Exhibit 2
HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
(Unaudited)

	Three Months Ended
	December 31, 2003
Operating Revenue:
Operating Revenue	$	42,147,862
Operating Expenses:
Fuel Used in Heat and Electric Generation		21,056,489
Operation and Maintenance Expenses		8,955,921
Property, Franchise & Other Taxes		919,270
Depreciation, Depletion & Amortization		3,782,478
Operating Expenses		34,714,158
Operating Income		7,433,704
Other Income		18,776
Interest Charges		1,797,081
Net Income Before Income Taxes		5,655,399
Income Taxes - Current		332,258
Income Taxes - Deferred		(4,531,631	)
		(4,199,373	)
Minority Interest in Foreign Subsidiaries		(1,816,785	)
Net Income	$	8,037,987