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 June 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: August 29, 1997
BIOTEN GENERAL PARTNERSHIP
SECOND 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 by October 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 Investment advanced $1,154,479 in loans to BIOTEN in the
second quarter of 1997. On a cumulative basis EUA Energy has invested
$8,140,588 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 June 30, 1997.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
June 30, 1997
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $6,830
Land 13
Total fixed Assets 6,843
Current Assets:
Cash and temporary Cash Investments 351
Prepaid expenses 31
Total Current Assets 382
Other Assets:
Intangible assets 752
TOTAL ASSETS $7,977
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 50
accrued expenses 694
Total Current Liabilities 744
Other Liabilities:
Due to partners 6,248
Total Liabilities 6,248
Partners' Capital:
Partners' Capital - EUA Bioten 909
Partners' Capital - Bioten LLC 76
Total Partners' Capital 985
Total Liabilities and Partnership Capital $7,977
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date June 30, 1997
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 186 444
Total Operating Expenses 186 444
Operating Income (Loss) (186) (444)
Interest Expense, net 20 37
Net Income (Loss) ($206) ($481)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Year to Date Period Ended June 30, 1997
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(481)
Net change in current assets and liabilities 263
Net Cash (used in) Operating Activities (218)
Investing Activities:
Capital Expenditures (1867)
Net cash (used in) Investing Activities (1867)
Financing Activities:
Capital Contributions 2225
Net cash provided from Financing Activities 2225
Net increase in cash 140
Cash at December 31, 1996 211
Cash at June 30, 1997 $351
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