6 (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 071101
(Name of company filing this statement and address
of principal executive office)
---------------------------------
CENTRAL AND SOUTH WEST CORPORATION
(Name of top registered holding company parent)
---------------------------------
Wendy G. Hargus
Treasurer
Southwestern Electric Power Company
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>
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 Post-Effective Amendment No. 6 (this "Amendment") to
the Form U-1 Application in File No. 70-8123 (the "Application") for the purpose
of amending its Application solely for the purpose of requesting an extension of
the term of the authority previously granted by the Commission through December
31, 2001. In all other respects, the Application as previously filed and amended
will remain the same. Item 1. Description of Proposed Transaction.
By order dated March 31, 1993 (HCAR No. 25776) (the "Order"),
the Commission authorized SWEPCO to provide, through December 31, 1994,
environmental laboratory services ("Services"), including analysis of water,
oils, soil and waste characterization, to nonaffiliate entities, and to charge
such nonaffiliates for such Services. SWEPCO stated that there was excess
capacity available for sale to nonaffiliates because the laboratory was not
being utilized by SWEPCO continuously. SWEPCO further stated that providing such
services to nonaffiliates would not in any way interfere with its utility
business.
By Order of the Commission dated December 16, 1994 (HCAR No. 26188)
(the "1994 Order"), the Commission extended the time of authority granted to
SWEPCO through December 31, 1997.
SWEPCO respectfully requests that the Commission extend the term of the
authority previously granted in the Order and the 1994 Order through December
31, 2001.
Item 2. Fees, Commissions and Expenses.
An estimate of fees and expenses to be paid or incurred by
SWEPCO in connection with the proposed transaction is set forth below:
Counsel Fees:
Milbank, Tweed, Hadley & McCloy
New York, New York . . . . . . . . . . ...... 2,000
Miscellaneous and incidental expenses,
including travel, telephone, copying
and postage . . . . . . . . . . . . . . . . . 500
- - - - -
TOTAL . . . . . . . . . . . . . . . . ..... $2,500
=========
Applicable Statutory Provisions.
Sections 9(a) and 10 of the Act and Rule 23 thereunder are or
may be applicable to the transaction proposed herein. To the extent that any
other sections of the Act may be applicable to the proposed transaction, SWEPCO
hereby requests appropriate authority thereunder. As this Amendment merely
requests the extension of the term of authority previously granted to SWEPCO by
the Commission, the Commission already has determined that the proposed
transaction is appropriate under the Act. Item 4. Regulatory Approval.
No state regulatory authority and no federal regulatory
authority, other than the Commission under the Act, has jurisdiction over the
proposed transaction.
Item 5. Procedure.
SWEPCO respectfully requests that the Commission issue and
publish no later than December 15, 1997 the requisite notice under Rule 23 with
respect to the filing of this Amendment, such notice to specify a date not later
than December 30, 1997, as the date after which an order granting and permitting
this Amendment to become effective may be entered by the Commission and that the
Commission enter not later than December 31, 1997, an appropriate order granting
and permitting this Amendment to become effective.
SWEPCO respectfully requests that appropriate and timely
action be taken by the Commission in this matter so that the authority will be
extended prior to the current authority's expiration on December 31, 1997.
No recommended decision by a hearing officer or any other
responsible officer of the Commission is necessary or required in this matter.
The Division of Investment Management of the Commission may assist in the
preparation of the Commission's decision in this matter. There should be no
thirty-day waiting period between the issuance and the effective date of any
order issued by the Commission in this matter; and it is respectfully requested
that any such order be made effective immediately upon the entry thereof.
Item 6. Exhibits and Financial Statements.
Exhibit 1 - Preliminary Opinion of Milbank, Tweed, Hadley & McCloy,
counsel to SWEPCO.
Exhibit 2 - Financial Statements per books and pro
forma as of September 30, 1997 of
Southwestern Electric Power Company and
consolidated subsidiaries.
Exhibit 3 - Proposed Notice of Proceeding.
Item 7. Environmental Effects.
The proposed transaction does not involve major federal action
having a significant effect on the human environment. To the best of SWEPCO's
knowledge no federal agency has prepared or is preparing an environmental impact
statement with respect to the proposed transaction.
<PAGE>
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: December 12, 1997
SOUTHWESTERN ELECTRIC POWER COMPANY
By:/s/ WENDY G. HARGUS
Wendy G. Hargus
Treasurer
<PAGE>
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION
NUMBER EXHIBITS METHOD
- ------- ---------------- ------------
1 Preliminary Opinion of Milbank, Tweed, Electronic
Hadley & McCloy, counsel to SWEPCO.
2 Financial Statements as of September Electronic
30, 1997, of Southwestern Electric
Power Company and consolidated
subsidiaries.
