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 Orders of
the Commission dated April 16, 1998 Release No. 35-26858, November 14, 1996
Release No. 35-26604, June 21, 1995 Release No. 35-26314 (the "Orders")
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 Orders the balance sheet,
the income statement, and the statement of cash flows of BIOTEN Partnership
for the period ended September 30, 1998 and other information required to be
filed by said Orders.
Very truly yours,
EUA ENERGY INVESTMENT CORPORATION
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
Dated: November 25, 1998
BIOTEN GENERAL PARTNERSHIP
THIRD QUARTER 1998
(i) In June 1998, the BIOTEN Partnership formed a special purpose offshore
company in Mauritius called BIOTEN GPM to serve as a provider in
connection with BIOTEN Partnership's proposed Opportunity in India.
BIOTEN Partnership is currently installing the final components necessary
to commence start-up procedures by December 31, 1998 at its Tennessee
facility. EUA is currently seeking an investment partner to form a
strategic alliance for the continued development of the BIOTEN
Partnership's patented biomass-fired electric generation technology. EUA
has provided funding through October 1998. EUA BIOTEN has issued a
collateralized promissory note to BIOTEN General Partnership to provide
funding through December 31, 1998.
(ii) EUA Energy Investment advanced $472,000 in loans to BIOTEN in the third
quarter of 1998. On a cumulative basis EUA Energy has invested
$13,030,543 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 September 30, 1998.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
September 30, 1998
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $12,481
Land 48
Total fixed Assets 12,529
Current Assets:
Cash and temporary Cash Investments (96)
Prepaid expenses 30
Total Current Assets (66)
Other Assets:
Intangible assets 776
TOTAL ASSETS $13,239
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 275
accrued expenses 1,870
Total Current Liabilities 2,145
Other Liabilities:
Due to partners 7,548
Total Liabilities 7,548
Partners' Capital:
Partners' Capital - EUA Bioten 3,470
Partners' Capital - Bioten LLC 76
Total Partners' Capital 3,546
Total Liabilities and Partnership Capital $13,239
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date period ended September 30, 1998
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 79 584
Total Operating Expenses 79 584
Operating Income (Loss) (79) (584)
Interest Expense, net 27 74
Net Income (Loss) ($106) ($658)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Year Ended September 30, 1998
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(658)
Net change in current assets and liabilities 664
Net Cash (used in) Operating Activities 6
Investing Activities:
Capital Expenditures (3,753)
Net cash (used in) Investing Activities (3,753)
Financing Activities:
Capital Contributions and working Capital notes 3,498
Net cash provided from Financing Activities 3,498
Net (decrease) in cash (249)
Cash at December 31, 1997 153
Cash at September 30, 1998 ($96)
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