35-CERT

UNITED STATES OF AMERICA
        Before the
SECURITIES AND EXCHANGE COMMISSION

In the Matter of
                                            
NATIONAL FUEL GAS COMPANY
HORIZON ENERGY DEVELOPMENT, INC.
HORIZON ENERGY HOLDINGS, INC.
and its subsidiaries

File No. 70-9959
(Public Utility Holding Company Act of 1935)
ELEVENTH
CERTIFICATE
PURSUANT TO
RULE 24

        THIS IS TO CERTIFY, pursuant to Rule 24, that certain transactions proposed by National Fuel Gas Company (“National”), its subsidiary, Horizon Energy Development, Inc. (“Horizon”), Horizon’s subsidiary, Horizon Energy Holdings, Inc. (“Holdings”), and Holding’s subsidiaries (“Intermediate Subsidiaries”), in their Application-Declaration on Form U-1, as amended (File No. 70-9959), have been carried out in accordance with the terms and conditions of said Application-Declaration and the Order (HCAR No. 35-27487, dated December 31, 2001) of the Securities and Exchange Commission (the “Commission”) with respect thereto, and that the following information for the quarter ended September 30, 2004 is herein provided:

1) A general description of the Development Activities of Horizon or any Intermediate Subsidiary during the quarter and of any exempt wholesale generator or foreign utility company in which National has acquired, directly or indirectly, an ownership interest during the quarter:

Horizon and Intermediate Subsidiaries engaged, directly or indirectly, in one or more of the following Development Activities during the quarter: due diligence and design review; preliminary engineering; preparation of bid proposals, including posting of bid bonds; application for required permits and/or regulatory approvals; negotiation and execution of contractual commitments with owners of existing facilities, equipment vendors, construction firms, power purchasers, thermal “hosts,” fuel suppliers and other project contractors; discussion of financing opportunities with lenders and other third-party investors; and such other preliminary activities as may be required to develop, construct, and operate electric generation plants.

During the quarter, Horizon, through Intermediate Subsidiaries, continued to hold ownership interests in Sofia Energy EAD and Montenero Energia s.r.l. Each of these entities is pursuing a power generation project — Sofia Energy EAD in and around the city of Sofia, Bulgaria, and Montenero Energia s.r.l in the Molise region of Italy near the town of Montenero di Bisaccia.

2) Information on Project Services (administrative, operating, technical and management services) performed during the quarter:

Company Providing Service	Company Receiving Service	Type of Service	Total Charges*	At Cost or Fair Market Value
Horizon	Horizon Energy Development, s.r.o.	Technical and management services	$29,356 1	Fair market value
Horizon Energy Development, s.r.o.	Horizon	Administrative services	$98,146 2	Fair market value
Horizon Energy Development, s.r.o.	United Energy, a.s.	Administrative and operating services	$228,941	Fair market value
United Energy, a.s.	Teplarna Liberec, a.s.	Administrative and management services	$118,431	Fair market value

* Amounts are shown in US$. Original billings may be calculated in Czech Korunas. For the quarter ended September 30, 2004, the average spot exchange rate was CZK25.88/US$1.

¹ Represents amounts accrued during quarter. Under terms of agreements, billings are submitted on an annual basis at the end of the year.

² Represents amount actually billed for period January 1, 2004 through September 30, 2004.

3)       Information regarding new Intermediate Subsidiaries:

No new Intermediate Subsidiaries were established or acquired during the quarter.

4)     Amount of any Guarantee issued by Horizon or any Intermediate Subsidiary that is not exempt under Rule 45(b)
    or Rule 52:

Neither Horizon nor any Intermediate Subsidiary issued any such Guarantee during the quarter.

5)      Horizon financial statements:

Horizon’s balance sheet at September 30, 2004 is attached as Exhibit 1, and Horizon’s income statement for the quarter ended September 30, 2004 is attached as Exhibit 2.

        IN WITNESS WHEREOF, the undersigned companies have caused this Certificate to be executed as of this 12^th day of November, 2004.

NATIONAL FUEL GAS COMPANY


By: /s/ R. J. Tanski
       R. J. Tanski
       Treasurer

HORIZON ENERGY DEVELOPMENT, INC.


By: /s/ R. J. Tanski
       R. J. Tanski
       Secretary and Treasurer

HORIZON ENERGY HOLDINGS, INC.


By: /s/ R. J. Tanski
       R. J. Tanski
       Secretary and Treasurer

EX-99

Exhibit 1

HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
(Unaudited)

	At September 30, 2004
ASSETS
Property Plant & Equipment
Property Plant & Equipment	$	408,778,216
Accumulated D, D & A		(180,872,765	)
Net Property, Plant & Equipment		227,905,451
Current Assets:
Cash and Temporary Cash Investments		28,357,165
Notes Receivable-Intercompany		300,000
Receivables - Net		6,408,400
Accounts Receivable-Intercompany		57,129
Unbilled Utility Revenue		0
Materials/Supplies - Average Cost		4,078,788
Prepayments		722,165
Current Assets		39,923,647
Other Assets		289,432
Total Assets	$	268,118,530
CAPITALIZATION & LIABILITIES
Capitalization:
Capital Stock of Subsidiaries	$	4,750
Paid in Capital		38,245,591
Earnings Reinvested in Business		(17,227,505	)
Accumulated Other Comprehensive Income		35,811,520
Total Common Stock Equity		56,834,356
Long-Term Debt Net of Current Portion		4,926,691
Notes Payable - Intercompany - Long Term		89,770,000
Total Capitalization		151,531,047
Minority Interest in Foreign Subsidiaries		37,048,312
Liabilities:
Notes Payable - Intercompany		34,700,000
Long Term Debt Due Current		4,926,691
Accounts Payable - Other		13,186,489
Accounts Payable - Intercompany		3,565,174
Other Accruals & Current Liabilities		2,539,111
Total Current Liabilities		58,917,465
Deferred Credits:
Accumulated Deferred Income Tax		17,525,983
Other Deferred Credit		3,095,723
Total Deferred Credits		20,621,706
Total Capitalization & Liabilities	$	268,118,530

EX-99

Exhibit 2

HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
(Unaudited)

	Three Months Ended September 30, 2004
Operating Revenue:
Operating Revenue	$	10,702,185
Operating Expenses:
Fuel Used in Heat and Electric Generation		7,694,802
Operation and Maintenance Expenses		9,940,302
Property, Franchise & Other Taxes		760,699
Depreciation, Depletion & Amortization		3,835,323
Operating Expenses		22,231,126
Operating Loss		(11,528,941	)
Other Income		345,001
Interest Charges		1,773,388
Net Loss Before Income Taxes		(12,957,328	)
Income Taxes - Current		(3,207,816	)
Income Taxes - Deferred		(1,305,760	)
		(4,513,576	)
Minority Interest in Foreign Subsidiaries		1,445,030
Net Loss		($ 6,998,722	)