3 Proposed Notice of Proceeding. Electronic
EXHIBIT 1
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
December 12, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Southwestern Electric Power Company
Post-Effective Amendment No. 6 to the
Form U-1 Application in File No. 70-8123
Dear Sirs:
We refer to Post-Effective Amendment No. 6 (the "Amendment")
to the Form U-1 Application in File No. 70-8123 (the "Application") under the
Public Utility Holding Company Act of 1935, as amended (the "1935 Act"), filed
by Southwestern Electric Power Company ("SWEPCO"), a Delaware corporation and a
wholly-owned electric utility subsidiary of Central and South West Corporation,
a Delaware corporation and a registered holding company, to extend its existing
authority to provide certain environmental laboratory services to nonassociate
entities from time to time through December 31, 2001 (the "Transaction"), as
more fully described in the Application and the Amendment. We have acted as
counsel for SWEPCO in connection with the filing of the Amendment.
We have examined originals, or copies certified to our
satisfaction, of such corporate records of SWEPCO, certificates of public
officials, certificates of officers and representatives of SWEPCO and other
documents as we have deemed it necessary to require as a basis for the opinions
hereinafter expressed. In such examination we have assumed the genuineness of
all signatures and the authenticity of all documents submitted to us as
originals and the conformity with the originals of all documents submitted to us
as copies and the authenticity of the originals of such latter documents. As to
various questions of fact material to such opinions we have, when relevant facts
were not independently established, relied upon certificates by officers of
SWEPCO and other appropriate persons and statements contained in the Amendment.
Based upon the foregoing, and having regard to legal
considerations which we deem relevant, we are of the opinion that, in the event
that the proposed Transaction is consummated in accordance with the Application,
as it may be amended, and subject to the assumptions and conditions set forth
below:
1. All state laws applicable to the proposed Transaction as
described in the Application and the Amendment will have been complied
with.
2. The consummation of the proposed Transaction as described
in the Application and the Amendment will not violate the legal rights
of the lawful holders of any securities issued by SWEPCO or any
associate company of SWEPCO.
The opinions expressed above in respect of the proposed
Transaction as described in the Application and the Amendment are subject to the
following assumptions or conditions:
a. The Transaction shall have been duly authorized and
approved to the extent required by state law by the
Board of Directors of SWEPCO.
b. The Securities and Exchange Commission shall have
duly entered an appropriate order or orders granting
and permitting the Amendment to become effective with
respect to the Transaction described therein.
c. The Transaction shall have been accomplished in
accordance with required approvals, authorizations,
consents, certificates and orders of any state
commission or regulatory authority with respect
thereto, and all such required approvals,
authorizations, consents, certificates and orders
shall have been obtained and remain in effect at the
closing thereof.
d. No act or event other than as described herein shall
have occurred subsequent to the date hereof which
would change the opinions expressed above.
We hereby consent to the use of this opinion as an exhibit to
the Amendment.
Very truly yours,
MILBANK, TWEED, HADLEY & McCLOY
INDEX EXHIBIT 2
TO
FINANCIAL STATEMENTS
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of September 30, 1997
Consolidated Statement of Income for the Twelve Months Ended
September 30, 1997
Consolidated Statement of Retained Earnings for the Twelve Months Ended
September 30, 1997
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of September 30, 1997
Statement of Income for the Twelve Months Ended September 30, 1997
SOUTHWESTERN ELECTRIC POWER COMPANY
Balance Sheets - Per Books and Pro Forma as of September 30, 1997
Statement of Income for the Twelve Months Ended September 30, 1997
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1997
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
STATEMENT OF CHANGES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $5,825 $5,825
Transmission 1,561 1,561
Distribution 4,352 4,352
General 1,358 1,358
Construction work in progress 169 169
Nuclear fuel 195 195
Other Diversified 191 191
--------------------------------
13,651 13,651
Less - Accumulated depreciation 5,117 5,117
--------------------------------
8,534 8,534
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 390 390
Accounts receivable 1,208 1,208
Materials and supplies, at average cost 176 176
Electric fuel inventory 71 71
Under-recovered fuel costs 99 99
Prepayments and other 58 58
--------------------------------
2,002 2,002
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 505 505
Mirror CWIP asset - net 289 289
Other non-utility investments 441 441
Income tax related regulatory assets, net 248 248
Goodwill 1,405 1,405
Other 379 379
--------------------------------
3,267 3,267
--------------------------------
$13,803 $0 $13,803
================================
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding 212,200,000 shares $743 $743
Paid-in capital 1,039 1,039
Retained earnings 1,815 1,815
