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 September 30, 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: November 26, 1997
BIOTEN GENERAL PARTNERSHIP
THIRD 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 anticipated that the CPP will complete start-up operations
and final testing in the near future. 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. BIOTEN
is negotiating an agreement to design, construct, install, operate and
maintain three biomass-fired combustion turbine power generation
facilities using BIOTEN technology in India. The first unit will serve
as a demonstration facility, and is expected to be completed and sold
within twelve months. Subject to the demonstration unit satisfying
specific performance criteria, construction of the remaining two units
would commence in early 2000 and be completed within sixteen months.
(ii) EUA Energy Investment advanced $900,000 in loans to BIOTEN in the third
quarter of 1997. On a cumulative basis EUA Energy has invested
$9,040,588 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 September 30, 1997.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
September 30, 1997
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $7,791
Land 13
Total fixed Assets 7,804
Current Assets:
Cash and temporary Cash Investments 537
Prepaid expenses 36
Total Current Assets 573
Other Assets:
Intangible assets 752
TOTAL ASSETS $9,129
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 78
accrued expenses 931
Total Current Liabilities 1,009
Other Liabilities:
Due to partners 7,119
Total Liabilities 7,119
Partners' Capital:
Partners' Capital - EUA Bioten 925
Partners' Capital - Bioten LLC 76
Total Partners' Capital 1,001
Total Liabilities and Partnership Capital $9,129
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date September 30, 1997
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 86 530
Total Operating Expenses 86 530
Operating Income (Loss) (86) (530)
Interest Expense, net 21 58
Net Income (Loss) ($107) ($588)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Year to Date Period Ended September 30, 1997
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(588)
Net change in current assets and liabilities 492
Net Cash (used in) Operating Activities (96)
Investing Activities:
Capital Expenditures (2,704)
Net cash (used in) Investing Activities (2,704)
Financing Activities:
Capital Contributions 3,125
Net cash provided from Financing Activities 3,125
Net increase in cash 325
Cash at December 31, 1996 211
Cash at September 30, 1997 $536
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