<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER 33-87902
33-87902-01
33-87902-02
IEC FUNDING CORP.
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
-----------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 04-3255377
NEW JERSEY 04-2955646
MASSACHUSETTS 04-2955642
------------- ----------
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
350 LINCOLN PLACE, HINGHAM, MASSACHUSETTS 02043
----------------------------------------- -----
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(617) 749-9800
--------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE
REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH
FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO
--- ---
<PAGE> 2
IEC FUNDING CORP.
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
INDEX
PAGE NUMBER
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
NORTHEAST ENERGY ASSOCIATES AND
NORTH JERSEY ENERGY ASSOCIATES
Combined Balance Sheet at December 31, 1995 and
June 30, 1996 (Unaudited).......................................... 3
Combined Statement of Operations for the Three
Months and Six Months Ended June 30, 1995 and 1996 (Unaudited)..... 4
Combined Statement of Cash Flows for the
Six Months Ended June 30, 1995 and 1996 (Unaudited)................ 5
Notes to Financial Statements...................................... 7
IEC FUNDING CORP.
Balance Sheet at December 31, 1995 and
June 30, 1996 (Unaudited).......................................... 8
Statement of Operations for the Three Months and Six Months Ended
June 30, 1995 and 1996 (Unaudited)................................ 9
Statement of Cash Flows for the Six Months
Ended June 30, 1995 and 1996.......................................10
Notes to Financial Statements......................................11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations......................12
PART II OTHER INFORMATION..................................................13
SIGNATURES..................................................................14
<PAGE> 3
NORTHEAST ENERGY ASSOICATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<TABLE>
COMBINED BALANCE SHEET (UNAUDITED)
<CAPTION>
DECEMBER 31, JUNE 30,
1995 1996
(IN THOUSANDS)
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 58,277 $ 61,023
Accounts receivable 51,465 38,323
Fuel inventories 4,516 4,837
Prepaid expenses and other current assets 2,913 3,847
--------- ---------
Total current assets 117,171 108,030
--------- ---------
Cogeneration facilities and carbon dioxide facility (net of
accumulated depreciation of $104,157,000 and $116,585,000
at December 31, 1995 and June 30, 1996 respectively) 397,589 385,865
Unamortized financing costs 20,210 18,996
Other fixed assets (net of accumulated depreciation of $371,000
and $426,000 at December 31, 1995 and June 30, 1996, respectively) 485 466
Other assets 3,011 3,425
Restricted cash 78,568 74,470
--------- ---------
Total non-current assets 499,863 483,222
--------- ---------
Total assets $ 617,034 $ 591,252
========= =========
LIABILITIES AND PARTNERS' DEFICIT
Current liabilities
Current portion of loans payable - IEC Funding Corp. $ 25,204 $ 24,640
Accounts payable 14,234 14,765
Other accrued expenses 2,104 3,543
Future obligations under interest rate swap agreements 3,654 2,760
--------- ---------
Total current liabilities 45,196 45,708
--------- ---------
Loans payable - IEC Funding Corp. 514,362 502,324
Amounts due utilities for energy bank balances 188,053 202,235
--------- ---------
Total non-current liabilities 702,415 704,559
--------- ---------
Total liabilities 747,611 750,267
--------- ---------
Partners' deficit
General partner (4,047) (4,333)
Limited partners (126,530) (154,682)
--------- ---------
Total partners' deficit (130,577) (159,015)
--------- ---------
Commitments and contingencies
--------- ---------
Total liabilities and partners' deficit $ 617,034 $ 591,252
========= =========
</TABLE>
The accompanying notes are an integral
part of these financial statements
<PAGE> 4
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<TABLE>
COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
<CAPTION>
Three months Six months
ended ended
June 30, June 30,
(In Thousands)
1995 1996 1995 1996
