[Federal Register Volume 60, Number 77 (Friday, April 21, 1995)]
[Notices]
[Pages 19973-19981]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-9854]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26273]


Filings Under the Public Utility Holding Company Act of 1935, as 
Amended (``Act'')

April 14, 1995.
    Notice is hereby given that the following filing(s) has/have been 
made with the Commission pursuant to provisions of the Act and rules 
promulgated thereunder. All interested persons are referred to the 
application(s) and/or declarations(s) for complete statements of the 
proposed transaction(s) summarized below. The application(s) and/or 
declaration(s) and any amendments 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 May 8, 1995, 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 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, 
[[Page 19974]] 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.

Northeast Utilities, et al. (70-8076)

    Northeast Utilities (``Northeast''), 174 Brush Hill Avenue, West 
Springfield, Massachusetts 01089, a registered holding company, HEC 
Inc. (``HEC''), 24 Prime Parkway, Natick, Massachusetts 01760, a 
nonutility subsidiary of Northeast, HEC International Corporation 
(``HEC International''), 24 Prime Parkway, Natick, Massachusetts 01760 
and HEC Energy Consulting Canada Inc. (``HEC Canada''), 285 Yorkland 
Boulevard, Willowdale, Ontario M2J 1S5 Canada, each a wholly owned 
nonutility subsidiary of HEC, and HECI, 1800 Harrison Street, Oakland, 
California 94612, a joint venture subsidiary that is 50% owned by HEC 
International and 50% owned by a non-affiliate (collectively, 
``Applicants'') have filed a post-effective amendment under sections 
9(a), 10, 12(b) and 13(b) of the Act and rules 45, 54, 87, 90 and 91 to 
HEC's application-declaration filed under sections 9(a), 10, 12(b) and 
13 (b) of the Act and rules 45, 87, 90 and 91 thereunder.
    By order dated July 27, 1990 (HCAR No. 25114-A) (``1990 Order''), 
among other things, Northeast was authorized to organize HEC and 
acquire HEC's capital stock. The 1990 Order also authorized HEC to 
acquire substantially all of the assets of HEC Energy Corporation, a 
company that provided energy management services to large institutional 
customers in New England, New York and elsewhere. In addition, the 1990 
Order authorized HEC's provision of energy management services and 
demand-side management (``DSM'') services to customers in New England 
and New York (``Region''). Furthermore, the 1990 Order authorized HEC 
to provide limited services outside the Region.
    By order dated September 30, 1993 (HCAR No. 25900) (``1993 
Order''), HEC was authorized to provide additional energy management 
and DSM services and to enter the consulting business in the energy 
management and DSM area. The 1993 Order provided that revenues (other 
than consulting revenues) attributed to customers outside the Region 
would not exceed revenues (other than consulting revenues) attributed 
to customers within the Region (``50% Limitation'').
    By order dated August 19, 1994 (HCAR No. 26108) (``1994 Order''), 
the Commission authorized HEC to organize and acquire HEC Canada and 
HEC International. HEC Canada was organized to provide energy 
management, DSM and consulting services to customers located in Canada. 
HEC International was organized to participate, on a 50/50 basis, in a 
joint venture with Barakat & Chamberlin, an unaffiliated company, to 
form HECI, a subsidiary of HEC International. HECI was formed to 
provide energy management, DSM and consulting services to customers 
located in the western United States (Washington, Oregon, California, 
Montana, Idaho, Wyoming, Colorado, Utah, New Mexico, Nevada and 
Arizona) and in foreign countries (except Canada). Under the 1994 
Order, the revenues (except consulting revenues) of HEC Canada and 
HEC's share of HECI's revenues are combined with HEC's revenues for 
purposes of the 50% Limitation.
    The Applicants now propose that the Commission authorize HEC's and 
HEC's direct and indirect subsidiaries' activities, as authorized in 
the 1990 Order, 1993 Order and 1994 Order, without regard to the 50% 
Limitation.
    In addition, HEC requests authorization to form joint ventures with 
utilities serving customers in different areas outside of the Region, 
without subsequent Commission approval. These joint ventures would be 
organized to provide the services that HEC currently provides. The 
services of each such joint venture would be provided to customers 
located in a defined region that would include, but not be limited to, 
the service areas of the participating utility.
    The joint ventures between HEC and the utilities would usually be 
formed on a 50/50 ownership basis, although other equity sharing may be 
negotiated. HEC and the participant utility would each advance money, 
property or other consideration to the joint venture (all of which will 
be treated as open account advances) for their respective interests in 
the joint venture as needed for the joint venture's operations during 
the period through June 30, 1996. The joint ventures will reimburse HEC 
for its cost of money allocable to such advances. Similarly, each of 
the joint ventures would also reimburse the participating utility for 
its advance at a rate not to exceed the utility's cost of money.
    Some of the joint ventures' expenses may be paid directly by HEC or 
the participating utility. For those expenses, the joint venture 
participant paying the bill will invoice the other participant's share 
of the paid expense. Direct payment of the joint venture's expenses 
would be treated as an advance to the joint venture with the same term 
and interest rate as the open account advances described above.
    HEC's outstanding advances plus the value of any other 
contributions to a joint venture combined with HEC's direct payment of 
any costs associated with that venture would not exceed $1 million at 
any time for any of these joint ventures, unless further Commission 
authorization is obtained. In aggregate, HEC's outstanding advances and 
other payments to all such joint ventures will not exceed $8 million at 
any time, unless further Commission approval is obtained.
     The joint ventures would enter into agreements with HEC (and the 
participating utilities) to subcontract for their services. Those 
services would be provided at cost pursuant to rule 90 and would not be 
applied toward the $1 million per venture limit. These subcontract 
agreements would include provisions prohibiting HEC and the 
participating utility from competing with the joint venture.

