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 June 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: September 30, 1999
EUA ENERGY INVESTMENT CORPORATION
ENERGY AND ENERGY CONSERVATION RESEARCH
SECOND QUARTER 1999
(1) EUA Energy Investment Corporation Financial Statements for
the second quarter 1999.
EUA ENERGY INVESTMENT CORPORATION
CONDENSED BALANCE SHEET
JUNE 30, 1999
(Unaudited)
(In Thousands of Dollars)
ASSETS
Property and other investments:
Investment - Subsidiaries ($23,929)
Other Assets 4,820
Total fixed Assets (19,109)
Current Assets:
Cash and Temporary Cash Investments 11
Notes Receivable 37,422
Accounts Receivable 1,104
Prepayments and Other Assets 1,901
Total Current Assets 40,438
TOTAL ASSETS $21,329
LIABILITIES
Common Stock and Other Paid-In Capital $1
Retained (Loss) Earnings (39,272)
Total Common Equity (39,271)
Total Capitalization (39,271)
Current Liabilities:
Notes Payable to Parent 56,065
Accounts Payable 46
Accrued Interest 2,220
Total Current Liabilities 58,331
Other Liabilities 5,350
Accumulated Deferred Taxes (3,081)
TOTAL LIABILITIES AND EQUITY $21,329
EUA ENERGY INVESTMENT CORPORATION
CONDENSED INCOME STATEMENT
For the Quarter and Year to Date Periods Ended June 30, 1999
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
Operation 44 164
Depreciation & Amortization 12 17
Taxes - Other 2 6
Income and Deferred Taxes (187) (428)
Total Operating Expenses (129) (241)
Operating Income 129 241
Equity Earnings In Subsidiaries (10,340) (11,454)
Other Income and Deductions (2,954) (2,456)
Loss Before Interest Charges (13,165) (13,669)
Interest Charges:
Interest Expense - Associated Companies 708 1,397
Other Interest Expense 0 1
Total Interest Charges 708 1,398
Net Income (Loss) ($13,873) ($15,067)
EUA ENERGY INVESTMENT CORPORATION
STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 1999
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Pre-tax Net Income ($15,067)
Change in Assets and Liabilities:
Accounts & Notes Receivable (4,033)
Accounts & Notes Payable 4,808
Accrued Expenses 1,397
Deferred Income Taxes (1,856)
Other (Net) 3,292
Net Cash (Used In) Operating Activities (11,459)
Investing Activities:
Investments in Subsidiaries 11,454
Net Cash Provided From Investing Activities 11,454
Net decrease in Cash and Cash Equivalents (5)
Cash and Cash Equivalents at December 31, 1998 16
Cash and Cash Equivalents at June 30, 1999 $11
EUA ENERGY INVESTMENT CORPORATION
ENERGY AND ENERGY CONSERVATION RESEARCH
SECOND 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 in the first half of 1999. EUA
Energy and Phillips Development Corporation have agreed to discontinue
Allquest Compression Services, LLC.
EUA Energy has entered into an agreement to sell certain assets of
RENOVA, LLC, special purpose entity. This transaction is anticipated to
close 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
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