UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Exact name of Registrants as specified in
their charters, State of Incorporation, IRS Employer
Commission address of principal executive offices and Identification
File Number Registrants' telephone number Number
----------- ------------------------------------------ --------------
33-87902 ESI Tractebel Funding Corp. 04-3255377
(a Delaware corporation)
33-87902-02 Northeast Energy Associates, 04-2955642
A Limited Partnership
(a Massachusetts limited partnership)
33-87902-01 North Jersey Energy Associates, 04-2955646
A Limited Partnership
(a New Jersey limited partnership)
333-52397 ESI Tractebel Acquisition Corp. 65-0827005
(a Delaware corporation)
333-52397-01 Northeast Energy, LP 65-0811248
(a Delaware limited partnership)
------------------------------------------
c/o FPL Energy, LLC
700 Universe Boulevard
Juno Beach, Florida 33408-2683
(561) 691-7171
Indicate by check mark whether the registrants (1) have 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 and (2) have been subject to such
filing requirements for the past 90 days. Yes X No ___
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of September 30, 2000, there were issued and outstanding 10,000 shares of
ESI Tractebel Funding Corp.'s common stock.
As of September 30, 2000, there were issued 20 shares of ESI Tractebel
Acquisition Corp.'s common stock.
----------------------------------
This combined Form 10-Q represents separate filings by ESI Tractebel Funding
Corp., Northeast Energy Associates, A Limited Partnership, North Jersey
Energy Associates, A Limited Partnership, ESI Tractebel Acquisition Corp.
and Northeast Energy, LP. Information contained herein relating to an
individual registrant is filed by that registrant on its own behalf. Each
registrant makes representations only as to itself and makes no
representations whatsoever as to any other registrant.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
In connection with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 (Reform Act), ESI Tractebel Funding Corp.
(Funding Corp.), Northeast Energy Associates, A Limited Partnership (NEA)
and North Jersey Energy Associates, A Limited Partnership (NJEA)
(collectively, the Partnerships), ESI Tractebel Acquisition Corp.
(Acquisition Corp.) and Northeast Energy, LP (NE LP) (all five entities
collectively, the Registrants) are hereby filing cautionary statements
identifying important factors that could cause the Registrants' actual
results to differ materially from those projected in forward-looking
statements (as such term is defined in the Reform Act) made by or on behalf
of the Registrants in this combined Form 10-Q, in presentations, in response
to questions or otherwise. Any statements that express, or involve
discussions as to expectations, beliefs, plans, objectives, assumptions or
future events or performance (often, but not always, through the use of
words or phrases such as will likely result, are expected to, will continue,
is anticipated, estimated, projection, outlook) are not statements of
historical facts and may be forward-looking. Forward-looking statements
involve estimates, assumptions and uncertainties. Accordingly, any such
statements are qualified in their entirety by reference to, and are
accompanied by, the following important factors that could cause the
Registrants' actual results to differ materially from those contained in
forward-looking statements made by or on behalf of the Registrants.
Any forward-looking statement speaks only as of the date on which such
statement is made, and the Registrants undertake no obligation to update any
forward-looking statement to reflect events or circumstances after the date
on which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time and it is not
possible for management to predict all of such factors, nor can it assess
the impact of each such factor on the business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statement.
Some important factors that could cause actual results or outcomes to differ
materially from those discussed in the forward-looking statements include
changes in laws or regulations, changing governmental policies and
regulatory actions, including those of the Federal Energy Regulatory
Commission and the Public Utility Regulatory Policies Act of 1978, as
amended, acquisition, disposal, depreciation and amortization of assets and
facilities, operation and construction of plant facilities, recovery of fuel
and purchased power costs, and present or prospective competition.
The business and profitability of the Registrants are also influenced by
economic and geographic factors including political and economic risks,
changes in and compliance with environmental and safety laws and policies,
weather conditions, population growth rates and demographic patterns,
competition for retail and wholesale customers, availability, pricing and
transportation of fuel and other energy commodities, market demand for
energy from plants or facilities, changes in tax rates or policies or in
rates of inflation or in accounting standards, unanticipated delays or
changes in costs for capital projects, unanticipated changes in operating
expenses and capital expenditures, capital market conditions, competition
for new energy development opportunities and legal and administrative
proceedings (whether civil, such as environmental, or criminal) and
settlements.