Cinergy Corporation, et al. (70-8589)

    CINergy Corp. (``CINergy''), a registered holding company, CINergy 
Investments, Inc. (``CINergy Investments''), a wholly owned subsidiary 
of CINergy, and CINergy Services, Inc. (``Services''), a wholly owned 
subsidiary service company of CINergy all located at 139 East Fourth 
Street, Cincinnati, Ohio 45202, have filed an application-declaration 
under Sections 6(a), 7, 9(a), 10, 12(b), 13(b), 32 and 33 of the Act 
and Rules 43, 45, 51, 53 and 83.
    CINergy and CINergy Investments propose, through May 31, 1998, to 
facilitate investments in foreign utility companies (``FUCOs'') and 
foreign exempt wholesale generators (``EWGs''). Specifically, CINergy 
and CINergy Investments propose to: (1) Acquire, in one or more 
transactions, the securities of one or more Companies to be organized 
for the purpose of engaging, directly or indirectly, and exclusively, 
in the business of acquiring, owning and holding the securities of, 
and/or providing services to, one or more FUCOs and/or EWGs; (2) make 
direct and/or indirect debt and equity investments in companies 
(``Special Purpose Companies'') and certain existing special purpose 
subsidiary companies (``Existing Special Purpose Companies'') and 
provide guarantees in connection with the activities of the Special 
Purpose Companies up to an aggregate principal amount of $115 million; 
and (3) for the Special Purpose Companies to engage in external equity 
and non-recourse debt financing transactions with unaffiliated third 
[[Page 19975]] parties up to an aggregate principal amount of $300 
million.
    The terms of such debt and equity securities and guaranties would 
be determined in light of the circumstances then prevailing and through 
later negotiations with third parties, within certain parameters as to 
maximum rates of interest, maturity dates, minimum consideration for 
par value shares, and other matters. As of December 31, 1994, CINergy's 
aggregate net outstanding investment in FUCOs and EWGs through Existing 
Special Purpose Companies was approximately $20 million. The aggregate 
net investment of CINergy and CINergy Investments outstanding at any 
one time in Special Purpose Companies and Existing Special Purpose 
Companies would not exceed $115 million.
    CINergy and CINergy Investment also propose that the Special 
Purpose Companies provide services to their subsidiaries, an to other 
Special Purpose Companies and their subsidiaries. CINergy Services 
proposes to provide such additional services as may be necessary or 
desirable for the development, acquisition, establishment and operation 
of the Special Purpose Companies and their investments and properties.
    CINergy anticipates that the Special Purpose Companies and their 
subsidiaries will meet (and, in the case of the Existing Special 
Purpose Subsidiaries and their subsidiaries, will continue to meet) the 
requirements of Rule 83(a) under the Act. Accordingly, the CINergy 
requests that services provided to the Special Purpose Companies and 
their subsidiaries be exempt from the standards of Section 13 (b) of 
the Act and the rules and regulations promulgated thereunder.

CINergy Corp. et al. (70-8587)

    CINergy Corp. (``CINergy''), 139 East Fourth Street, Cincinnati, 
Ohio 45202, a registered holding company, and certain of its 
subsidiaries, CINergy Services, Inc. (``Services''), The Cincinnati Gas 
& Electric Co. (``CC&E''), The Union Light, Heat and Power Co. 
(``ULH&P''), The West Harrison Gas and Electric Co. (``West 
Harrison''), Lawrenceburg Gas Co. (``Lawrenceburg''), Miami Power Corp. 
(``Miami''), Tri-State Improvement Co. (``Tri-State''), KO Transmission 
Co. (``KO''), CINergy Investments, Inc. (``Investments''), CG&E 
Resource Marketing, Inc. (``Resource Marketing''), Power International, 
Inc. (``PII''), Beheer-En Belegginsmaatschappij Bruwabel B.V. 
(``Bruwabel''), Power International s.r.o. (``Power International''), 
and Power Development s.r.o. (``Power Development''), each of 139 East 
Fourth Street, Cincinnati, Ohio 45202, and PSI Energy, Inc. (``PSI 
Energy''), Wholesale Power Services, Inc. (``Wholesale Power''), PSI 
Recycling, Inc. (``Recycling''), and Power Equipment Supply Co. 
(``Equipment''), each of 1000 East Main Street, Plainfield, Indiana 
46168 (collectively, the ``Applicants''), have filed an application-
declaration under sections 6, 7, 9(a), 10, 12(b), 12(f) and 13 of the 
Act and rules 40, 43, 45, 53, 54, and 80-95 thereunder.
    The Applicants seek authorization, through May 31, 1997, to incur 
short-term borrowings, to issue notes and/or commercial paper, to make 
capital contributions, and to implement a system of money pools to 
provide for their short-term cash requirements. The aggregate principal 
amount of short-term borrowings, notes and/or commercial paper 
outstanding at any one time for the CINergy system as a whole would not 
exceed $1 billion. The proposed transactions and the proposed 
participation of the various Applicants are described below.

Transactions by Utilities and Related Companies

    Through May 31, 1997, (1) CG&E, PSI Energy, ULH&P, Lawrenceburg, 
West Harrison, Miami, Services, KO and Tri-State seek authorization to 
incur short-term borrowings, and to issue notes in connection 
therewith; (2) CG&E and PSI Energy seek authorization to issue and sell 
commercial paper; (3) CINergy seeks authorization to issue guarantees 
and provide letters of credit in connection with the short-term 
borrowings; and (4) all of the foregoing companies seek authorization 
to implement a money pool (``Utility Money Pool'') to coordinate and 
provide for certain of their short-term cash and working capital 
requirements. The aggregate principal amount of short-term borrowings 
and/or commercial paper outstanding at any one time would not exceed 
the following amounts\1\: For Services, $100,000,000; for PSI Energy, 
$400,000,000; for CG&E, $400,000,000; for ULH&P, $35,000,000; for West 
Harrison, $200,000; for Lawrenceburg, $3,000,000; for Miami, $100,000; 
for KO, $2,000,000; and for Tri-State, $40,000,000.

