Exhibit 2

HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
(Unaudited)

	Three Months Ended March 31, 2004
Operating Revenue:
Operating Revenue	$ 48,452,732
Operating Expenses:
Fuel Used in Heat and Electric Generation	24,053,717
Operation and Maintenance Expenses	6,892,258
Property, Franchise & Other Taxes	768,666
Depreciation, Depletion & Amortization	3,886,466
Operating Expenses	35,601,107
Operating Income	12,851,625
Other Income	407,954
Interest Charges	1,768,518
Net Income Before Income Taxes	11,491,061
Income Taxes - Current	2,622,088
Income Taxes - Deferred	460,100
	3,082,188
Minority Interest in Foreign Subsidiaries	(1,853,810	)
Net Income	$   6,555,063