twentyseventh rule 24 - 8649
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
In the Matter of
TWENTY SEVENTH
NATIONAL FUEL GAS COMPANY CERTIFICATE
HORIZON ENERGY DEVELOPMENT, INC. PURSUANT TO
RULE 24
File No. 70-8649
(Public Utility Holding Company Act of 1935)
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 quarter ended March 31, 2002 is herein provided:
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1a) |
Horizons balance sheet at March 31, 2002 is attached as Exhibit 1. |
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1b) |
Nationals balance sheet at March 31, 2002 is included in Nationals
Form 10-Q for the quarter ended March 31, 2002 which was filed with the
Commission on May 15, 2002 and is incorporated herein by reference. |
|
2a) |
Horizons income statement for the quarter ended March 31, 2002 is attached
as Exhibit 2. |
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2b) |
Nationals income statement for the quarter ended March 31, 2002 is
included in Nationals Form 10-Q for the quarter ended March 31, 2002,
which was filed with the Commission on May 15, 2002, and is incorporated herein
by reference. |
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3) |
Recourse and non-recourse debt securities issued to third parties by
Intermediate Companies during the quarter ended March 31, 2002.
None. |
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4) |
A general description of the activities of the Applicants for the quarter ended
March 31, 2002, and of the projects in which they or their subsidiary companies
have an ownership interest: |
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The Project Activities
(as such term is defined in the aforesaid
that National and Horizon, and subsidiaries of Horizon, were engaged in pursuant
to File No. 70-8649, as of March 31, 2002, are as follows: |
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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 Horizon Energy Development s.r.o. ("HED"), and 100% of capital stock of
Telplarna Kromeriz a.s. ("TK"). |
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HEDBV
(primarily through HED) continues to engage in power development and related
activities in the Czech Republic and eastern Europe. |
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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 had been investigating ways to convert the existing steam plant
into a cogeneration facility, or otherwise to generate electricity at the site.
However, it became apparent that the economic conditions in the area could not
warrant a continued economically viable operation. In November 2001 HEDBV began
the process of liquidating TK. The liquidator is in the process of terminating
operations and disposing assets. |
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As
of March 31, 2002, 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. |
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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 Bulgaria,
but owns no assets in those countries at this time. |
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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 Commissions Rule 53. |
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5) |
Information on intercompany service transactions (including those provided at
cost and at market rates) involving affiliated Intermediate Companies during the
quarter ended March 31, 2002:
Neither Horizon nor National engaged in any intercompany service transactions
with affiliated Intermediate Companies. |
May 17, 2002 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