Foreign currency translation and other 33 33
--------------------------------
Total Common Stock Equity 3,630 3,630
--------------------------------
Preferred stock
Not subject to mandatory redemption 176 176
Subject to mandatory redemption 26 26
Subsidiary obligated, mandatorily redeemable,
trust preferred securities 323 323
Long-term debt 3,933 3,933
--------------------------------
Total Capitalization 8,088 8,088
--------------------------------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 204 204
Short-term debt 439 439
Short-term debt - CSW Credit 849 849
Loan Notes 65 65
Accounts payable 510 510
Accrued taxes 447 447
Accrued interest 129 129
Other 303 303
--------------------------------
2,946 2,946
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 2,235 2,235
Investment tax credits 282 282
Other 252 252
--------------------------------
2,769 2,769
--------------------------------
$13,803 $0 $13,803
================================
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS SEPTEMBER 30, 1997
UNAUDITED
(Millions)
OPERATING REVENUES $5,174
-----------
OPERATING EXPENSES AND TAXES
U.S. Electric fuel and purchased power 1,237
United Kingdom Cost of Sales 1,298
Operating and maintenance 1,086
Depreciation and amortization 467
Taxes, other than income 183
Income taxes 151
-----------
4,422
-----------
OPERATING INCOME 752
-----------
OTHER INCOME AND DEDUCTIONS 34
-----------
INCOME BEFORE INTEREST CHARGES 786
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 336
Distributions on trust preferred securities 11
Interest on short-term debt and other 77
-----------
424
-----------
INCOME FROM CONTINUING OPERATIONS 361
-----------
DISCONTINUED OPERATIONS
Gain on the sale of discontinued
operations, net of tax of $0.07 7
-----------
INCOME BEFORE EXTRAORDINARY ITEM 368
EXTRAORDINARY ITEM - UK Windfall Profits Tax (176)
-----------
NET INCOME 192
Less: preferred stock dividends 14
Gain on reacquired preferred stock 10
-----------
NET INCOME FOR COMMON STOCK $188
===========
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS SEPTEMBER 30, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $1,996
Add: Net income for common stock 188
-----------
2,184
-----------
Deduct: Common stock dividends 369
Retained earnings adjustment 0
-----------
RETAINED EARNINGS AT SEPTEMBER 30, 1997 $1,815
===========
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
General $1 $1
Less - Accumulated depreciation (1) (1)
--------------------------------
NET PLANT 0 0
INVESTMENTS IN COMMON STOCK
OF SUBSIDIARY COMPANIES (at equity) 3,951 3,951
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 2 2
Accounts and interest receivable - Affiliated 128 128
Prepayments and other 4 4
--------------------------------
134 134
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 14 14
--------------------------------
$4,099 $0 $4,099
================================
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value;
authorized 350,000,000 shares;
issued and outstanding 212,200,000 shares $743 $743
Paid-in capital 1,039 1,039
Retained earnings 1,815 1,815
Foreign currency translation and other 5 5
--------------------------------
Total Common Stock Equity 3,602 3,602
--------------------------------
Long-term debt 0 0
--------------------------------
Total Capitalization 3,602 3,602
--------------------------------
CURRENT LIABILITIES
Short-term debt 439 439
Accounts payable and other 60 60
--------------------------------
499 499
--------------------------------
DEFERRED CREDITS (2) (2)
--------------------------------
$4,099 $0 $4,099
================================
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS SEPTEMBER 30, 1997
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $122
Public Service Company of Oklahoma 55
Southwestern Electric Power Company 96
West Texas Utilities Company 24
SEEBOARD U.S.A. (58)
CSW Credit, Inc. 9
CSW Energy, Inc. 6
CSW Leasing, Inc. 1
CSW International, Inc. (4)
CSW Communications, Inc. (7)
Enershop Inc. (2)
Central and South West Services, Inc. 0
Other Income 21
----------
$263
----------
EXPENSES AND TAXES
General and administrative expenses 65
Depreciation and amortization expense 1
Interest expense 38
Taxes, other than income 2
Federal income taxes (24)
----------
82
----------
DISCONTINUED OPERATIONS
Gain on sale of discontinued operations, net
of tax of $0.07 7
----------
NET INCOME $188
==========
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $1,390 $1,390
Transmission 468 468
Distribution 859 859
General 310 310
Construction work in progress 35 35
--------------------------------
3,062 3,062
Less - Accumulated depreciation 1,209 1,209
--------------------------------
1,853 1,853
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 27 27
Accounts receivable 56 56
Materials and supplies, at average costs 25 25
Fuel inventory 29 29
Under-recovered fuel costs 19 19
Prepayments and other 16 16
--------------------------------
172 172
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 85 85
--------------------------------
$2,110 $0 $2,110
================================
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common stock, $18 par value;
authorized 7,600,000 shares;
issued and outstanding 7,536,640 shares $136 $136
Paid-in capital 245 245
Retained earnings 349 349
--------------------------------
Total common stock equity 730 730
Preferred stock
Not subject to mandatory redemption 5 5
Subject to mandatory redemption 26 26
SWEPCO obligated, mandatorily redeemable,
