TSE:FTS 19.Joint Ventures The Corporation and National Grid USA each own 50% of the outstanding shares of Canadian Niagara Power. Both companies share equally in management and earnings. In addition, Fortis Properties owned 50% of the common shares of Brunswick Square Limited until December 14, 2000 at which time the remaining 50% was acquired (Note 17). The Corporation, through its wholly owned subsidiary, Central Newfoundland Energy, has entered into a joint venture with Abitibi-Consolidated Inc. to redevelop additional capacity at two of Abitibi-Consolidated Inc.GLYPH<213>s hydroelectric plants (Note 22). The project is under development and there has been no impact on earnings in the current year. The effect of the proportionate consolidation is summarized as follows:  FORTIS Inc. 2OO1 Annual Report 55 2001 (in thousands) 2000 Earnings Operating revenues $ 20,293 $ 28,956 Operating expenses 9,544 16,165 Finance charges 1,146 2,052 Income taxes 4,064 3,226 5,539 7,513 Gain on sale of surplus land - 1,029 Earnings $ 5,539 $ 8,542 Assets and Liabilities Current assets $ 3,967 $ 3,054 Other assets 5,334 2,310 Capital assets 26,800 25,072 Long-term investment 1,885 1,616 $ 37,986 $ 32,052 Current liabilities $ 5,759 $ 4,009 Long-term liabilities 20,038 18,892 $ 25,797 $ 22,901 Cash Flows Operations $ 9,708 $ 5,078 Investing (6,819) (3,524) Financing (1,667) (3,879) Net cash flows $ 1,222 $ (2,325) Zeigler Energy Income Producing 2000 (in thousands) Demand Ltd. Properties Total Cost $ 100 $ 6,150 $ 6,250 Fair value assigned to net assets: UtilitiesGLYPH<213> capital assets 11 - 11 Income producing properties - 17,029 17,029 Cash - 1,545 1,545 Current assets 27 797 824 Future income tax asset - 1,642 1,642 Unearned revenue (18) - (18) Current liabilities (26) (1,383) (1,409) Long-term debt - (13,480) (13,480) Goodwill 106 - 106 $ 100 $ 6,150 $ 6,250 18.Supplementary Information to Consolidated Statements of Cash Flows 2001 (in thousands) 2000 Interest paid $ 63,100 $ 57,100 Income taxes paid $ 26,900 $ 21,200 Change in non-cash working capital 2001 (in thousands) 2000 Current assets $ (27,092) $ (11,960) Acquisition of current assets (Note 17) 11,114 824 Current liabilities (6,158) 35,435 Acquisition of current liabilities (Note 17) (95) (1,409) Deferred charges and other assets (3,506) (2,496) $ (25,737) $ 20,394