35-CERT

                    SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.

- ---------------------------------------------
             In the Matter of               :
                                            :
EASTERN UTILITIES ASSOCIATES (EUA)          :
EUA ENERGY INVESTMENT CORPORATION           :
     (EUA ENERGY)                           :
BOSTON, MA                                  :       Certificate of
                                            :       Notification
                                            :       Pursuant to Rule 24,
                                            :       Interim Report
                                            :
                  (70-7426)                 :
                                            :
(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 December 4, 1987, January 11, 1988, and April 15,
1994, (the "Orders") authorizing transactions as more fully described in
the Application-Declaration as amended (the "Application"), the
undersigned hereby enclose herewith for filing pursuant to the above-
referenced Order are the balance sheet, the income statement, and the
statement of cash flows of EUA Energy Investment Corporation for the
period ended March 31, 1995.

                                     Very truly yours,

                                     EASTERN UTILITIES ASSOCIATES

                                     By: /s/ Clifford J. Hebert, Jr.
                                             Clifford J. Hebert, Jr.
                                             Treasurer

                                     EUA ENERGY INVESTMENT CORPORATION

                                     By: /s/ Clifford J. Hebert, Jr.
                                             Clifford J. Hebert, Jr.
                                             Treasurer

Dated:  June 9, 1995
                       EUA ENERGY INVESTMENT CORPORATION
                    ENERGY AND ENERGY CONSERVATION RESEARCH
                               FIRST QUARTER 1995


(1) EUA Energy Investment Corporation Financial Statements for the
    first quarter 1995.

                      EUA ENERGY INVESTMENT CORPORATION
                           CONDENSED BALANCE SHEET
                                 March 31, 1995
                                  (Unaudited)
                          (In Thousands of Dollars)

                                   ASSETS

Property and Other Investments:
  Investment - Subsidiaries                                  ($1,128)
  Other Assets                                                    70
          Total Fixed Assets                                  (1,058)
Current Assets:
  Cash and Temporary Cash Investments                              2
  Notes Receivable                                             4,270
  Accounts Receivable                                          1,213
  Prepayments and Other Assets                                     2
          Total Current Assets                                 5,487
  TOTAL ASSETS                                                $4,429

                                 LIABILITIES

Common Stock and Other Paid-In Capital                            $1
Retained (Loss) Earnings                                      (6,733)
          Total Common Equity                                 (6,732)
          Total Capitalization                                (6,732)
Current Liabilities:
  Notes Payable to Parent                                     10,625
  Accounts Payable                                               165
  Accrued Taxes                                                    0
  Accrued Interest                                             1,031
  Other Current Liabilities                                        0
          Total Current Liabilities                           11,821
  Accumulated Deferred Taxes                                    (660)
  TOTAL LIABILITIES AND EQUITY                                $4,429

                      EUA ENERGY INVESTMENT CORPORATION
                         CONDENSED INCOME STATEMENT
                For the Quarter Ended and YTD March 31, 1995
                                  (Unaudited)
                          (In Thousands of Dollars)

                                          QUARTER ENDED           YTD

Operating Income                                     $0           $0

Operating Expenses:
  Operation                                       1,104        1,104
  Depreciation & Amortization                         1            1
  Taxes - Other                                       6            6
  Income and Deferred Taxes                          (1)          (1)
          Total Operating Expenses                1,110        1,110
Operating Income                                 (1,110)      (1,110)
Other Income and Deductions                         (90)         (90)
  Income Before Interest Charges                 (1,200)      (1,200)
Interest Charges:
  Interest Expense - Associated Companies           151          151
  Other Interest Expense                              2            2
          Total Interest Charges                    153          153
Net Income                                      ($1,353)     ($1,353)


                      EUA ENERGY INVESTMENT CORPORATION
                           STATEMENT OF CASH FLOWS
                    YTD for the Month Ended March 31, 1995
                                  (Unaudited)
                          (In Thousands of Dollars)

Operating Activities:
Pre-tax Net Income                                           ($1,353)
Depreciation & Amortization                                        0
Change in Assets and Liabilities:
  Accounts & Notes Receivable                                 (1,283)
  Accounts & Notes Payable                                     1,970
  Accrued Expenses                                               151
  Other (Net)                                                    (67)
          Net Operating Activities                              (582)
Financing Activities:
  Equity Contributions                                          (375)
  Long-term Debt                                                   0
  Other (Net)                                                      0
          Net Financing Activities                              (375)
Investing Activities:
  Investments in Subsidiaries                                      0
  Capital Expenditures                                           946
  Other                                                            0
          Net Investing Activities                               946
Cash Provided (Used)                                            ($11)

                        EUA ENERGY INVESTMENT CORPORATION
                    ENERGY AND ENERGY CONSERVATION RESEARCH
                               FIRST QUARTER 1995


(2) EUA Energy has not invested in nor become obligated to invest in
    any cogeneration or small power production projects.


(3) EUA Energy utilized $1,007,000 of its authorized $5 million in R&D
    funding in the first quarter of 1995.  On a cummulative basis EUA
    Energy has utilized $2,142,000 of funding through March 31, 1995.

    Of this amount $840,000 for the quarter and $1.8 million in total
    is part of a $2.1 million committment to Home & Family LP to fund
    an environmental services pilot program.  The program will evaluate
    the benefit of providing home environmental audits to residential
    customers in conjunction with energy audits.  The pilot program
    will be completed in July 1995.

    EUA Energy has also provided $167,000 for the quarter and $342,000
    in total to BIOTEN to construct a commercially-sized demonstration
    plant of its biomass fired combustion turbine power technology.
    EUA Energy will be entitled to an equity position in the final
    commercial entity that will manufacture and deliver these generation
    systems.

(4) Services were provided by EUA Service Corporation staff personnel
    in the following areas:
                              o Financial & Accounting
                              o Information Services
                              o Treasury
                              o Personnel & Employee Benefits

EX-27

 

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