<S> <C> <C> <C> <C>
Revenue
Power sales to utilities $63,967 $53,967 $139,699 $131,540
Steam sales 1,027 949 2,354 2,265
------- ------- -------- --------
Total revenue 64,994 54,916 142,053 133,805
------- ------- -------- --------
Costs and expenses
Cost of power and steam sales 31,608 30,079 66,609 70,771
Operation and maintenance 5,504 4,167 11,938 10,781
Depreciation 6,214 6,241 12,426 12,483
General and administrative
expenses 3,093 3,428 5,701 6,876
------- ------- -------- --------
Total costs and expenses 46,419 43,915 96,674 100,911
------- ------- -------- --------
Operating income 18,575 11,001 45,379 32,894
------- ------- -------- --------
Other expense (income)
Amortization of financing costs 423 600 922 1,213
Interest expense 12,187 12,588 25,308 25,152
Interest expense on energy bank liabilities 4,064 4,887 7,870 9,592
Interest income (2,875) (2,848) (5,487) (5,441)
------- ------- -------- --------
Total other expense 13,799 15,227 28,613 30,516
------- ------- -------- --------
Net income (loss) $ 4,776 $(4,226) $ 16,766 $ 2,378
======= ======= ======== ========
</TABLE>
The accompanying notes are an integral
part of these financial statements
<PAGE> 5
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<TABLE>
COMBINED STATEMENT OF CASH FLOWS
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (UNAUDITED)
<CAPTION>
Six months
ended
June 30,
1995 1996
(IN THOUSANDS)
<S> <C> <C>
Cash flows from operating activities:
Cash received from utilities and other customers $150,597 $152,069
Cash paid to suppliers (80,155) (84,336)
Interest paid (27,221) (26,027)
Bank commitment fees paid (18) (18)
Interest received 3,632 5,559
Cash payments to general partner for operating activities (1,521) (2,566)
Cash payments to owners/management (1,785) (1,875)
-------- --------
Net cash provided by operating
activities 43,529 42,806
-------- --------
Cash flows from investing activities:
Net expenditures for facilities (133) (704)
Purchase of other fixed assets (36) (36)
Increase in restricted cash 1,264 4,098
-------- --------
Net cash provided by
investing activities 1,095 3,358
-------- --------
Cash flows from financing activities:
Principal payments on debt (10,217) (12,602)
Payment of refinancing costs (5,735) -
Distributions to partners (43,700) (30,816)
-------- --------
Net cash used for financing activities (59,652) (43,418)
-------- --------
Net (decrease) increase in cash and cash equivalents (15,028) 2,746
Cash and cash equivalents at beginning of period 76,255 58,277
-------- --------
Cash and cash equivalents at end of period $ 61,227 $ 61,023
======== ========
</TABLE>
Non-cash Investing Activities:
Total accrued capitalized facility costs were approximately $1,195,000 at
June 30, 1995.
<PAGE> 6
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<TABLE>
COMBINED STATEMENT OF CASH FLOWS (CONTINUED)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (UNAUDITED)
<CAPTION>
Reconciliation of Net Income to Net Cash Provided by
Operating Activities
Six months
ended
June 30,
1995 1996
(In Thousands)
<S> <C> <C>
Net income $16,766 $ 2,378
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation 12,426 12,483
Amortization of financing costs 922 1,213
Changes in assets and liabilities
Accounts receivable 1,337 13,142
Fuel inventories 198 (321)
Prepaid expenses and other current assets (3,014) (934)
Accounts payable 147 531
Other accrued expenses 2,937 1,440
Future obligations under interest rate
swap agreements (1,766) (894)
Amounts due utilities for energy bank balances 13,946 14,182
Other assets (370) (414)
------- -------
Net cash provided by operating activities $43,529 $42,806
======= =======
</TABLE>
The accompanying notes are an integral
part of these financial statements
<PAGE> 7
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. Basis of Presentation
The accompanying unaudited combined financial statements should be read in
conjunction with the audited combined financial statements included in the
Annual Report on Form 10-K for the year ended December 31, 1995 for
Northeast Energy Associates, A Limited Partnership, and North Jersey Energy
Associates, A Limited Partnership (together, the "Partnerships") and IEC
Funding Corp.
