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, 1996 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 28, 1997
BIOTEN GENERAL PARTNERSHIP
FOURTH QUARTER 1996
(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 final testing in the first half 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, a small amount of revenues may come from the sale of
electricity generated by the CPP.
(ii) EUA Energy advanced $805,000 in loans to BIOTEN in the fourth quarter of
1996. On a cumulative basis EUA Energy has invested $6,017,451 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, 1996.
BIOTEN GENERAL PARTNERSHIP
CONDENSED BALANCE SHEET
December 31, 1996
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $4,847
Land 10
Total fixed Assets 4,857
Current Assets:
Cash and temporary Cash Investments 144
Prepaid expenses 33
Total Current Assets 177
Other Assets:
Intangible assets 752
TOTAL ASSETS $5,786
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 47
accrued expenses 333
Total Current Liabilities 380
Other Liabilities:
Due to partners 3,733
Total Liabilities 3,733
Partners' Capital:
Partners' Capital - EUA Bioten 1,598
Partners' Capital - Bioten LLC 75
Total Partners' Capital 1,673
Total Liabilities and Partnership Capital $5,786
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date December 31, 1996
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 246 327
Total Operating Expenses 246 327
Operating Income (Loss) (246) (327)
Interest Expense, net 60 60
Net Income (Loss) ($306) ($387)
STATEMENT OF CASH FLOWS
For the Year Ended December 31, 1996
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(387)
Net change in current assets and liabilities 303
Net Cash (used in) Operating Activities (84)
Investing Activities:
Capital Expenditures (2403)
Net cash (used in) Investing Activities (2403)
Financing Activities:
Capital Contributions 2525
Payments on partner obligations (40)
Net cash provided from Financing Activities 2485
Net decrease in cash (2)
Cash at December 31, 1995 146
Cash at December 31, 1996 $144
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