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, 1998 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 28, 1998
BIOTEN GENERAL PARTNERSHIP
FIRST QUARTER 1998
(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 $2,035,000 in loans to BIOTEN in the first
quarter of 1998. On a cumulative basis EUA Energy has invested
$11,533,543 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 March 31, 1998.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
March 31, 1998
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $9,713
Land 48
Total fixed Assets 9,761
Current Assets:
Cash and temporary Cash Investments 264
Prepaid expenses 80
Total Current Assets 344
Other Assets:
Intangible assets 773
TOTAL ASSETS $10,878
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 58
accrued expenses 1,361
Total Current Liabilities 1,419
Other Liabilities:
Due to partners 8,982
Total Liabilities 8,982
Partners' Capital:
Partners' Capital - EUA Bioten 401
Partners' Capital - Bioten LLC 76
Total Partners' Capital 477
Total Liabilities and Partnership Capital $10,878
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date period ended March 31, 1998
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 272 272
Total Operating Expenses 272 272
Operating Income (Loss) (272) (272)
Interest Expense, net 22 22
Net Income (Loss) ($294) ($294)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Year Ended March 31, 1998
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(294)
Net change in current assets and liabilities 104
Net Cash (used in) Operating Activities (190)
Investing Activities:
Capital Expenditures (982)
Net cash (used in) Investing Activities (982)
Financing Activities:
Capital Contributions and working Capital notes 1,283
Net cash provided from Financing Activities 1,283
Net decrease in cash 111
Cash at December 31, 1997 153
Cash at March 31, 1998 $264
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