SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
- ---------------------------------------------
In the Matter of :
:
EUA ENERGY INVESTMENT CORPORATION :
(EUA ENERGY) :
BOSTON, MA : Certificate of
: Notification
: Pursuant to Rule 24,
: Interim Report
:
(70-8617) :
:
(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 Order of
the Commission dated June 21, 1995 Release No. 35-26314 (the "Order")
authorizing transactions as more fully described in the Application-
Declaration as amended (the "Application"), the undersigned hereby encloses
herewith for filing pursuant to the above-referenced Order are the balance
sheet, the income statement, and the statement of cash flows of BIOTEN
Partnership for the period ended December 31, 1995, and other information
required to be filed by said Order.
Very truly yours,
EUA ENERGY INVESTMENT CORPORATION
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
Dated: February 27, 1996
BIOTEN GENERAL PARTNERSHIP
FOURTH QUARTER 1995
(i) BIOTEN is currently involved in the research, development, and marketing
of a biomass-fired combustion turbine power generating facility. Current
operations consist of the development of a commercial prototype plant
(CPP). Due to additional time needed to finish construction of the CPP,
the start-up date has been revised. It is now anticipated that the CPP
will begin start-up operations and testing in March 1996. There are no
current sales. Revenues are anticipated to come from the sale of
commercial plants modeled after a successfully completed CPP. In
addition a small amount of revenues may come from the sale of electricity
generated by the CPP.
The BIOTEN General Partnership was formed on June 26, 1995. The balance
sheet and statement of cash flows include information from inception of
the partnership through December 31, 1995. The income statement year to
date also includes activity from inception. The income statement quarter
ended includes activity from October 1, 1995 through December 31, 1995.
Certain prior amounts have been reclassified to conform with current
quarter presentation.
(ii) EUA Energy advanced $1,008,000 in capital contributions and loans to
BIOTEN in the fourth quarter of 1995. On a cumulative basis EUA Energy
has invested $3,200,451 in BIOTEN, which includes amounts funded under
the Research and Development Agreement prior to the formation of the
Partnership.
(iii) Services were provided by 3 EUA Service Corporation staff personnel in
the following areas:
a. Marketing and planning
b. Budgeting and funding requirements
c. Construction management & scheduling
(iv) BIOTEN's Financial Statements through December 31, 1995.
BIOTEN GENERAL PARTNERSHIP
CONDENSED BALANCE SHEET
December 31, 1995
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $2,426
Land 10
Total fixed Assets 2,436
Current Assets:
Cash and temporary Cash Investments 146
Prepaid expenses 26
Total Current Assets 172
Other Assets:
Intangible assets 752
TOTAL ASSETS $3,360
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners $ 43
Accrued expenses 5
Total Current Liabilities 48
Other Liabilities:
Due to partners 1,252
Total Liabilities 1,300
Partners' Capital:
Partners' Capital - EUA Bioten 1,985
Partners' Capital - Bioten LLC 75
Total Partners' Capital 2,060
Total Liabilities and Partnership Capital 3,360
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date December 31, 1995
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 19 169
Total Operating Expenses 19 169
Operating Income (Loss) (19) (169)
Interest, Net 19 31
Net Income (Loss) ($38) ($200)
STATEMENT OF CASH FLOWS
For the Period Ended December 31, 1995
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(200)
Net change in current assets and liabilities (22)
Net Cash (used in) Operating Activities (222)
Investing Activities:
Capital Expenditures (2,360)
Net cash (used in) Investing Activities (2,360)
Financing Activities:
Capital Contributions 2,862
Note Payments (19)
Syndication costs (115)
Net cash provided from Financing Activities 2,728
Cash at December 31, 1995 146
Interest paid, net of capitalized amounts 39
Supplemental schedule of non-cash investing and financing activities:
Contribution of equipment, land, and buildings
in exchange for increased partnership equity $413
Assumptions of note payable to certain partners.
Proceeds were used originally in the development
of the plant design and has been recorded as an
intangible asset. $414
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