SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
- ---------------------------------------------
In the Matter of :
:
EASTERN UTILITIES ASSOCIATES (EUA) :
EUA ENERGY INVESTMENT CORPORATION :
(EUA ENERGY) :
BOSTON, MA : Certificate of
: Notification
: Pursuant to Rule 24,
: Interim Report
:
(70-7426) :
:
(Public Utility Holding Company Act of 1935):
- ---------------------------------------------
In accordance with the terms and conditions of Rule 24 under
the Public Utility Holding Company Act of 1935, and the Orders of
the Commission dated December 4, 1987, January 11, 1988, and April 15,
1994, (the "Orders") authorizing transactions as more fully described in
the Application-Declaration as amended (the "Application"), the
undersigned hereby enclose herewith for filing pursuant to the above-
referenced Order are the balance sheet, the income statement, and the
statement of cash flows of EUA Energy Investment Corporation for the
period ended September 30, 1999.
Very truly yours,
EASTERN UTILITIES ASSOCIATES
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
EUA ENERGY INVESTMENT CORPORATION
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
Dated: December 22, 1999
EUA ENERGY INVESTMENT CORPORATION
ENERGY AND ENERGY CONSERVATION RESEARCH
THIRD QUARTER 1999
(1) EUA Energy Investment Corporation Financial Statements for
the third quarter 1999.
EUA ENERGY INVESTMENT CORPORATION
CONDENSED BALANCE SHEET
September 30, 1999
(Unaudited)
(In Thousands of Dollars)
ASSETS
Property and other investments:
Investment - Subsidiaries ($17,547)
Other Assets 949
Total fixed Assets (16,598)
Current Assets:
Cash and Temporary Cash Investments 15
Notes Receivable 27,503
Accounts Receivable 8,057
Prepayments and Other Assets 1,814
Total Current Assets 37,389
TOTAL ASSETS $20,791
LIABILITIES
Common Stock and Other Paid-In Capital $1
Retained (Deficit) Earnings (41,429)
Total Common Equity (41,428)
Total Capitalization (41,428)
Current Liabilities:
Notes Payable to Parent 60,049
Accounts Payable 42
Accrued Interest 3,040
Total Current Liabilities 63,131
Other Liabilities 446
Accumulated Deferred Taxes (1,358)
TOTAL LIABILITIES AND EQUITY $20,791
EUA ENERGY INVESTMENT CORPORATION
CONDENSED INCOME STATEMENT
For the Quarter and Year to Date Periods Ended September 30, 1999
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
Operation 52 216
Depreciation & Amortization 12 29
Taxes - Other 2 8
Income and Deferred Taxes (6,864) (7,292)
Total Operating Expenses (6,798) (7,039)
Operating Income 6,798 7,039
Other Income and Deductions (8,133) (22,043)
Loss Before Interest Charges (1,335) (15,004)
Interest Charges:
Interest Expense - Associated Companies 820 2,217
Other Interest Expense 1 2
Total Interest Charges 821 2,219
Net (Loss) ($2,156) ($17,223)
EUA ENERGY INVESTMENT CORPORATION
STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 1999
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Pre-tax Net Loss ($17,223)
Change in Assets and Liabilities:
Accounts & Notes Receivable (1,067)
Accounts & Notes Payable 8,787
Accrued Expenses 2,217
Deferred Income Taxes (134)
Other (Net) 2,347
Net Cash (Used In) Operating Activities (5,073)
Investing Activities:
Investments in Subsidiaries 5,072
Net Cash Provided From Investing Activities 5,072
Net (Decrease) in Cash and Cash Equivalents (1)
Cash and Cash Equivalents at December 31, 1998 16
Cash and Cash Equivalents at September 30, 1999 15
EUA ENERGY INVESTMENT CORPORATION
ENERGY AND ENERGY CONSERVATION RESEARCH
THIRD QUARTER 1999
(2) EUA Energy has not invested in or become obligated to invest in any
cogeneration or small power production projects.
(3) EUA Energy did not invest in R&D funding during the nine months ended
September 30, 1999.
EUA Energy completed the sale of certain assets of the RENOVA, LLC,
special purpose entity. This transaction closed on September 30, 1999.
(4) Services were provided by EUA Service Corporation staff personnel in the
following areas:
a. Financial & Accounting
b. Information Services
c. Treasury Services
d. Personnel & Employee Benefits
e. Corporate Communications
(5) EUA Energy will not invest in any further business development
opportunities and is currently divesting its remaining investment
projects.
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