    \1\CINergy was authorized to incur short-term indebtedness 
through bank borrowings, to issue notes and commercial paper, and to 
obtain letters of credit, in an aggregate amount of up to 
$375,000,000 in HCAR No. 26215 (Jan. 11, 1995). CINergy's proposed 
guarantees in support of bank borrowings would also be subject to 
this limitation.
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    PSI Energy, CG&E, UHL&P and Lawrenceburg have existing lines of 
credit with banks with commitments aggregating $230 million, $82 
million, $30 million and $400,000, respectively, under which $120.5 
million, $0, $14.5 million and $0, respectively, in borrowings were 
outstanding as of December 31, 1994. As of December 31, 1994, Services, 
West Harrison, Miami, KO and Tri-State had no committed lines of 
credit. Certain of the Applicants also have informal arrangements for 
short-term borrowings with various banks on an ``as offered'' basis, 
also known as uncommitted lines of credit. Authorization is sought for 
the above Applicants to borrow from banks pursuant to the existing 
formal and informal lines of credit described above (and any increases 
therein that may be negotiated) and pursuant to new credit facilities 
(formal or informal) that may be arranged from time to time, or to 
borrow funds managed by bank trust departments, if the effective cost 
of money is equal to or less than that available from the sale of 
commercial paper or other bank borrowings.
    Bank borrowings may be evidenced by promissory notes, each of which 
would be issued on or before May 31, 1997 and would mature on a date no 
later than one year (or, in the case of up to $200 million in 
borrowings by PSI Energy, no later than 24 months) from the date of 
issuance, would bear interest at a rate no higher than the effective 
cost of money for unsecured prime commercial bank loans prevailing on 
the date of such borrowing, and would be subject to prepayment at the 
option of borrower, or under certain circumstances with the consent of 
the lending bank, in whole at any time or in part from time to time, 
without premium or penalty. Amounts outstanding under formal lines of 
credit typically would become due immediately upon an event of default, 
including non-payment, default under other agreements governing 
indebtedness, bankruptcy, or insolvency. Short-term notes may be issued 
on either a ``grid'' note basis or a transactional basis, under similar 
terms and conditions. The Applicants state that the actual terms of the 
notes may vary from the terms described above to reflect customary 
terms or particular lending practices and policies of different lending 
institutions, but otherwise are expected to be substantially similar. 
Compensation arrangements under lines of credit would be on a 
compensating balance and/or fee basis. Fees will not exceed 25 basis 
points per annum on the commitment, and balance arrangements will 
require average balances not to [[Page 19976]] exceed 10% of the amount 
of the commitment.
    PSI Energy and CG&E also propose to issue and sell commercial paper 
to one or more dealers (or directly to financial institutions if such 
sale results in an equal or lower cost of money than that applicable to 
dealer-placed notes), subject to the limitations on aggregate 
outstanding principal amount stated above. The commercial paper will be 
in the form of book-entry unsecured promissory notes, with varying 
denominations of no less than $25,000 each, and will be issued and sold 
by CG&E and PSI Energy at market rates. No commission or fee will be 
payable in connection with the issuance and sale of the commercial 
paper. The purchasing dealer, however, will reoffer such notes at a 
rate less than the rate to the issuer and, as principal, will reoffer 
such notes in such a manner as not to constitute a public offering 
under the Securities Act of 1933. The discount rate to dealers will not 
exceed the maximum discount rate per annum prevailing at the date of 
issuance for commercial paper of comparable quality and the same 
maturity.
    The commercial paper proposed to be issued by CG&E and PSI Energy 
will have varying maturities of no more than 270 days from date of 
issue and will be issued and sold by CG&E and PSI Energy from time to 
time through May 31, 1997. Subject to such limitations, sales of 
commercial paper (and the bank borrowings described above) ordinarily 
will be structured to mature at such time as excess funds are expected 
to become available for money pool loans. Upon the availability of any 
such excess funds, external borrowings would be retired and loans 
refinanced to the extent such funds became available.
    Proceeds of any short-term borrowings and, in the case of CG&E and 
PSI Energy, sales of commercial paper, may be used by each such 
company: (i) For the interim financing of its construction and capital 
expenditure programs; (ii) for its working capital needs; (iii) for the 
repayment, redemption or refinancing of its debt and preferred stock; 
(iv) to meet unexpected contingencies, payment and timing differences, 
and cash requirements, to cover intercompany balances, and for other 
lawful general corporate purposes; (v) to loan to other participants in 
the Utility Money Pool (except the proceeds of certain borrowings by 
PSI Energy with maturities more than twelve months from the date of 
issuance); and (vi) in the case of borrowings by Services, for other 
lawful purposes in connection with the performance by Services of its 
functions as a subsidiary service company under the Act. In addition, 
proceeds of borrowings, and other available funds, may be used: (a) By 
CG&E to make capital contributions of up to $40 million to Tri-State 
and up to $2 million to KO for the purpose of settling intercompany 
open-account balances and indebtedness to CG&E and to provide Tri-State 
and KO with working capital for their activities in support of CG&E's 
operations, and (b) by CG&E and its utility subsidiaries to make loans 
and open-account advances to one another in connection with services, 
goods and construction provided to one another, in amounts not to 
exceed $400 million for CG&E, $35 million for ULH&P, $200,000 for West 
Harrison, $3 million for Lawrenceburg and $100,000 for Miami.
    Authorization is also sought for CINergy to issue guarantees and 
provide letters of credit in connection with short-term borrowings, 
subject to the limitations on aggregate principal amount described 
above. Fees and expenses incurred by CINergy will not exceed 1% per 
year of the face amount of such letters of credit, and CINergy may 
charge an annual fee up to 2% of the face amount of guarantees.
    Under the proposed terms of the Utility Money Pool, short-term 
funds would be available from the following sources for short-term 
loans to CG&E, PSI Energy, ULH&P, Lawrenceburg, Miami, West Harrison, 
Services, KO and Tri-State from time to time: (1) Surplus funds in the 
treasuries of Utility Money Pool participants, including CINergy 
(``Utility Internal Funds''), and (2) proceeds from bank borrowings by 
Utility Money Pool participants or the sale of commercial paper by 
CINergy, CG&E and PSI Energy for loan to the Utility Money Pool 
(``Utility External Funds'').\2\ Funds would be made available from 
such sources in such order as Services, as administrator of the Utility 
Money Pool, may determine would result in a lower cost of borrowing, 
consistent with the individual borrowing needs and financial standing 
of the companies providing funds to the pool. Companies that borrow 
would borrow pro rata from each company that lends, in the proportion 
that the total amount loaned by each such lending company bears to the 
total amount then loaned through the Utility Money Pool. On any day 
when more than one fund source with different rates of interest is used 
to fund loans through the Utility Money Pool, each borrower would 
borrow pro rata from each such fund source in the Utility Money Pool in 
the same proportion that the amount of funds provided by that fund 
source bears to the total amount of short-term funds available to the 
Utility Money Pool. No party would be required to effect a borrowing 
through the Utility Money Pool if it is determined that it could effect 
a borrowing at lower cost directly from banks or through the sale of 
its own commercial paper. No loans through the Utility Money Pool would 
be made to CINergy.