All such factors are difficult to predict, contain uncertainties which may
materially affect actual results, and are beyond the control of the
Registrants.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents ........................................................ $ 42,037 $ 33,085
Accounts receivable .............................................................. 45,026 32,332
Due from related party ........................................................... - 152
Spare parts inventories .......................................................... 10,953 9,977
Fuel inventories ................................................................. 7,782 4,361
Prepaid expenses and other current assets ........................................ 1,508 335
Total current assets ........................................................... 107,306 80,242
Non-current assets:
Deferred debt issuance costs (net of accumulated amortization of $1,653 and
$1,179, respectively) .......................................................... 5,307 5,781
Cogeneration facilities and carbon dioxide facility (net of accumulated
depreciation of $59,198 and $42,807, respectively) ............................. 454,688 470,851
Power purchase agreements (net of accumulated amortization of $139,138
and $99,811, respectively) ..................................................... 749,618 788,945
Other assets ..................................................................... 76 39
Total non-current assets ....................................................... 1,209,689 1,265,616
TOTAL ASSETS ....................................................................... $1,316,995 $1,345,858
LIABILITIES AND PARTNERS' EQUITY
Current liabilities:
Current portion of notes payable - the Funding Corp. ............................. $ 23,247 $ 26,333
Accounts payable ................................................................. 18,495 16,745
Accrued interest payable ......................................................... 14,613 -
Due to related parties ........................................................... 6,150 1,306
Other accrued expenses ........................................................... 10,890 6,974
Total current liabilities ...................................................... 73,395 51,358
Non-current liabilities:
Deferred credit - fuel contracts ................................................. 276,946 292,581
Notes payable - the Funding Corp. ................................................ 408,800 418,880
Note payable - the Acquisition Corp. ............................................. 220,000 220,000
Amounts due utilities for energy bank balances ................................... 164,270 168,885
Total non-current liabilities .................................................. 1,070,016 1,100,346
Partners' equity:
General partners ................................................................. 3,472 3,882
Limited partners ................................................................. 170,112 190,272
Total partners' equity ......................................................... 173,584 194,154
COMMITMENTS AND CONTINGENCIES
TOTAL LIABILITIES AND PARTNERS' EQUITY ............................................. $1,316,995 $1,345,858
</TABLE>
This report should be read in conjunction with the Notes to Consolidated
Financial Statements herein and the Notes to Consolidated and Combined
Financial Statements appearing in the combined Annual Report on Form 10-K
for the fiscal year ended December 31, 1999 (1999 Form 10-K) for NE LP.
NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
REVENUES .................................. $90,937 $88,305 $255,988 $257,816
COSTS AND EXPENSES:
Fuel .................................... 39,603 32,841 111,293 96,664
Operations and maintenance .............. 2,507 3,506 9,935 10,639
Depreciation and amortization ........... 18,564 18,269 55,705 54,811
General and administrative .............. 2,080 2,059 6,360 6,551
Total costs and expenses .............. 62,754 56,675 183,293 168,665
OPERATING INCOME .......................... 28,183 31,630 72,695 89,151
OTHER EXPENSE (INCOME):
Amortization of debt issue costs ........ 161 157 477 474
Interest expense ........................ 19,035 19,573 57,568 59,185
Interest income ......................... (472) (394) (1,824) (1,501)
Total other expense - net ............. 18,724 19,336 56,221 58,158
NET INCOME ................................ $ 9,459 $12,294 $ 16,474 $ 30,993
</TABLE>
This report should be read in conjunction with the Notes to Consolidated
Financial Statements herein and the Notes to Consolidated and Combined
Financial Statements appearing in the 1999 Form 10-K for NE LP.
NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
2000 1999
<S> <C> <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $ 59,427 $ 55,761
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ................................................................ (266) (103)
Net cash used in investing activities ............................................. (266) (103)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payment on the Funding Corp. notes ........................................ (13,166) (11,755)
Distributions to partners ........................................................... (37,043) (35,323)
Net cash used in financing activities ............................................. (50,209) (47,078)
Net increase in cash and cash equivalents ............................................. 8,952 8,580
Cash and cash equivalents at beginning of period ...................................... 33,085 36,038
Cash and cash equivalents at end of period ............................................ $ 42,037 $ 44,618
Supplemental disclosure of cash flow information:
Cash paid for interest .............................................................. $ 29,780 $ 30,933
</TABLE>
This report should be read in conjunction with the Notes to Consolidated
Financial Statements herein and the Notes to Consolidated and Combined
Financial Statements appearing in the 1999 Form 10-K for NE LP.
