[Federal Register Volume 63, Number 206 (Monday, October 26, 1998)]
[Notices]
[Pages 57141-57142]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-28581]
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NUCLEAR REGULATORY COMMISSION
[Docket Nos. 50-244 and 50-410]
Rochester Gas and Electric Corp., Niagara Mohawk Power Co., R.E.
Ginna Nuclear Power Plant, Nine Mile Point Nuclear Station, Unit No. 2;
Indirect Transfer of Operating License
Notice is hereby given that the United States Nuclear Regulatory
Commission (the Commission) is considering the issuance of an Order
approving under 10 CFR 50.80 an application regarding an indirect
transfer of the operating license for Nine Mile Point Nuclear Station,
Unit No. 2 (NMP2), to the extent held by Rochester Gas and Electric
Corporation (RG&E), and the operating license for the R. E. Ginna
Nuclear Power Plant (Ginna). The indirect transfer would be to a
holding company, not yet named, over RG&E in accordance with the
``Amended and Restated Settlement Agreement'' before the Public Service
Commission of the State of New York dated October 23, 1997. RG&E is
licensed by the Commission to own and possess a 14% interest in NMP2
and to wholly own and operate Ginna.
By application dated July 30, 1998, as supplemented August 18,
1998, and September 14, 1998, Paul C. Wilkens, Senior Vice President--
Generation, of RG&E, informed the Commission that, subject to
shareholder and regulatory approvals, RG&E is planning to implement
corporate restructuring whereby RG&E would become a wholly owned
subsidiary of a newly formed holding company. The common stock of RG&E
would be exchanged on a share-for-share basis for common stock of the
holding company such that the holding company would own all the
outstanding common stock of RG&E. The holding company, and not RG&E,
would be the owner of any non-utility subsidiaries engaged in
unregulated business activities. RG&E would remain as an owner and
licensee for possession of NMP2 and as the owner and operating licensee
of Ginna. The transaction would not involve any change in either the
management organization or technical personnel of Niagara Mohawk Power
Corporation, which is responsible for operating and maintaining NMP2,
or involve any change in RG&E's nuclear management or technical
qualifications. Under this restructuring, RG&E would continue to be an
``electric utility'' as defined in 10 CFR 50.2 engaged in the
transmission, distribution and the generation of electricity. No direct
transfer of the operating licenses or ownership interests in NMP2 and
Ginna will result from the proposed restructuring. The transaction
would have no effect upon the financing of the RG&E nuclear facilities.
Pursuant to 10 CFR 50.80, the Commission may approve the transfer
of the 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.
[[Page 57142]]
For further details with respect to this proposed action, see the
RG&E application dated July 30, 1998, as supplemented August 18, 1998
and September 14, 1998. These documents are available for public
inspection at the Commission's Public Document Room, the Gelman
Building, 2120 L Street, NW., Washington, DC, and the local public
document rooms located at the Penfield Library, State University of New
York, Oswego, New York 13126 and at the Rochester Public Library, 115
South Avenue, Rochester, New York 14610.
Dated at Rockville, Maryland, this 16th day of October 1998.
Guy S. Vissing,
Senior Project Manager, Project Directorate I-1, Division of Reactor
Projects--I/II, Office of Nuclear Reactor Regulation.
[FR Doc. 98-28581 Filed 10-23-98; 8:45 am]
BILLING CODE 7590-01-P