    \2\CINergy proposes to use the proceeds of certain borrowings 
and sales of commercial paper or common stock, previously authorized 
in File Nos. 70-8477 and 70-8521, and any funds available for 
general corporate purposes, to loan to the other Applicants when 
required through the money pools described in the Application-
Declaration.
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    The cost of compensating balances and fees paid to banks to 
maintain credit lines by Utility Money Pool participants lending 
Utility External Funds to the Utility Money Pool would initially be 
paid by the participant maintaining such line. A portion of such costs 
would be allocated monthly to the companies borrowing such Utility 
External Funds through the Utility Money Pool in proportion to their 
outstanding borrowings of such Utility External Funds.
    If only Utility Internal Funds comprise the funds available in the 
Utility Money Pool, the interest rate applicable to loans of such funds 
would be the CD yield equivalent of the 30-day Federal Reserve ``AA'' 
Industrial Commercial Paper Composite Rate (or if no such Composite 
Rate is established for that day, then the applicable rate would be the 
Composite Rate for the next preceding day for which such Composite Rate 
was established). If only Utility External Funds comprise the funds 
available in the Utility Money Pool, the interest rate applicable to 
loans of such Utility External Funds would be equal to the lending 
company's cost for such Utility External Funds (or, if more than one 
Utility Money Pool participant had made available Utility External 
Funds on such day, the applicable interest rate would be a composite 
rate equal to the weighted average of the cost incurred by the 
respective Utility Money Pool participants for such Utility External 
Funds). In cases where both Utility Internal Funds and Utility External 
Funds are concurrently borrowed through the Utility Money Pool, the 
rate applicable to all loans comprised of such ``blended'' funds would 
be a composite rate equal to the weighted average of (a) the cost of 
all Utility Internal Funds contributed by Utility Money Pool 
participants and (b) the cost of all such Utility External Funds. In 
circumstances where Utility Internal [[Page 19977]] Funds and Utility 
External Funds are available for loans through the Utility Money Pool, 
loans may be made exclusively from Utility Internal Funds or Utility 
External Funds, rather than from a ``blend'' of such funds, to the 
extent it is expected that such loans would result in a lower cost of 
borrowing.
    Funds not required by the Utility Money Pool to make loans (with 
the exception of funds required to satisfy the Utility Money Pool's 
liquidity requirements) would ordinarily be invested in one or more 
short-term investments, including: (i) Interest-bearing accounts with 
banks; (ii) obligations issued or guaranteed by the U.S. government 
and/or its agencies and instrumentalities, including obligations under 
repurchase agreements; (iii) obligations issued or guaranteed by any 
state or political subdivision thereof, provided that such obligations 
are rated not less than A by a nationally recognized rating agency; 
(iv) commercial paper rated not less than A-1 or P-1 or their 
equivalent by a nationally recognized rating agency; (v) money market 
funds; (vi bank certificates of deposit; (vii) Eurodollar funds; and 
(viii) such other investments as are permitted by section 9(c) of the 
Act and rule 40 thereunder.
    The interest income and investment income earned on loans and 
investments of surplus funds would be allocated among the participants 
in the Utility Money Pool in accordance with the proportion each 
participant's contribution of funds bears to the total amount of funds 
in the Utility Money Pool and the cost of funds provided to the Utility 
Money Pool by such participant.
    Each Applicant receiving a loan through the Utility Money Pool 
would be required to repay the principal amount of such loan, together 
with all interest accrued thereon, upon demand and in any event not 
later than one year from the date of such advance. All loans would be 
prepayable by the borrower without premium or penalty. Loans would 
ordinarily be made pursuant to open-account advances, and all loans 
would be made on or before May 31, 1997. Each lender would at all times 
be entitled to receive upon demand one or more promissory notes 
evidencing any and all loans by such lender, dated as of the date of 
the initial borrowing (and in any event not later than May 31, 1997), 
maturing on demand or on a specified date not latter than one year 
after the date of the applicable borrowing, and prepayable in whole at 
any time or in part from time to time, without premium or penalty. 
Interest would be accrued by each borrower monthly.

Transactions by Nonutility Companies

    Through May 31, 1997, (1) PII, Bruwabel, Power International, Power 
Development, Recycling, Equipment and Wholesale Power (``Designated 
Nonutility Companies''), Resource Marketing and CINergy Investments 
seek authorization to incur short-term borrowings and to issue notes in 
connection therewith; (2) CINergy seeks authorization to issue 
guarantees and provide letters of credit in connection with such 
borrowings; and (3) all of the foregoing companies seek authorization 
to implement a money pool arrangement (``Nonutility Money Pool'') to 
coordinate and provide for their short-term cash and working capital 
requirements. The aggregate principal amount of short-term borrowings 
and notes outstanding would not exceed the following amounts:\3\ for 
CINergy Investments, $22,000,000; for PII, $6,750,000; for Bruwabel, 
Power International and Power Development, an aggregate of $4,000,000; 
for Recycling, $4,400,000; for Equipment, $1,100,000; for Wholesale 
Power, $1,200,000; and for Resource Marketing, $2,000,000.