The results of operations for the periods ended June 30, 1996 are unaudited
and are not necessarily indicative of the results to be expected for the
full year. The unaudited financial information at June 30, 1996 and for the
periods ended June 30, 1996 contains all adjustments, consisting only of
normal recurring adjustments, considered by management necessary for a fair
presentation of the operating results for such period.
2. Reclassification
Certain reclassifications were made to the prior year balances in order to
conform to current year presentation. These reclassifications had no effect
on prior year operating results.
3. Distributions
Distributions to the partners may be made only after all required funds and
sub-funds have been fully funded as described in the trust indenture. After
funding all amounts required under the indenture, the excess cash generated
during periods ended June 30 and March 31, 1996 was in excess of
approximately $30.5 million and $.3 million, respectively. All conditions
under the trust indenture for distributions of such excess cash were
satisfied after March 31, 1996 resulting in a distribution of approximately
$8.8 million in April and $22.0 million in June to the partners in
proportion to their designated interests in the Partnerships.
<PAGE> 8
IEC FUNDING CORP.
<TABLE>
BALANCE SHEET (UNAUDITED)
- --------------------------------------------------------------------------------
<CAPTION>
December 31, June 30,
1995 1996
(In Thousands)
<S> <C> <C>
ASSETS
Current assets
Cash $ 1 $ 1
Current portion of notes receivable from
Northeast Energy Associates and North Jersey
Energy Associates (together, the "Partnerships") 25,204 24,640
-------- --------
Total current assets 25,205 24,641
Notes receivable from the Partnerships 514,362 502,324
-------- --------
Total assets $539,567 $526,965
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of securities payable $ 25,204 $ 24,640
-------- --------
Total current liabilities 25,204 24,640
Securities payable 514,362 502,324
-------- --------
Total liabilities 539,566 526,964
Stockholders' equity
Common stock, no par value, 10,000 shares
authorized, issued and outstanding 1 1
-------- --------
Total liabilities and stockholders' equity $539,567 $526,965
======== ========
</TABLE>
<PAGE> 9
IEC FUNDING CORP.
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1995 1996 1995 1996
(In Thousands) (In Thousands)
<S> <C> <C> <C> <C>
Interest income $ 12,988 $ 12,484 $ 25,687 $ 24,968
Interest expense (12,988) (12,484) (25,687) (24,968)
-------- -------- -------- --------
$ - $ - $ - $ -
======== ======== ======== ========
</TABLE>
<PAGE> 10
IEC FUNDING CORP.
<TABLE>
STATEMENT OF CASH FLOWS (UNAUDITED)
- --------------------------------------------------------------------------------
<CAPTION>
Six months ended
June 30,
1995 1996
(In Thousands)
<S> <C> <C>
Cash Flows from operating activities:
Interest received from Partnerships $ 25,829 $ 24,968
Interest paid (25,829) (24,968)
-------- --------
Net cash provided by operating activities - -
-------- --------
Cash flows from investing activities:
Principal payment received from partnerships 10,217 12,602
Principal payment on debt (10,217) (12,602)
-------- --------
Net cash provided by investing activities - -
-------- --------
Cash flows from financing activities - -
-------- --------
Net increase in cash - -
-------- --------
Cash at beginning of period 1 1
-------- --------
Cash at end of period $ 1 $ 1
======== ========
</TABLE>
<PAGE> 11
IEC FUNDING CORP.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
BASIS OF PRESENTATION
The accompanying unaudited financial statements should be read in
conjunction with the audited financial statements included in the Annual
Report on Form 10-K for the year ended December 31, 1995 for IEC Funding
Corp. (The "Company") and the Partnerships.
The unaudited financial information at June 30, 1996 and for the periods
ended June 30, 1996 contains all adjustments, consisting only of normal
recurring adjustments, considered by management necessary for a fair
presentation of the operating results for such period.
