[Federal Register Volume 62, Number 238 (Thursday, December 11, 1997)]
[Notices]
[Pages 65298-65299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32368]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26790]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
December 4, 1997.
Notice is hereby given that the following filing(s) has/have been
made with the Commission pursuant to provisions of the Act and rules
promulgated thereunder. All interested persons are referred to the
application(s) and/or declaration(s) for complete statements of the
proposed transaction(s) summarized below. The application(s) and/or
declaration(s) and any amendments thereto is/are available for public
inspection through the Commission's Office of Public Reference.
Interested persons wishing to comment or request a hearing on the
application(s) and/or declaration(s) should submit their views in
writing by December 29, 1997, to the Secretary, Securities and Exchange
Commission, Washington, D.C. 20549, and serve a copy on the relevant
applicant(s) and/or declarant(s) at the address(es) specified below.
Proof of service (by affidavit or, in case of an attorney at law, by
certificate) should be filed with the request. Any request for hearing
shall identify specifically the issues of fact or law that are
disputed. A person who so requests will be notified of any hearing, if
ordered, and will receive a copy of any notice or order issued in the
matter. After said date, the application(s) and/or declaration(s), as
filed or as amended, may be granted and/or permitted to become
effective.
Consolidated Natural Gas Co., et al. (70-8981)
Consolidated Natural Gas Company (``CNG''), CNG Tower, 625 Liberty
Avenue, Pittsburgh, Pennsylvania 15222-3199, a registered holding
company, its wholly-owned nonutility subsidiary company, CNG Energy
[[Page 65299]]
Services Corporation (``Energy Services''), One Park Ridge Center, P.O.
Box 15746, Pittsburgh, Pennsylvania 15244-0746, and CNG Power Company
(``Power''), One Park Ridge Center, P.O. Box 15746, Pittsburgh,
Pennsylvania 15244-0746, a nonutility subsidiary company of Energy
Services, have filed an application-declaration under sections 6(a), 7,
12(b), 13 and 32 of the Act and rules 45, 53, 54, 83, 87, 90 and 91
under the Act.
CNG proposes that Power become the vehicle for CNG investments in
exempt wholesale generators (``EWGs'') in the U.S. Investments in EWGs
would be made with internally generated funds. CNG proposes that
intermediate companies be formed to make EWG investments
(``Intermediate Companies''). The Intermediate Companies will be
special-purpose subsidiaries that may acquire interests in other
corporations, joint ventures, partnerships, and other investment
entities created to invest in EWGs.
CNG, Energy Services, Power and its subsidiary companies, including
the Intermediate Companies, seek Commission authorization to enter into
guarantee arrangements, to obtain letters of credit, and otherwise to
provide credit support through December 31, 2002 with respect to EWG
investments. The maximum aggregate limit on all such credit support
would be $150 million.
Energy Services and its affiliates propose to perform services or
construction for, or sell goods to, EWGs in which Power has acquired an
interest. Services, construction and goods may be market-priced if the
EWGs provide no services, construction or goods to CNG utility
companies in the U.S.
Energy Services and its affiliates also propose to contract with
CNG companies to provide those services, construction and goods to
EWGs. Services, construction and goods obtained from U.S. CNG utility
companies would be cost-priced but services, construction and goods
from CNG non-utility subsidiary companies would be cost-priced or
market-priced--provided that services, construction and goods from CNG
non-utility subsidiary companies ``substantially'' involved in the
provision of services, construction or goods to U.S. CNG utility
companies would be cost-priced.
Energy Services has authorized capital of 4,000 shares of common
stock, $1.00 par value per share (``Common Stock''). CNG proposes to
change the par value of each share of Common Stock from $1.00 to
$10,000 and increase the authorized shares to 50,000 shares. CNG states
that the issuance of addition Common Stock for $10,000 per share will
allow Energy Services to consummate additional equity financing for the
proposed transitions and for other authorized or exempt transactions.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-32368 Filed 12-10-97; 8:45 am]
BILLING CODE 8010-01-M