    \3\See footnote 1.
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    Proceeds of borrowings by CINergy Investments, Resource Marketing 
and the Designated Nonutility Companies would be used (a) to provide 
working capital to continue to operate such companies' businesses and 
to fund commitments existing as of the registration of CINergy as a 
holding company under the Act on October 25, 1994, (b) to repay and 
refinance indebtedness, (c) to loan to other participants in the 
Nonutility Money Pool, and (d) in the case of Resource Marketing, for 
the additional purposes of making loans and capital contributions to 
U.S. Energy Partners, a partnership in which Resource Marketing holds 
an interest.
    PII has a $1,000,000 bank line of credit, under which no borrowings 
were outstanding at December 31, 1994, which PII proposes to maintain. 
It is also proposed that CINergy Investments, Resource Marketing, and 
the Designated Non-Utility Companies also have authority to borrow 
under bank facilities, and or CINergy to provide guaranties and letters 
of credit in connection therewith. Borrowings under such facilities 
would be evidenced by promissory notes with terms substantially similar 
to those described above under Transactions by Utilities and Related 
Companies (but could bear interest at a rate of up to prime plus 2%) 
and would be subject to compensation arrangements similar to those 
described therein. Fees and expenses in connection with guaranties and 
letters of credit to be provided by CINergy also will not exceed the 
amounts stated above under such heading.
    Because certain of the Designated Nonutility Companies and Resource 
Marketing have heretofore been net borrowers from their corporate 
parents, it has been the practice of such corporate parents to advance 
funds to such companies in the form of intercompany loans and open-
account advances and periodically to forgive such indebtedness, thereby 
making capital contributions in the amount forgiven. Because certain of 
the Designated Nonutility Companies and Resource Marketing may remain 
net borrowers during the period covered by the proposed transactions, 
authorization is requested for CINergy from time to time through May 
31, 1997 to make capital contributions and loans (in the form of open-
account advances, repayable on demand, or otherwise through the 
Nonutility Money Pool described below) to CINergy Investments and the 
Designated Nonutility Companies, and for CINergy Investments and the 
Designated Nonutility Companies to make capital contributions and loans 
(in the form of open-account advances, repayable on demand, or 
otherwise through the Nonutility Money Pool) to their subsidiary 
companies, provided that the aggregate amount of all outstanding 
borrowings by, and capital contributions to, a company shall not exceed 
its aggregate borrowing limit.
    Authority is also requested through May 31, 1997 (i) for CINergy 
and CINergy Investments from time to time to make capital contributions 
and loans (in the form of open-account advances, repayable on demand, 
or otherwise through the Nonutility Money Pool) to Resource Marketing, 
and (ii) for Resource Marketing from time to time to make capital 
contributions and loans to Energy Partners, to provide for working 
capital needs, repayment or refinancing of debt, unexpected 
contingencies, payment and timing differences, cash requirements and 
other general business purposes of Energy Partners. The aggregate 
amount of all outstanding capital contributions and loans would not 
exceed $2 million to Resource Marketing and $2 million to Energy 
Partners.
    Under the proposed arrangements governing the Nonutility Money 
Pool, short-term funds will be available from the following sources for 
use by the respective participants from time to [[Page 19978]] time: 
(1) Surplus funds in the treasuries of the Nonutility Money Pool 
participants, including CINergy (``Nonutility Internal Funds''), and 
(2) proceeds from the sale by CINergy of commercial paper and bank 
borrowings by the Nonutility Money Pool participants (``Nonutility 
External Funds'').\4\ Loans through the Nonutility Money Pool will be 
made only from funds provided by CINergy, CINergy Investments, Resource 
Marketing or Designated Nonutility Companies, and no loan will be made 
to CINergy, CINergy Investments, Resource Marketing, Energy Partners or 
any Designated Non-Utility Company by the Utility Money Pool or by any 
public utility company in the CINergy system. In addition, no loans 
through the Nonutility Money Pool will be made to CINergy. Funds made 
available by CINergy for loans through the money pools will be first 
made available for loans through the Utility Money Pool and thereafter 
for loans through the Nonutility Money Pool.

    \4\See footnote 2.
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    The Nonutility Money Fund will be administered by Services and will 
have terms similar to those governing the Utility Money Pool (described 
above under Transactions by Utilities and Related Companies) with 
respect to pro rata borrowing, costs and fees for Nonutility External 
Funds lent to the Nonutility Money Pool, interest rates for loans from 
Nonutility Internal Funds, Nonutility External Funds and combinations 
of Nonutility Internal and External Funds, temporary investment of 
funds in the Nonutility Money Pool not required to make loans, 
allocation of interest and other investment income earned on loans and 
investment of surplus funds, terms of loans made by the Nonutility 
Money Pool, and terms of notes evidencing such loans.
    Surplus funds of the Utility Money Pool and the Nonutility Money 
Pool may be combined in common short-term investments, but separate 
records of such funds shall be maintained by Services as administrator 
of the pools, and interest thereon shall be separately allocated, on a 
daily basis, to each money pool in accordance with the proportion that 
the amount of each money pool's surplus funds bears to the total amount 
of surplus funds available for investment from both money pools.
    Operation of the Utility and Nonutility Money Pools, including 
record keeping and coordination of loans, will be handled by Services 
under the authority of the appropriate officers of the Applicants. 
Services will administer the Utility and Nonutility Money Pools on an 
``at cost'' basis and will maintain separate records for each money 
pool.

Appalachian Power Company, et al. (70-8591)

    Appalachian Power Company, 40 Franklin Road, Roanoke, Virginia 
24022, Columbus Southern Power Company, 215 North Front Street, 
Columbus, Ohio 43215, Kentucky Power Company, 1701 Central Avenue, 
Ashland, Kentucky 41101, Kingsport Power Company, 422 Board Street, 
Kingsport, Tennessee 37660, Indiana Michigan Power Company, One Summit 
Square, Fort Wayne, Indiana 46801, Ohio Power Company, 339 Cleveland 
Avenue, SW., Canton, Ohio 44702, and Wheeling Power Company, 51--16th 
Street, Wheeling, West Virginia 26003 (sometimes individually referred 
to herein as ``Company'' and collectively as ``Companies''), all 
public-utility subsidiary companies of American Electric Power Company, 
a registered holding company, have filed an application-declaration 
under sections 6, 7, 9(a), 10, and 12(d) of the Act and rules 40(a)(5), 
41 and 44 thereunder.
    The Companies each propose to market, construct, install, service, 
maintain, acquire, sell (and sell maintenance agreements and warranties 
for) (i) equipment generating, transmitting or distributing electric 
power or steam, (ii) manufacturing and other equipment consuming 
electric power or using steam (including electro-technologies), or 
(iii) equipment providing load management or communications to the 
equipment described in (i) or (ii) above (collectively, ``Customer 
Equipment Services''). In addition, each Company proposes to broker 
Customer Equipment Services provided by third party contractors and 
provide energy management, technical, operating, training and 
consulting services (``Customer Consulting Services''). Customer 
Equipment Services and Customer Consulting Services will be provided 
for (i) present and anticipated industrial, commercial and governmental 
retail electric customers of the Company and of full and partial 
requirement wholesale customers of the Company and (ii) present and 
anticipated nonaffiliated wholesale customers of the Company.
    Cutomer Equipment Services will be provided at market-based fees; 
the price for Customer Consulting Services will range from free to 
market-based rates. The maximum annual revenues from Customer Equipment 
Services for each Company will be 5% of the operating revenues of the 
Company for the prior calendar year.
    Each Company also proposes to provide or broker financing to 
customers in connection with Customer Equipment Services through direct 
loan, installment purchase, operating or finance lease arrangements 
(including sublease arrangements) or loan guarantees. The maximum 
amount of equipment that each Company may finance at any one time is 5% 
of capitalization of the Company at the end of the prior calendar year. 
Interest on loans and imputed interest lease payments will be at 
prevailing market rates. The obligations will have terms ranging from 
one to thirty years and will be secured or unsecured. Each Company will 
finance the Customer Equipment Services with its general corporate 
funds and may assign obligations acquired from customers to banks or 
other financial institutions with or without recourse.
    Finally, each Company proposes to provide meter reading, billing 
and other services to gas, water and other utilities in their service 
territories. Such services would be provided at market based rates.