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
COMBINED BALANCE SHEETS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents ......................................................... $ 40,950 $ 32,144
Accounts receivable ............................................................... 45,026 32,332
Due from related party ............................................................ - 152
Spare parts inventories ........................................................... 10,953 9,977
Fuel inventories .................................................................. 7,782 4,361
Prepaid expenses and other current assets ......................................... 1,508 301
Total current assets ............................................................ 106,219 79,267
Non-current assets:
Cogeneration facilities and carbon dioxide facility (net of accumulated
depreciation of $59,198 and $42,807, respectively) .............................. 454,688 470,851
Power purchase agreements (net of accumulated amortization of $139,138 and
$99,811, respectively) .......................................................... 749,618 788,945
Other assets ...................................................................... 76 39
Total non-current assets ........................................................ 1,204,382 1,259,835
TOTAL ASSETS ........................................................................ $1,310,601 $1,339,102
LIABILITIES AND PARTNERS' EQUITY
Current liabilities:
Current portion of notes payable - the Funding Corp. .............................. $ 23,247 $ 26,333
Accounts payable .................................................................. 18,495 16,745
Accrued interest payable .......................................................... 10,218 -
Due to related parties ............................................................ 6,011 1,167
Other accrued expenses ............................................................ 10,890 6,974
Total current liabilities ....................................................... 68,861 51,219
Non-current liabilities:
Deferred credit - fuel contracts .................................................. 276,946 292,581
Notes payable - the Funding Corp. ................................................. 408,800 418,880
Amounts due utilities for energy bank balances .................................... 164,270 168,885
Total non-current liabilities ................................................... 850,016 880,346
Partners' equity:
General partner ................................................................... 3,917 4,075
Limited partners .................................................................. 387,807 403,462
Total partners' equity .......................................................... 391,724 407,537
COMMITMENTS AND CONTINGENCIES
TOTAL LIABILITIES AND PARTNERS' EQUITY .............................................. $1,310,601 $1,339,102
</TABLE>
This report should be read in conjunction with the Notes to Combined
Financial Statements herein and the Notes to Consolidated and Combined
Financial Statements appearing in the 1999 Form 10-K for NEA and NJEA.
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
COMBINED STATEMENTS OF OPERATIONS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
REVENUES .................................. $90,937 $88,305 $255,988 $257,816
COSTS AND EXPENSES:
Fuel .................................... 39,603 32,841 111,293 96,664
Operations and maintenance .............. 2,507 3,506 9,935 10,639
Depreciation and amortization ........... 18,564 18,269 55,705 54,811
General and administrative .............. 2,080 2,059 6,360 6,546
Total costs and expenses .............. 62,754 56,675 183,293 168,660
OPERATING INCOME .......................... 28,183 31,630 72,695 89,156
OTHER EXPENSE (INCOME):
Interest expense ........................ 14,640 15,175 44,384 45,995
Interest income ......................... (373) (325) (1,708) (1,386)
Total other expense - net ............. 14,267 14,850 42,676 44,609
NET INCOME ................................ $13,916 $16,780 $ 30,019 $ 44,547
</TABLE>
This report should be read in conjunction with the Notes to Combined
Financial Statements herein and the Notes to Consolidated and Combined
Financial Statements appearing in the 1999 Form 10-K for NEA and NJEA.
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
COMBINED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
2000 1999
<S> <C> <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $68,070 $64,446
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ................................................................ (266) (103)
Net cash used in investing activities ............................................. (266) (103)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payment on the Funding Corp. notes ........................................ (13,166) (11,755)
Distributions to partners ........................................................... (45,832) (44,017)
Net cash used in financing activities ............................................. (58,998) (55,772)
Net increase in cash and cash equivalents ............................................. 8,806 8,571
Cash and cash equivalents at beginning of period ...................................... 32,144 35,152
Cash and cash equivalents at end of period ............................................ $40,950 $43,723
Supplemental disclosure of cash flow information:
Cash paid for interest .............................................................. $20,991 $22,144
</TABLE>
This report should be read in conjunction with the Notes to Combined
Financial Statements herein and the Notes to Consolidated and Combined
Financial Statements appearing in the 1999 Form 10-K for NEA and NJEA.
