[Federal Register Volume 61, Number 229 (Tuesday, November 26, 1996)]
[Notices]
[Page 60121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-30152]
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NUCLEAR REGULATORY COMMISSION
[Docket No. 50-443]
North Atlantic Energy Service Corporation; Notice of
Consideration of Approval of Application Regarding the Formation of a
Holding Company
Notice is hereby given that the United States Nuclear Regulatory
Commission (the Commission) is considering approval under 10 CFR 50.80,
by issuance of an Order, of the application regarding the proposed
creation of a holding company by Great Bay Power Corporation, holder of
a 12.1324 percent interest in the Seabrook Station, Unit No. 1
(Seabrook) as authorized by the facility operating license. By letter
dated May 8, 1996, North Atlantic Energy Services Corporation, the
operator of Seabrook and authorized agent for the eleven joint owners
of Seabrook, informed the Commission that a corporate restructuring of
Great Bay has been proposed that will result in the creation of a
holding company under the name Great Bay Holdings Corporation of which
Great Bay would become a wholly-owned subsidiary. Additional
information related to this restructuring was submitted by the firm of
Shaw, Pittman, Potts & Trowbridge, counsel to Great Bay, by letter
dated October 18, 1996. Following the restructuring, Great Bay would
remain holder of its license for Seabrook with respect to its ownership
interest in the facility. Under the restructuring, the owners of Great
Bay's common stock will become the owners of common stock of the
holding company on a share-by-share basis. According to the proposed
plan, there will be no significant adverse change in ownership,
management, or sources of funds for operation, maintenance, or
decommissioning of Seabrook due to the corporate restructuring.
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 proposed action, see the
North Atlantic letter dated May 8, 1996, and the Shaw, Pittman letter
dated October 18, 1996, which are available for public inspection at
the Commission's Public Document Room, the Gelman Building, 2120 L
Street, N.W., Washington DC, and at the local public document room
located at Exeter Public Library, Founders Park, Exeter, NH 03833.
Dated at Rockville, Maryland, this 18th day of November 1996.
For the Nuclear Regulatory Commission.
Albert W. De Agazio,
Senior Project Manager, Project Directorate I-1, Division of Reactor
Projects--I/II, Office of Nuclear Reactor Regulation.
[FR Doc. 96-30152 Filed 11-25-96; 8:45 am]
BILLING CODE 7590-01-P
