UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of earliest event reported: November 17, 1999
Date of report: December 7, 1999
Commission Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
1-1443 Central and South West Corporation 51-0007707
(A Delaware Corporation)
1616 Woodall Rodgers Freeway
Dallas, Texas 75202-1234
(214) 777-1000
0-346 Central Power and Light Company 74-0550600
(A Texas Corporation)
539 North Carancahua Street
Corpus Christi, Texas 78401-2802
(512) 881-5300
0-343 Public Service Company of Oklahoma 73-0410895
(An Oklahoma Corporation)
212 East 6th Street
Tulsa, Oklahoma 74119-1212
(918) 599-2000
1-3146 Southwestern Electric Power Company 72-0323455
(A Delaware Corporation)
428 Travis Street
Shreveport, Louisiana 71156-0001
(318) 222-2141
0-340 West Texas Utilities Company 75-0646790
(A Texas Corporation)
301 Cypress Street
Abilene, Texas 79601-5820
(915) 674-7000
GLOSSARY OF TERMS
The following abbreviations or acronyms used in this text are defined below:
Abbreviation or Acronym Definition
AEP........................American Electric Power Company, Inc., Columbus, Ohio
AEP Merger.................Proposed merger between AEP and CSW where CSW would
become a wholly-owned subsidiary of AEP
Agreement and Stipulation..Agreement and stipulation between SWEPCO and the
Louisiana Commission staff in SWEPCO's rate
proceeding in Louisiana
ALJ........................Administrative Law Judge
CSW........................Central and South West Corporation, Dallas, Texas
CSW System.................CSW and its subsidiaries
Exchange Act...............Securities Exchange Act of 1934, as amended
FERC.......................Federal Energy Regulatory Commission
Louisiana Commission.......Louisiana Public Service Commission
SWEPCO.....................Southwestern Electric Power Company, Shreveport,
Louisiana
FORWARD-LOOKING INFORMATION
This report made by CSW and certain of its subsidiaries contains forward-looking
statements within the meaning of Section 21E of the Exchange Act. Although CSW
and each of its subsidiaries believe that their expectations are based on
reasonable assumptions, any such statements may be influenced by factors that
could cause actual outcomes and results to be materially different from those
projected. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are not
limited to:
- - the impact of general economic changes in the United States and in countries
in which CSW either currently has made or in the future may make investments,
- - the impact of the proposed AEP Merger including any regulatory conditions
imposed on the merger or the inability to consummate the AEP Merger,
- - increased competition and the restructuring of the electric utility industry
in the United States,
- - federal and state regulatory developments and changes in law which may have a
substantial adverse impact on the value of CSW System generating and other
assets,
- - timing and adequacy of rate relief,
- - adverse changes in electric load and customer growth,
- - climatic changes or unexpected changes in weather patterns,
- - changing fuel prices, generating plant and distribution facility performance,
- - decommissioning costs associated with nuclear generating facilities,
- - costs associated with any year 2000 computer related failure(s) within the
CSW System, with the electric grid or with supplier(s) that adversely affect
the CSW System and
- - risks associated with hedging and other risk management techniques.
ITEM 5. OTHER EVENTS
AEP Merger
On November 23, 1999, AEP and CSW issued a news release related to the AEP
Merger, which is attached as an exhibit.
SWEPCO Agreement and Stipulation
On November 17, 1999, the Louisiana Commission approved the Agreement and
Stipulation that will reduce rates by approximately $11 million per year for
SWEPCO's Louisiana retail customers. The new rates will become effective with
the December 1999 billing period. As a result of the approved Agreement and
Stipulation, SWEPCO's annual earnings will decrease by approximately $8.4
million for the year 2000 and beyond.
See CSW's and SWEPCO's combined quarterly report on Form 10-Q for the
period ending September 30, 1999 for additional information on the Agreement and
Stipulation.
On December 7, 1999, SWEPCO issued a news release related to the Louisiana
Commission's approval of the Agreement and Stipulation, which is attached as an
exhibit.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit 99.1 - News release dated November 23, 1999 issued by AEP and
CSW related to the FERC ALJ initial decision concerning the AEP Merger.
Exhibit 99.2 - News release dated December 7, 1999 issued by SWEPCO
related to the Louisiana Commission's approval of the Agreement and
Stipulation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, each registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CENTRAL AND SOUTH WEST CORPORATION
Date: December 7, 1999
By: /s/ Lawrence B. Connors
Lawrence B. Connors
Controller and Chief Accounting Officer
(Principal Accounting Officer)
CENTRAL POWER AND LIGHT COMPANY
PUBLIC SERVICE COMPANY OF OKLAHOMA
SOUTHWESTERN ELECTRIC POWER COMPANY
WEST TEXAS UTILITIES COMPANY
Date: December 7, 1999
By: /s/ R. Russell Davis
R. Russell Davis
Controller and Chief Accounting Officer
(Principal Accounting Officer)