trust preferred securities 106 106
Long-term debt 547 547
--------------------------------
Total capitalization 1,414 1,414
--------------------------------
CURRENT LIABILITIES
Long-term debt and preferred stock due
within twelve months 4 4
Accounts payable 58 58
Payable to affiliates 60 60
Customer deposits 12 12
Accrued taxes 42 42
Accumulated deferred income taxes 8 8
Accrued interest 12 12
Other 12 12
--------------------------------
208 208
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 393 393
Investment tax credits 68 68
Income tax related regulatory liabilities, net 18 18
Other 9 9
--------------------------------
488 488
--------------------------------
$2,110 $0 $2,110
================================
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS SEPTEMBER 30, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $927
-----------
OPERATING EXPENSES AND TAXES
Fuel 382
Purchased power 24
Other Operating 143
Maintenance 44
Depreciation and amortization 95
Taxes, other than income 54
Income taxes 41
-----------
783
-----------
OPERATING INCOME 144
-----------
OTHER INCOME AND DEDUCTIONS 2
-----------
INCOME BEFORE INTEREST CHARGES 146
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 41
Distributions on trust preferred securities 4
Interest on short-term debt and other 4
-----------
49
-----------
NET INCOME 97
Less: preferred stock dividends 3
Gain on reacquired preferred stock 2
-----------
NET INCOME FOR COMMON STOCK $96
===========
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS SEPTEMBER 30, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $325
Add: Net income (loss) for common stock 96
-----------
421
Deduct: Common stock dividends 72
-----------
RETAINED EARNINGS AT SEPTEMBER 30, 1997 $349
===========
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
SEPTEMBER 30, 1997
UNAUDITED
(Millions)
DR CR
---------------------
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
None
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
None
SOUTHWESTERN ELECTRIC POWER COMPANY
None
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF CHANGES
There have been no significant changes in the financial statements of
Central and South West Corporation and subsidiary companies subsequent to
September 30, 1997, other than in the ordinary course of business.
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 1996 Combined Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1996 Combined Annual Report on Form 10-K pages 2-39 through 2-71
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EXHIBIT 3
SECURITIES AND EXCHANGE COMMISSION
(Release No. 35 - _______________)
Filings Under the Public Utility Holding Company Act of 1935
("Act")
________________, 1997
Notice is hereby given that the following filing(s) has/have
been made with the Commission pursuant to the provisions of the Act and rules
promulgated thereunder. All interested persons are referred to the
application(s) and/or declaration(s) for complete statements of the proposed
transaction(s) summarized below. The application(s) and/or declaration(s) and
any amendment(s) thereto is/are available for public inspection through the
Commission's Office of Public Reference.
Interested persons wishing to comment or request a hearing on
the application(s) and/or declaration(s) should submit their views in writing by
__________, 1997 to the Secretary, Securities and Exchange Commission,
Washington, D.C. 20549, and serve a copy on the relevant applicant(s) and/or
declarant(s) at the address(es) specified below. Proof of service (by affidavit
or, in the case of an attorney at law, by certificate) should be filed with the
request. Any request for hearing shall identify specifically the issues of fact
or law that are disputed. A person who so requests will be notified of any
hearing, if ordered, and will receive a copy of any notice or order issued in
the matter. After said date, the application(s) and/or declaration(s), as filed
or as amended, may be granted and/or permitted to become effective.
Southwestern Electric Power Company (70-8123)
Southwestern Electric Power Company ("SWEPCO"), a wholly-owned
electric utility subsidiary of Central and South West Corporation, a registered
holding company, has filed an post-effective amendment to the Form U-1
Application in this file under Sections 9(a) and 10 of the Act and Rule 23
thereunder, in which amendment SWEPCO seeks to extend the term of the authority
previously granted by the Commission through December 31, 2001.
By order dated March 31, 1993 (HCAR No. 25776) (the "Order"),
the Commission authorized SWEPCO to provide, through December 31, 1994,
environmental laboratory services ("Services"), including analysis of water,
oils, soil and waste characterization, to nonaffiliate entities, and to charge
such nonaffiliates for such Services. SWEPCO stated that there was excess
capacity available for sale to nonaffiliates because the laboratory was not
being utilized by SWEPCO continuously. SWEPCO further stated that providing such
services to nonaffiliates would not in any way interfere with its utility
business.
By Order of the Commission dated December 16, 1994 (HCAR No. 26188)
(the "1994 Order"), the Commission extended the time of authority granted to
SWEPCO through December 31, 1997.
SWEPCO respectfully requests that the Commission extend the term of the
authority previously granted in the Order and the 1994 Order through December
31, 2001.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Jonathan G. Katz
Secretary