Central Power & Light Co. (70-8597)

    Central Power and Light Company (``CPL''), a wholly owned electric 
utility subsidiary company of Central and South West Corporation, a 
registered holding company, has filed an application-declaration under 
sections 6(a), 7, 9(a), 10, 12(c) and 12(d) of the Act and rules 44 and 
51 thereunder.
    CPL seeks authorization through December 31, 1997 to incur 
obligations in connection with the proposed issuance by Matagorda 
County Navigation District No. One (``District'') in one or more series 
of up to $475 million in Pollution Control Revenue Bonds. Of this 
amount, up to $325 million will be Pollution Control Revenue Refunding 
Bonds (``Refunding Bonds'') and up to $150 million will be Pollution 
Control Revenue Bonds and/or Solid Waste Revenue Bonds (``New Money 
Bonds''). The issuance of New Money Bonds and the Refunding Bonds 
(``New Bonds'') might be combined.
    The purpose of the Refunding Bonds is to reacquire all or a portion 
of five types of previously issued Pollution Control Revenue Bonds 
(``Old Bonds''). The purpose of the New Money Bonds is to reimburse CPL 
for expenditures qualified for tax-exempt financing or to provide for 
current solid waste expenditures.
    CPL also seeks authorization to manage interest rate risk or to 
reduce interest rate costs through forward re- [[Page 19979]] financing 
techniques and through the use of interest rate swaps through the life 
of the Old Bonds and/or New Bonds.
    The Old Bonds were issued to finance pollution control and solid 
waste disposal facilities (``Facilities'') for the South Texas Project 
Electric Generating Station (``Plant''). CPL owns a 25.2% undivided 
interest in the Plant. The Old Bonds were issued pursuant to Indentures 
of Trust (``Indentures'') with three banks for trustees--NationsBank of 
Texas, N.A., the Bank of New York, and Texas Commerce Bank, N.A. 
(``Trustees''):

------------------------------------------------------------------------
                                         Interest                First  
                Series                     rate     Maturity  redemption
                                        (percent)     date       date   
------------------------------------------------------------------------
1984..................................   10\1/8\    10/15/14    10/15/95
1984-A................................    7\1/2\    12/15/14    12/15/99
1985-A................................    9\3/4\    07/01/15    07/01/95
1986..................................    7\7/8\    12/01/16    12/01/96
1990..................................    7\1/2\    03/01/20    03/01/00
------------------------------------------------------------------------