ESI TRACTEBEL FUNDING CORP.
BALANCE SHEETS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
Current assets:
Cash .............................................................................. $ 1 $ 1
Interest receivable from the Partnerships ......................................... 10,218 -
Current portion of notes receivable from the Partnerships ......................... 23,246 26,333
Total current assets ............................................................ 33,465 26,334
Notes receivable from the Partnerships .............................................. 408,800 418,880
TOTAL ASSETS ........................................................................ $ 442,265 $ 445,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of securities payable ............................................. $ 23,246 $ 26,333
Accrued interest .................................................................. 10,218 -
Total current liabilities ..................................................... 33,464 26,333
Securities payable .................................................................. 408,800 418,880
Stockholders' equity:
Common stock, no par value, 10,000 shares authorized, issued and outstanding ...... 1 1
COMMITMENTS AND CONTINGENCIES
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .......................................... $ 442,265 $ 445,214
</TABLE>
STATEMENTS OF OPERATIONS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Interest income .......................................... $ 10,218 $ 10,743 $ 31,209 $ 32,725
Interest expense ......................................... (10,218) (10,743) (31,209) (32,725)
NET INCOME ............................................... $ - $ - $ - $ -
</TABLE>
STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 1999
<S> <C> <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................ $ - $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payment received from the Partnerships.................................... 13,166 11,755
Principal payment on debt .......................................................... (13,166) (11,755)
Net cash provided by financing activities ........................................ - -
Net increase in cash ................................................................. - -
Cash at beginning of period .......................................................... 1 1
Cash at end of period ................................................................ $ 1 $ 1
Supplemental disclosure of cash flow information:
Cash paid for interest ............................................................. $ 20,991 $ 21,981
</TABLE>
These reports should be read in conjunction with the Notes to Financial
Statements herein and the Notes to Financial Statements appearing in the
1999 Form 10-K for the Funding Corp.
ESI TRACTEBEL ACQUISITION CORP.
BALANCE SHEETS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
Interest receivable from NE LP ....................................................... $ 4,394 $ -
Non-current assets:
Due from NE LP ..................................................................... 152 152
Note receivable from NE LP ......................................................... 220,000 220,000
Total non-current assets ......................................................... 220,152 220,152
TOTAL ASSETS ......................................................................... $224,546 $220,152
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Income taxes payable ............................................................... $ 12 $ 9
Accrued interest ................................................................... 4,394 -
Total current liabilities ........................................................ 4,406 9
Non-current liabilities:
Deferred credit - interest rate hedge .............................................. 116 126
Securities payable ................................................................. 220,000 220,000
Total non-current liabilities .................................................... 220,116 220,126
Stockholders' equity:
Common stock, $.10 par value, 100 shares authorized, 20 shares issued .............. - -
Subscriptions receivable ........................................................... - -
Retained earnings .................................................................. 24 17
COMMITMENTS AND CONTINGENCIES
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ........................................... $224,546 $220,152
</TABLE>
STATEMENTS OF OPERATIONS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Interest income .......................................... $ 4,395 $ 4,395 $ 13,184 $ 13,184
Interest expense ......................................... (4,391) ( 4,391) (13,173) (13,173)
Income before income taxes ............................... 4 4 11 11
Income tax expense ....................................... (1) (1) (4) (4)
NET INCOME ............................................... $ 3 $ 3 $ 7 $ 7
</TABLE>
STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
2000 1999
<S> <C> <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $ - $ -
CASH FLOWS FROM INVESTING ACTIVITIES .................................................. - -
CASH FLOWS FROM FINANCING ACTIVITIES .................................................. - -
Net increase in cash and cash equivalents ............................................. - -
Cash and cash equivalents at beginning of period ...................................... - -
Cash and cash equivalents at end of period ............................................ $ - $ -
Supplemental disclosure of cash flow information:
Cash paid for interest .............................................................. $ 8,789 $ 8,789
</TABLE>
These reports should be read in conjunction with the Notes to Financial
Statements herein and the Notes to Financial Statements appearing in the
1999 Form 10-K for the Acquisition Corp.
NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
ESI TRACTEBEL FUNDING CORP.
