[Federal Register Volume 62, Number 11 (Thursday, January 16, 1997)]
[Notices]
[Pages 2399-2400]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1089]
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NUCLEAR REGULATORY COMMISSION
[Docket No. 50-344]
Portland General Electric Company, Trojan Nuclear Plant;
Consideration of Approval of Application Regarding Proposed Corporate
Restructuring
Notice is hereby given that the U.S. Nuclear Regulatory Commission
(the Commission) is considering approval under 10 CFR 50.80 of an
application concerning the proposed corporate restructuring of Portland
General Corporation (PGC), the parent holding company for Portland
General Electric (PGE), the licensee for the Trojan Nuclear Plant
(TNP).
By letter dated August 20, 1996, as supplemented by letter dated
October 30, 1996, PGE informed the Commission that PGE's parent
company, PGC, has agreed to a merger with Enron Corporation, subject to
certain conditions. Those conditions include approval by the
shareholders of the companies and obtaining appropriate governmental
approvals which do not impose terms or conditions that would be
reasonably likely to have an adverse effect on PGC or Enron. Under the
Agreement and Plan of Merger the businesses of Enron and PGC would be
combined by means of the re-incorporation of Enron as an Oregon
corporation through the merger of Enron with, and into, a wholly owned
Enron subsidiary, New Falcon Corporation (the name to be changed to
Enron Corporation, but is hereinafter referred to as the ``Merger
Company''). As a result the shareholders of Enron will become
shareholders of the Merger Company. In addition, PGC will combine with
the Merger Company. The shareholders of PGC will become shareholders of
the Merger Company on a share for share basis. PGE will continue to be
headquartered in Portland and senior management will remain in place.
The merger will not affect PGE's status as a regulated public electric
utility in the State of Oregon. According to PGE, the planned merger of
PGE's parent company, PGC, with the Merger Company should improve the
overall financial strength and stability of PGE's parent company after
the merger. After the merger PGE will continue to be
[[Page 2400]]
the NRC licensee for Trojan Nuclear Plant and no direct transfer of the
operating license or interests in the unit will result from the merger.
Pursuant to 10 CFR 50.80, the Commission may approve the transfer
of control of a license after notice to interested persons. Such
approval is contingent upon the Commission's determination that the
holder of the license following the transfer is qualified to hold the
license and that the transfer is otherwise consistent with applicable
provisions of law, regulations, and orders of the Commission.
For further details with respect to this action, see the licensee's
letter dated August 20, 1996, as supplemented by letters dated October
16, 1996, and October 30, 1996. These documents are available for
public inspection at the Commission's Public Document Room, the Gelman
Building, 2120 L Street, NW., Washington, DC and at the local public
document room located at the Branford Price Millar Library, Portland
State University, 934 SW Harrison Street, PO Box 1151, Portland, Oregon
97207.
Dated at Rockville, MD., this 10th day of January 1997.
For the Nuclear Regulatory Commission,
Marvin M. Mendonca,
Acting Director Non-Power Reactors and Decommissioning Project
Directorate, Division of Reactors Program Management, Office of Nuclear
Reactor Regulation.
[FR Doc. 97-1089 Filed 1-15-97; 8:45 am]
BILLING CODE 7590-01-P