<PAGE> 12
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
Total revenue for the second quarter of 1996 of $50.0 million decreased
by $10.9 million (17.9%) as compared to the second quarter of 1995. Revenue for
the six months ended June 30, 1996 of $124.2 million decreased $10.0 million
(7.4%) as compared to the six months ended June 30, 1995. The decrease in
revenues for the quarter and the year to date is due primarily to lower
generation and availability resulting from scheduled maintenance outages during
the second quarter of 1996. The primary maintenance outages occurred at the
Bellingham facility where a major inspection and maintenance program was
conducted. This second quarter outage (scheduled at five year intervals) was the
first of this type in Bellingham since commencement of operations. Also
contributing to the decreased revenues were lower rates under the Sayreville
power contract. These lower rates are a result of the annual indexing of the
percentage increase or decrease in New Jersey fuel prices for 1994 as defined
in FERC Form 423. Rates for the Bellingham project increased slightly over the
prior year.
Cost of Power and Steam Sales as a percentage of gross revenues (gross
of increase to energy bank) was 52.9% for the second quarter of 1996 versus
47.3% for the second quarter of 1995. Year to date cost as a percentage of
gross revenues was 52.0% in 1996 as compared to 45.7% in 1995. The increased
percentage cost on a quarterly basis is the result of fixed demand charges
under certain fuel contracts (which remain constant regardless of availability)
and higher market prices of spot gas which effect both spot purchases and
certain firm contracts. On a year to date basis extended gas service rights
exercised by one of North Jersey Energy Associates suppliers (due to lower
temperatures) combined with the higher market price of spot gas resulted in
increased costs.
Operations and Maintenance costs decreased $1.3 million (24.2%) as compared
to the second quarter of 1995. The primary cause of the decreased cost is the
performance bonus, payable to the O&M contractor, which is directly related to
the lower generation experienced during the second quarter of 1996. Offsetting
this decrease were expected escalations on O&M contracts and increased water and
sewer charges.
General and Administrative expenses were $3.4 million for the second
quarter of 1996 as compared to $3.1 million for the same period in the prior
year. On a year to date basis 1996 costs were $6.9 million as compared to $5.7
million in 1995. Increases include legal and consulting costs related to
potential industry restructuring and increased overhead costs.
Interest expense increased $.4 million (3.2%) as compared to the second
quarter of 1995, and decreased $.2 million on a year to date basis. The second
quarter increase is primarily due to adjustments made to the fair market value
of swap agreements during the second quarter of 1995. While adjustments to fair
market value effect earnings there is no cash effect. Interest on energy bank
liabilities has increased, reflecting changes in the underlying amounts accrued
for energy bank balances. Interest on debt is decreasing in 1996 as a result of
principal payments made during 1995. Principal payments are made semi-annually
on June 30, and December 30.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 1996 accounts receivable of $38.3 million decreased $13.1
million as compared to December 31, 1995, reflective of the reduced generation
during the second quarter of 1996.
Cash flow generated during the period ended June 30, 1996 was more than
sufficient to fund all operating expenses as well as fund $37.5 million of
interest and principal required for payment on June 30, 1996. An additional debt
service reserve funding requirement of $.7 million was also fulfilled. Excess
cash of $30.8 million was distributed to the partners.
<PAGE> 13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
None
<PAGE> 14
Pursuant to the requirements of the Securities Exchange Act of 1934,
IEC Funding Corp. has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
IEC FUNDING CORP.
DATE SIGNATURE AND TITLE
August 15, 1996 /s/ Maureen P. Herbert
- --------------- -----------------------
Maureen P. Herbert
Vice President of Finance
<PAGE> 15
Pursuant to the requirements of the Securities Exchange Act of 1934,
North Jersey Energy Associates, A Limited Partnership has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
NORTH JERSEY ENERGY ASSOCIATES,
A LIMITED PARTNERSHIP
By: INTERCONTINENTAL ENERGY CORPORATION
As General Partner
DATE SIGNATURE AND TITLE
August 15, 1996 /s/ Maureen P. Herbert
- --------------- ----------------------
Maureen P. Herbert
Vice President of Finance
<PAGE> 16
Pursuant to the requirements of the Securities Exchange Act of 1934,
Northeast Energy Associates, A Limited Partnership has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
NORTHEAST ENERGY ASSOCIATES,
A LIMITED PARTNERSHIP
By: INTERCONTINENTAL ENERGY CORPORATION
As General Partner
DATE SIGNATURE AND TITLE
August 15, 1996 /s/ Maureen P. Herbert
- --------------- ----------------------
Maureen P. Herbert
Vice President of Finance
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000934665
<NAME> IEC FUNDING CORP.
