SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
- ---------------------------------------------
In the Matter of :
:
EASTERN UTILITIES ASSOCIATES (EUA) :
EUA ENERGY INVESTMENT CORPORATION :
(EUA ENERGY) :
West Bridgewater, 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 December 31, 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: April 14, 2000
EUA ENERGY INVESTMENT CORPORATION
ENERGY AND ENERGY CONSERVATION RESEARCH
Fourth QUARTER 1999
(1) EUA Energy Investment Corporation Financial Statements for
the fourth quarter 1999.
EUA ENERGY INVESTMENT CORPORATION
CONDENSED BALANCE SHEET
December 31, 1999
(Unaudited)
(In Thousands of Dollars)
ASSETS
Property and other investments:
Investment - Subsidiaries ($8,388)
Other Assets 1,256
Total fixed Assets (7,132)
Current Assets:
Cash and Temporary Cash Investments 327
Notes Receivable 19,324
Accounts Receivable 5,219
Prepayments and Other Assets 1,186
Total Current Assets 26,056
TOTAL ASSETS $18,924
LIABILITIES
Common Stock and Other Paid-In Capital $1
Retained (Deficit) Earnings (41,463)
Total Common Equity (41,462)
Total Capitalization (41,462)
Current Liabilities:
Notes Payable to Parent 59,687
Accounts Payable 501
Accrued Interest 829
Total Current Liabilities 61,017
Other Liabilities 406
Accumulated Deferred Taxes (1,037)
TOTAL LIABILITIES AND EQUITY $18,924
EUA ENERGY INVESTMENT CORPORATION
CONDENSED INCOME STATEMENT
For the Quarter and Year to Date Periods Ended December 31, 1999
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
Operation 27 243
Depreciation & Amortization 11 40
Taxes - Other 2 10
Income and Deferred Taxes (2,037) (9,329)
Total Operating Expenses (1,997) (9,036)
Operating Income 1,997 9,036
Equity Earnings in Subsidiaries 10,161 5,089
Other Income and Deductions (11,283) (28,254)
Income (Loss) Before Interest Charges 875 (14,129)
Interest Charges:
Interest Expense - Associated Companies 910 3,127
Other Interest Expense 0 2
Total Interest Charges 910 3,129
Net (Loss) ($35) ($17,258)
EUA ENERGY INVESTMENT CORPORATION
STATEMENT OF CASH FLOWS
For the Nine Months Ended December 31, 1999
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Pre-tax Net Loss ($17,258)
Change in Assets and Liabilities:
Accounts & Notes Receivable 9,951
Accounts & Notes Payable 8,885
Accrued Expenses 6
Deferred Income Taxes 188
Other (Net) 2,945
Net Cash Provided by Operating Activities 4,717
Investing Activities:
Investments in Subsidiaries (4,088)
Capital Expenditures (318)
Net Investing Activities (4,406)
Cash Provided (Used) 311
Cash and Cash Equivalents at December 31, 1998 16
Cash and Cash Equivalents at December 31, 1999 327
EUA ENERGY INVESTMENT CORPORATION
ENERGY AND ENERGY CONSERVATION RESEARCH
FOURTH 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 Twelve months ended
December 31, 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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