    CPL and the District entered into Installment Sale Agreements 
(``Sale Agreements'') to provide for the issuance of the Old Bonds. In 
connection with the issuance of the New Bonds, CPL will amend the Sale 
Agreements, enter into agreements with similar terms, and/or enter into 
new installment sale agreements (``Amended Sale Agreements'').
    The New Bonds will bear a fixed or floating interest rate, might be 
secured with First Mortgage Bonds, and will mature between one and 
forty years. The interest rate, redemption provisions and other terms 
and conditions applicable to the New Bonds will be determined through 
negotiation between CPL and one or more investment banking firms that 
will purchase or underwrite the New Bonds (``Purchasers'').
    It is anticipated that the New Bonds will be optionally redeemable 
upon the occurrence of various events specified in the Amended Sale 
Agreements and the Indentures, which might be amended or supplemented 
(``Supplemental Indentures''), or, in the case of the New Money Bonds, 
a new indenture (``New Indenture''). The New Bonds also will be 
optionally redeemable with premiums to be determined through 
negotiation between CPL and the Purchasers and will be mandatorily 
redeemable in the event the interest on the New Bonds becomes subject 
to federal income tax.
    CPL might obtain credit enhancement for the New Bonds, which could 
include bond insurance, a letter of credit or a liquidity facility, if, 
for example, it were to issue floating rate bonds. A premium or fee 
would be paid to obtain the credit enhancement, which would, however, 
result in a net benefit through a reduced interest rate on the New 
Bonds.
    CPL might issue First Mortgage Bonds, to secure the New Bonds, 
subject to applicable indenture restrictions, under a Supplemental 
Indenture to its Mortgage Indenture dated November 1, 1943 to the First 
National Bank of Chicago and A.H. Bohm (``Mortgage Indenture''). The 
First Mortgage Bonds will be issued to the Trustee for the New Bonds 
pursuant to the Mortgage Indenture. The First Mortgage Bonds will be 
held by the Trustee for the benefit of the holders of the New Bonds and 
will not be transferable. The First Mortgage Bonds will be issued in 
the exact amount and have terms similar to the New Bonds. To the extent 
payments in respect of the New Bonds are made in accordance with their 
terms, like payment obligations under the First Mortgage Bonds will be 
deemed satisfied.
    The optional redemption provisions, the sinking-fund provisions, 
and the limitation on dividends relative to the First Mortgage Bonds 
might deviate from the SEC Statement of Policy Regarding First Mortgage 
Bonds.
    CPL anticipates that the New Bonds will be sold by the District 
pursuant to a Bond Purchase Agreement (``Purchase Agreement'') between 
the District and one or more Purchasers. CPL requests authority to 
enter into negotiations with Purchasers with respect to the interest 
rate, redemption provisions and other terms and conditions applicable 
to the New Bonds and to set the terms of the New Bonds subject to the 
receipt of a Commission order if an order has not been issued when CPL 
enters into the Purchase Agreement.
    The proceeds of the New Bonds will be used to redeem the Old Bonds 
pursuant to the terms of the Indentures or reacquire all or a portion 
of the Old Bonds through open market and negotiated transactions or 
pursuant to one or more tender offers (``Reacquisition'') and reimburse 
CPL for expenditures qualified for tax-exempt financing or to provide 
for current solid waste expenditures. The proceeds might also be used 
to reimburse CPL for Old Bonds previously acquired. Additional funds 
required to pay for the Reacquisition and the costs of issuance of the 
New Bonds will be provided by CPL from internally generated funds and 
short-term borrowings.
    CPL will not permit the issuance of the Refunding Bonds unless the 
estimated net present value savings is, on an after-tax basis, in 
excess of the present value of all costs to acquire the Old Bonds and 
issue the Refunding Bonds on the basis of an appropriate discount rate. 
Such discount rate would be based on the estimated after-tax interest 
rate on the Refunding Bonds.
    CPL proposes to manage interest rate risk through interest rate 
swaps, forward swaps, caps, collars and floors, and through forward 
transactions. CPL might also use interest rate swaps to lower its 
interest costs on one or more series of Old Bonds and/or New Bonds. CPL 
requests authorization to enter into these types of transactions from 
time to time either in connection with the issuance of New Bonds or 
otherwise.
    CPL could use the interest rate swap market to hedge against 
changes in the interest rates of variable rate securities through a 
``fixed-for-floating'' swap arrangement. In addition, CPL might be able 
to realize a reduced all-in rate in the synthetic fixed market. CPL 
might also issue fixed rate New Bonds and then seek to reduce its 
interest costs on such New Bonds through a ``floating-for-fixed'' 
interest rate swap arrangement. In this manner, CPL would hope to take 
advantage of interest cost savings associated with short-term interest 
rates.
    None of the interest rate swaps would be ``leveraged.'' Thus 
changes in interest payments or receipts under an interest rate swap 
due to changes in the floating rate index used in the swap will not 
exceed the product of the change in such index and the notional amount 
of that swap. In no event would the aggregate notional amount of the 
interest rate swaps exceed $475 million. The interest rate swaps might 
also be forward swaps, whereby a swap agreement is entered into but the 
exchange of fixed and floating payments does not begin until a future 
date, which is generally the call date on outstanding bonds.
    It is anticipated that interest rate swap agreements would provide 
that redemption, reacquisition or maturation of the Old Bonds and/or 
New Bonds would terminate obligations under the swap agreement for a 
like notional amount. CPL might enter into a swap that allows optional 
termination and CPL would exercise such option for a like notional 
amount upon the redemption, reacquisition or maturation of the 
corresponding Old Bonds and/or New Bonds. Termination of its 
obligations under the interest rate swap agreement might require CPL to 
pay an additional amount under the terms of the swap agreement, which 
could be substantial.
    Finally, CPL also requests authorization to enter into reverse 
interest rate swap agreements, or other [[Page 19980]] contractual 
arrangements, in order to limit the impact of anticipated movements in 
interest rates or offset the effect of interest rate swap agreements. 
If CPL issues variable rate New Bonds, it might elect to purchase an 
interest rate cap to limit its exposure to increased interest rates. 
CPL might also sell an interest rate floor to either reduce the cost of 
variable rate debt, or in conjunction with an interest rate cap to 
reduce the cost of the cap.

Consolidated Natural Gas Co. et al. (70-8599)

    Consolidated Natural Gas Co. (``Consolidated''), CNG Tower, 625 
Liberty Avenue, Pittsburgh, Pennsylvania, 15222-3199, a registered 
holding company, and Consolidated System LNG Company (``Consolidated 
LNG''), of the same address, a wholly owned subsidiary company of 
Consolidated, have filed a declaration under section 12(c) of the Act 
and rule 46 thereunder.
    Consolidated LNG holds what remains of a past venture on the part 
of Consolidated into the liquefied natural gas (``LNG'') business, and 
LNG terminal and re-gasification facilities at Cove Point, Maryland and 
a pipeline between Cove Point and underground pipelines near Loudoun, 
Virginia (``LNG Facilities''). Consolidated LNG is for all practical 
purposes, and is expected to remain, dormant. Consolidated contemplates 
the dissolution of Consolidated LNG.
    Consolidated LNG proposes to declare on its common stock ($10,000 
par value per share) a one-time dividend to Consolidated of 
$48,816,000. This will provide additional cash to Consolidated to 
finance other non-utility and utility subsidiaries.
    Consolidated LNG has no physical assets. Thus, its asset value is 
its capitalization. No dividend was paid from 1988 to 1994. 
Consolidated LNG has not made the standard payout of 100% of its liquid 
cash assets to Consolidated since 1988. A dividend of $2,502,000 was 
declared on December 15, 1994 and paid on February 15, 1995, which left 
$304,000 in retained earnings as of that date.
    Consolidated LNG now proposes to declare a one-time dividend of 
$48,816,000, of which $48,512,000 will come from capital surplus and 
$304,000 will be out of retained earnings. When combined with the 1994 
dividend of $2,502,000, it achieves an approximate 100% payout of 
liquid cash assets to Consolidated. For the remainder of the ten-year 
amortization period (until 1997), Consolidated LNG will pay 100% of its 
liquid cash assets to Consolidated out of retained earnings.
    Consolidated LNG requests Commission authorization to declare and 
pay from capital surplus the $48,512,000 portion of the one-time 
dividend of $48,816,000 to Consolidated.

