25th cert. pursuant to rule 24
UNITED STATES OF AMERICA
Before the
SECURIIES AND EXCHANGE COMMISSION
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In the Matter of
TWENTY FIFTH
NATIONAL FUEL GAS COMPANY CERTIFICATE
HORIZON ENERGY DEVELOPMENT, INC. PURSUANT TO
RULE 24
File No. 70-8649
(Public Utility Holding Company Act of 1935)
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THIS IS TO CERTIFY, pursuant to Rule 24, that certain transactions
proposed by National Fuel Gas Company ("National") and its subsidiary, Horizon
Energy Development, Inc. ("Horizon") in its Application-Declaration on Form U-1,
as amended (File No. 70-8649), have been carried out in accordance with the
terms and conditions of said Application-Declaration and the Order (HCAR No.
35-26364, dated August 29, 1995) of the Securities and Exchange Commission (the
"Commission") with respect thereto, and that the following information for the
period ended September 30, 2001 is herein provided:
1a) Horizon's balance sheet at September 30, 2001 is attached as
Exhibit 1.
1b) National's balance sheet at September 30, 2001 will be
included in National's Form 10-K for the year ended September
30, 2001 which is expected to be filed with the Commission
on or before December 17, 2001 and is incorporated herein by
reference.
2a) Horizon's income statement for the quarter ended September 30,
2001 is attached as Exhibit 2.
2b) National's income statement for the fiscal year ended
September 30, 2001 will be included in National's Form 10-K
for the year ended September 30, 2001, which is expected to be
filed with the Commission on or before December 17, 2001 and
is incorporated herein by reference.
3) Recourse and non-recourse debt securities issued to third
parties by Intermediate Companies during the quarter ended
September 30, 2001. None.
4) A general description of the activities of the Applicants for
the quarter ended September 30, 2001, and of the projects in
which they or their subsidiary companies have an ownership
interest:
The Project Activities (as such term is defined in the aforesaid
Application-Declaration) that National and Horizon, and subsidiaries of
Horizon, were engaged in pursuant to File No. 70-8649, as of September
30, 2001, are as follows:
Horizon, through its wholly owned indirect subsidiaries, Horizon Energy
Holdings, Inc. and Horizon Energy Development, B. V. (HEDBV), continues
to own 100% of the capital stock of each of Horizon Energy Development
s.r.o. ("HED") and Power Development s.r.o. ("PD"). PD had owned 100%
of the capital stock of Telplarna Kromeriz a.s. ("TK"), however, 100%
of such ownership was transferred to HEDBV as part of the ongoing
liquidation of PD which had been previously reported. HEDBV and TK
continue to engage in power development and related activities in the
Czech Republic and eastern Europe.
The only material asset of TK is its district heating system which
sells steam heat to its residential and commercial customers in the
city of Kromeriz, Czech Republic. TK continues to investigate ways to
convert the existing steam plant into a cogeneration facility, or
otherwise to generate electricity at the site.
As of September 30, 2001, HEDBV also owned approximately 86% of the
capital stock of United Energy, a.s. (UE), formerly known as Prvni
Severozapadni Teplarenska, a.s. (PSZT). As previously reported, PSZT
was the surviving entity resulting from the merger of PSZT and
Severoceske Teplarny, a.s. (SCT). Both PSZT and SCT, directly, and
through subsidiaries produced heat and power. UE continues to carry on
those operations and distribute heat and sells power at wholesale in
the northern part of the Czech Republic.
HEDBV, as a shareholder of SCT, had received dividends from its
investment in the SCT shares. HEDBV, as a shareholder of PSZT (now UE),
has received, and expects to receive, in the future, dividends from its
investment in UE shares.
During the quarter, Horizon also carried on Project Activities in Italy
and Belgium, but owns no assets in those countries at this time.
The aggregate investment of National and its subsidiaries in electric
wholesale generators and foreign utility companies does not exceed the
limits set forth in the Commission's Rule 53.
5) Information on intercompany service transactions (including
those provided at cost and at market rates) involving
affiliated Intermediate Companies during the quarter ended
September 30, 2001:
Neither Horizon nor National engaged in any intercompany service
transactions with affiliated Intermediate Companies.
November 30, 2001 NATIONAL FUEL GAS COMPANY
By: /s/ P. C. Ackerman
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P. C. Ackerman
President
HORIZON ENERGY DEVELOPMENT,
INC.
By: /s/ R. J. Tanski
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R. J. Tanski
Secretary and Treasurer