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, 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: February 27, 1998
BIOTEN GENERAL PARTNERSHIP
FOURTH 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. However, in February 1998, the
testing of the unit suffered a setback that will delay the process for
severl months. Final testing is now expected in mid-1998. 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.
Currently, BIOTEN has a signed memorandum of understanding for these
units. The first unit will serve as a demonstration facility, and is
expected to be completed and sold within eighteen months. Subject to the
demonstration unit satisfying specific performance criteria, construction
of the remaining two units would commence in 2000 and be completed within
two years.
(ii) EUA Energy Investment advanced $457,955 in loans to BIOTEN in the fourth
quarter of 1997. On a cumulative basis EUA Energy has invested
$9,498,543 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, 1997.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
December 31, 1997
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $8,731
Land 48
Total fixed Assets 8,779
Current Assets:
Cash and temporary Cash Investments 153
Prepaid expenses 47
Total Current Assets 200
Other Assets:
Intangible assets 773
TOTAL ASSETS $9,752
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 78
accrued expenses 1,224
Total Current Liabilities 1,302
Other Liabilities:
Due to partners 7,685
Total Liabilities 7,685
Partners' Capital:
Partners' Capital - EUA Bioten 689
Partners' Capital - Bioten LLC 76
Total Partners' Capital 765
Total Liabilities and Partnership Capital $9,752
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date December 31, 1997
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 210 740
Total Operating Expenses 210 740
Operating Income (Loss) (210) (740)
Interest Expense, net 27 85
Net Income (Loss) ($237) ($825)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Year Ended December 31, 1997
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(825)
Net change in current assets and liabilities 421
Net Cash (used in) Operating Activities (404)
Investing Activities:
Capital Expenditures (3,700)
Net cash (used in) Investing Activities (3,700)
Financing Activities:
Capital Contributions and working Capital notes 4,046
Net cash provided from Financing Activities 4,046
Net decrease in cash (58)
Cash at December 31, 1996 211
Cash at December 31, 1997 $153
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