The Columbia Gas System, Inc. et al. (70-8605)

    The Columbia Gas System, Inc. (``Columbia''), a registered holding 
company and a debtor-in-possession under Chapter 11 of the United 
States Bankruptcy Code, and its wholly owned subsidiary company, 
TriStar Ventures Corporation (``TVC''), both located at 20 Montchanin 
Road, Wilmington, Delaware 19807, have filed an application-declaration 
under sections 6(a), 7, 9(a), 10, 12(b), and 13(b) of the Act and rules 
16, 43, 45, 87, 90 and 91 thereunder.
    Columbia proposes to invest up to $7 million through December 31, 
1996, in natural gas vehicle (``NGV'') activities indirectly through a 
new subsidiary corporation (``TNGV'') that will be established solely 
to engage in such activities. TNGV will be a wholly owned subsidiary of 
TVC.
    TNGV proposes to use the $7 million to develop and promote consumer 
use and acceptance of natural gas as a fuel for cars, buses, trucks and 
other vehicles. TNGV intends to provide natural gas fueling stations, 
promote the establishment of facilities for the conversion of vehicles 
to NGVs, provide related training and to provide fuel supply and 
management services (all such activities, the ``NGV Activities'').
    TNGV proposes to engage in some of the NGV Activities through 
various arrangements with nonassociated companies or individuals. 
Columbia's public-utility subsidiary companies may also provide TNGV 
with services such as training in the use of fueling station and 
conversion equipment, identification of potential customers, and 
station design, construction maintenance and operations.
    The application-declaration states that TNGV may acquire an 
ownership interest, which may be up to 100% voting or nonvoting stock, 
in one or more corporations or other entities established for the sole 
purpose of engaging in NGV Activities. Such entities would be 
established by TNGV and/or nonassociates knowledgeable and experienced 
in the construction and operation of gasoline stations or natural gas 
fueling stations, and/or who have expertise in vehicle repair and 
maintenance or specialized technical experience with NGVs. Each such 
entity would provide limited liability protection to the owners and 
would be formed to build NGV infrastructure in a specific geographic 
area or to provide management of a specific NGV Activity. The 
organizational documents governing such entities would expressly limit 
the activities of these corporations primarily to NGV Activities.
    TNGV may also invest in and participate in joint arrangements such 
as partnerships or joint ventures to carry out NGV Activities. If 
necessary, TNGV would establish one or more wholly owned limited 
purpose corporations or entities for the sole purpose of engaging in 
NGV Activities through such partnerships or joint ventures or other 
arrangements. The organizational documents governing such partnerships 
or joint ventures would expressly limit the activities of these 
entities primarily to NGV Activities.
    The application-declaration states that TNGV may lend funds to 
vehicle fleet owners, or may guarantee borrowings by those owners from 
a third party lender such as a bank, to enable such nonassociates to 
carry out NGV Activities in connection with their business, or to 
acquire the equipment, personnel or facilities needed to do so. Loans 
either made by TNGV directly or with respect to the TNGV is giving a 
guarantee would have an interest rate not exceeding the maximum legal 
rate, and would have a maturity not exceeding 20 years. Such loans may 
be unsecured or secured by a lien on, or other security interest in, 
NGV conversion equipment, fueling station equipment or facilities or 
other real or personal property, excluding utility assets.
    It is further proposed that corporations, partnerships, joint 
ventures or other entities in which TNGV has an ownership interest of 
less than 100% may obtain third party debt financing.
    In entering into arrangements with nonassociates to engage in the 
NGV Activities described in this application, TNGV and its subsidiaries 
will limit the amount of their equity or debt investment, contractual 
obligations, loan guarantees, loan obligations and other financial 
obligations and commitments to an amount that, when aggregated with all 
other investments, obligations and commitments made or undertaken, 
directly or indirectly, by TNGV and its subsidiaries in connection with 
the NGV Activities as described in the Application, will not exceed $7 
million through December 31, 1996.
    Columbia, TVC and TNGV propose that TNGV be authorized to engage in 
the above described NGV Activities and [[Page 19981]] to obtain funds 
from time to time through December 31, 1996, to finance such NGV 
Activities through the sale of shares of TVC common stock, $25 par 
value, to Columbia at or above par value, and the sale of shares of 
TNGV Common Stock, $25 par value, to TVC at or above par value provided 
that the aggregate amount of funds obtained by TVC from Columbia, and 
by TNGV from TVC, outstanding at any one time for NGV Activities shall 
not exceed $7 million.
    In the event that a wholly owned limited purpose subsidiary 
corporation of TNGV is established to engage in the NGV Activities 
through a non-corporate entity, such subsidiary will have mirror-image 
authorizations and obligations of TNGV under this filing as such relate 
to the relevant investment, with TNGV functioning as ``passthrough'' 
with regard to its indirect financing of the entity.

Eastern Utilities Associates, et al. (70-8609)

    Eastern Utilities Associates (``EUA''), a registered holding 
company, and its direct subsidiary companies, Eastern Edison Company, 
EUA Cogenex Corporation, P.O. Box 2333, Boston, Massachusetts 02107, 
EUA Service Corporation, P.O. Box 543, West Bridgewater, Massachusetts 
02379, and Newport Electric Corporation, 12 Turner Road, Middletown, 
Rhode Island 02840, and its indirect subsidiary companies, Montaup 
Electric Company, P.O. Box 2333, Boston, Massachusetts 02107, 
TransCapacity Limited Partnership, 2 Corporate Place 128, Suite 101, 
Wakefield, Massachusetts 01880, and Blackstone Valley Electric Company, 
Washington Highway, Lincoln, Rhode Island 02865 (collectively 
``Subsidiaries'') have filed an application-declaration under Sections 
6(a), 7, 9(a) and 10 of the Act and Rule 54 thereunder.
    By Order dated March 8, 1991, (HCAR No. 25269) (``1991 Order''), 
EUA and certain of its subsidiaries were authorized, among other 
things, to contribute up to 200,000 common shares of EUA, $5.00 par 
value per share (``Common Shares''), or cash for the purchase thereof, 
to the Eastern Utilities Associates Employees' Savings Plan (``Plan''), 
through December 15, 1995. The Common Shares issued to the Plan may be: 
(1) Authorized but unissued shares issued to the Plan by EUA; (2) 
purchased on the open market; or (3) purchase shares from EUA. Whenever 
cash contributions to the Plan by EUA or the participating subsidiary 
companies are used to purchase Common Shares from EUA, the proceeds are 
added to the general funds of EUA and may be used for, among other 
corporate purposes, the payment or prepayment of outstanding short-term 
indebtedness.
    The number of Common Shares available under the 1991 Order is now 
expected to be depleted by July 1995. Therefore, EUA and the 
Subsidiaries now propose to contribute an additional 150,000 common 
shares of EUA or cash to purchase such number of shares for the Plan, 
through December 15, 1997 under the terms and conditions authorized in 
the 1994 Order.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-9854 Filed 4-20-95; 8:45 am]
BILLING CODE 8010-01-M