Exhibit 1
HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
(Unaudited)

	At December 31, 2003
ASSETS
Property Plant & Equipment
Property Plant & Equipment	$	397,355,851
Accumulated D, D & A		(168,138,149	)
Net Property, Plant & Equipment		229,217,702
Current Assets:
Cash and Temporary Cash Investments		29,105,779
Notes Receivable-Intercompany		100,000
Receivables - Net		10,059,173
Accounts Receivable-Intercompany		29,938
Unbilled Utility Revenue		14,035,000
Materials/Supplies - Average Cost		3,652,407
Prepayments		119,307
Current Assets		57,101,604
Other Assets		571,110
Total Assets	$	286,890,416
CAPITALIZATION & LIABILITIES
Capitalization:
Capital Stock of Subsidiaries	$	4,750
Paid in Capital		38,245,591
Earnings Reinvested in Business		(15,171,885	)
Accumulated Other Comprehensive Income		32,384,580
Total Common Stock Equity		55,463,036
Long-Term Debt Net of Current Portion		8,508,764
Notes Payable - Intercompany - Long Term		89,770,000
Total Capitalization		153,741,800
Minority Interest in Foreign Subsidiaries		37,226,047
Liabilities:
Notes Payable - Intercompany		32,800,000
Long Term Debt Due Current		7,873,020
Accounts Payable - Other		32,909,251
Accounts Payable - Intercompany		1,465,065
Other Accruals & Current Liabilities		392,710
Total Current Liabilities		75,440,046
Deferred Credits:
Accumulated Deferred Income Tax		17,396,771
Other Deferred Credit		3,085,752
Total Deferred Credits		20,482,523
Total Capitalization & Liabilities	$	286,890,416