ESI TRACTEBEL ACQUISITION CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO COMBINED FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Item 1. Notes to Financial Statements
The accompanying consolidated financial statements, combined financial
statements and financial statements should be read in conjunction with the
1999 Form 10-K for the Registrants. In the opinion of the Registrants'
management, all adjustments (consisting of normal recurring accruals)
considered necessary for fair financial statement presentation have been
made. The results of operations for an interim period may not give a true
indication of results for the year.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
This discussion should be read in conjunction with the Notes to Consolidated
Financial Statements, Notes to Combined Financial Statements and Notes to
Financial Statements contained herein and Management's Discussion and
Analysis of Financial Condition and Results of Operations appearing in the
1999 Form 10-K for the Registrants. The results of operations for an interim
period may not give a true indication of results for the year. In the
following discussion, all comparisons are with the corresponding items in
the prior year.
Results of Operations
NE LP and the Partnerships - Revenues for the third quarter increased
primarily as a result of increased energy production and increased power
sales to utilities at both the Bellingham, MA and Sayreville, NJ facilities.
Revenues year to date decreased primarily as a result of lower availability
in the second quarter due to an eleven-day utility outage at the Bellingham,
MA facility for transmission interconnect maintenance and upgrades. Revenues
include power sales to utilities which reflect changes in utility energy
bank balances. The changes in the energy bank balances, which increased
reported revenues, are determined in accordance with scheduled or specified
rates under certain power purchase agreements.
Fuel expense for the third quarter and year to date (excluding $5.2 million
of deferred credit amortization for fuel contracts for the three months
ended September 30, 2000 and 1999 and excluding $15.6 million of deferred
credit amortization for fuel contracts for the nine months ended September
30, 2000 and 1999) increased primarily as a result of the increased price of
natural gas required to fuel the facilities.
Operations and maintenance (O&M) expense for the third quarter and year to
date decreased primarily as a result of a $428 thousand gain recognized as a
result of settling certain issues that remained following the termination of
the previous O&M contracts. The previous O&M contracts were terminated
effective December 31, 1998 by mutual consent of the previous operator and
the Partnerships. Additionally, for the third quarter and year to date,
payroll expense has been reduced as a result of operating the facilities
with fewer personnel.
Interest expense of NE LP and the Partnerships for the third quarter and
year to date decreased as a result of decreasing principal balances on the
notes payable.
The Funding Corp. and the Acquisition Corp. - The Funding Corp. made semi-
annual debt principal payments and debt interest payments of $13.2 million
and $21.0 million, respectively, in June 2000. The Acquisition Corp. made a
semi-annual debt interest payment of $8.8 million in June 2000. Interest
expense for the Funding Corp. for the third quarter and year to date
decreased as a result of decreasing principal balances on the securities
payable.
Liquidity and Capital Resources
The Registrants - Cash flow generated by the Partnerships year to date has
been and is expected to remain sufficient for at least the next twelve
months to fund operating expenses of the Registrants as well as fund the
debt service requirements of the Funding Corp. and the Acquisition Corp.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
<S> <C>
27.1 Financial Data Schedule - ESI Tractebel Funding Corp.
27.2 Financial Data Schedule - Northeast Energy Associates, A Limited Partnership
27.3 Financial Data Schedule - North Jersey Energy Associates, A Limited Partnership
27.4 Financial Data Schedule - ESI Tractebel Acquisition Corp.
27.5 Financial Data Schedule - Northeast Energy, LP
(b) Reports On Form 8-K - None
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
(ESI Northeast Energy GP, Inc. as Administrative General Partner)
NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP
(ESI Northeast Energy GP, Inc. as Administrative General Partner)
NORTHEAST ENERGY, LP
(ESI Northeast Energy GP, Inc. as Administrative General Partner)
ESI TRACTEBEL FUNDING CORP.
ESI TRACTEBEL ACQUISITION CORP.
(Registrants)
Date: November 13, 2000
ROBERT L. MCGRATH
Robert L. McGrath
Treasurer of ESI Northeast Energy GP, Inc.
Treasurer of ESI Tractebel Funding Corp.
Treasurer of ESI Tractebel Acquisition Corp.
(Principal Financial and Principal Accounting Officer of the Registrants)
