Exhibit 2

HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
(Unaudited)

	Three Months Ended March 31, 2005
Operating Revenue:
Operating Revenue	$	55,486,829
Operating Expenses:
Fuel Used in Heat and Electric Generation		26,191,625
Operation and Maintenance Expenses		6,787,068
Property, Franchise & Other Taxes		870,307
Depreciation, Depletion & Amortization		4,717,475
Operating Expenses		38,566,475
Operating Income		16,920,354
Other Income		335,011
Interest Charges		1,849,378
Net Income Before Income Taxes		15,405,987
Income Taxes - Current		7,037,573
Income Taxes - Deferred		804,565
		7,842,138
Minority Interest in Foreign Subsidiaries		(2,405,487	)
Net Income	$	5,158,362