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 March 31, 1997 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: May 29, 1997
BIOTEN GENERAL PARTNERSHIP
FIRST QUARTER 1997
(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 completion of a commercial prototype plant
(CPP). It is now anticipated that the CPP will begin start-up operations
and final testing in June of 1997. There are no current sales. Revenues
are anticipated to come from the sale of commercial plants modeled after
a successfully completed CPP. In addition to domestic interest, there is
significant interest in this technology from India and the Philippines
using various agricultural waste by-products. In addition, a small
amount of revenues may come from the sale of electricity generated by the
CPP.
(ii) EUA Energy advanced $1,085,000 in loans to BIOTEN in the first quarter of
1997. On a cumulative basis EUA Energy has invested $7,102,451 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 March 31, 1997.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
March 31, 1997
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $5,767
Land 13
Total fixed Assets 5,780
Current Assets:
Cash and temporary Cash Investments 398
Prepaid expenses 35
Total Current Assets 433
Other Assets:
Intangible assets 752
TOTAL ASSETS $6,965
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 47
accrued expenses 492
Total Current Liabilities 539
Other Liabilities:
Due to partners 5,111
Total Liabilities 5,111
Partners' Capital:
Partners' Capital - EUA Bioten 1,240
Partners' Capital - Bioten LLC 75
Total Partners' Capital 1,315
Total Liabilities and Partnership Capital $6,965
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date March 31, 1997
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 258 258
Total Operating Expenses 258 258
Operating Income (Loss) (258) (258)
Interest Expense, net 17 17
Net Income (Loss) ($275) ($275)
STATEMENT OF CASH FLOWS
For the Year to Date Period Ended March 31, 1997
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(275)
Net change in current assets and liabilities 57
Net Cash (used in) Operating Activities (218)
Investing Activities:
Capital Expenditures (680)
Net cash (used in) Investing Activities (680)
Financing Activities:
Capital Contributions 1085
Net cash provided from Financing Activities 1085
Net increase in cash 187
Cash at December 31, 1996 211
Cash at March 31, 1997 $398
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