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 1
<SECURITIES> 0
<RECEIVABLES> 526,964
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 24,641
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 526,965
<CURRENT-LIABILITIES> 24,640
<BONDS> 502,324
<COMMON> 1
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 526,965
<SALES> 0
<TOTAL-REVENUES> 24,968
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 24,968
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000934667
<NAME> NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 61,023
<SECURITIES> 0
<RECEIVABLES> 38,323
<ALLOWANCES> 0
<INVENTORY> 4,837
<CURRENT-ASSETS> 108,030
<PP&E> 503,342
<DEPRECIATION> 117,011
<TOTAL-ASSETS> 591,252
<CURRENT-LIABILITIES> 45,708
<BONDS> 502,324
<COMMON> 0
0
0
<OTHER-SE> 159,015
<TOTAL-LIABILITY-AND-EQUITY> 591,252
<SALES> 133,805
<TOTAL-REVENUES> 139,246
<CGS> 0
<TOTAL-COSTS> 94,035
<OTHER-EXPENSES> 8,089
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 34,744
<INCOME-PRETAX> 2,378
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,378
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,378
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000934666
<NAME> NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 61,023
<SECURITIES> 0
<RECEIVABLES> 38,323
<ALLOWANCES> 0
<INVENTORY> 4,837
<CURRENT-ASSETS> 108,030
<PP&E> 503,342
<DEPRECIATION> 117,011
<TOTAL-ASSETS> 591,252
<CURRENT-LIABILITIES> 45,708
<BONDS> 502,324
<COMMON> 0
0
0
<OTHER-SE> 159,015
<TOTAL-LIABILITY-AND-EQUITY> 591,252
<SALES> 133,805
<TOTAL-REVENUES> 139,246
<CGS> 0
<TOTAL-COSTS> 94,035
<OTHER-EXPENSES> 8,089
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 34,744
<INCOME-PRETAX> 2,378
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,378
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,378
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000934667
<NAME> NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 99,418
<SECURITIES> 0
<RECEIVABLES> 53,841
<ALLOWANCES> 0
<INVENTORY> 1,276
<CURRENT-ASSETS> 155,905
<PP&E> 502,625
<DEPRECIATION> (110,769)
<TOTAL-ASSETS> 644,963
<CURRENT-LIABILITIES> 60,080
<BONDS> 514,362
<COMMON> 0
0
0
<OTHER-SE> (123,973)
<TOTAL-LIABILITY-AND-EQUITY> 644,963
<SALES> 78,889
<TOTAL-REVENUES> 81,482
<CGS> 0
<TOTAL-COSTS> 53,547
<OTHER-EXPENSES> 4,062
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 17,269
<INCOME-PRETAX> 6,604
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,604
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,604
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000934666
<NAME> NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 99,418
<SECURITIES> 0
<RECEIVABLES> 53,841
<ALLOWANCES> 0
<INVENTORY> 1,276
<CURRENT-ASSETS> 155,905
<PP&E> 502,625
<DEPRECIATION> (110,769)
<TOTAL-ASSETS> 644,963
<CURRENT-LIABILITIES> 60,080
<BONDS> 514,362
<COMMON> 0
0
0
<OTHER-SE> (123,973)
<TOTAL-LIABILITY-AND-EQUITY> 644,963
<SALES> 78,889
<TOTAL-REVENUES> 81,482
<CGS> 0
<TOTAL-COSTS> 53,547
<OTHER-EXPENSES> 4,062
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 17,269
<INCOME-PRETAX> 6,604
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,604
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,604
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
