[Federal Register Volume 61, Number 237 (Monday, December 9, 1996)]
[Notices]
[Pages 64930-64931]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31222]
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NUCLEAR REGULATORY COMMISSION
[Docket Nos. 50-445 and 50-446]
Texas Utilities Electric Company (Comanche Peak Steam Electric
Station Units 1 and 2); Order Approving Application Regarding the
Corporate Restructuring of Texas Utilities Company, the Parent Holding
Company, for Texas Utilities Electric Company, To Facilitate the
Acquisition of Enserch Corporation
I
Texas Utilities Electric Company (TUEC) is sole owner of Comanche
Peak Steam Electric Station (CPSES), Units 1 and 2. TUEC holds Facility
Operating License Nos. DPR-87 and DPR-89 issued by the U.S. Nuclear
Regulatory Commission (NRC) pursuant to Part 50 of Title 10 of the Code
of Federal Regulations (10 CFR Part 50) on April 17, 1990, and April 6,
1993, respectively. Under these licenses, TUEC has the authority to
possess and operate Comanche Peak Steam Electric Station, Units 1 and
2, located in Somervell County, TX. TUEC is currently a wholly owned
subsidiary of Texas Utilities Company (TUC).
II
By letter dated September 20, 1996, TUEC informed the Commission
that TUC was in the process of implementing a corporate restructuring
to facilitate TUC's acquisition of ENSERCH Corporation (ENSERCH). The
acquisition will be accomplished through the following merger
transactions: (1) the formation of a new Texas Corporation, TUC Holding
Company, and two new subsidiaries of TUC Holding Company (i.e., TUC
Merger Corporation and Enserch Merger
[[Page 64931]]
Corporation); (2) the merger of TUC Merger Corporation with and into
TUC with TUC being the surviving corporation; and (3) the merger of
Enserch Merger Corporation with and into ENSERCH with ENSERCH being the
surviving company. Upon the consummation of these transactions, TUC and
ENSERCH will both become wholly owned subsidiaries of TUC Holding
Company, which will change its name to Texas Utilities Company. TUEC
would continue to remain the sole owner and operator of CPSES, Units 1
and 2. Upon consummation of the restructuring, current stockholders of
TUC would become stockholders of the new TUC and would hold
approximately 94 percent of the issued and outstanding shares of common
stock of the new TUC. In addition, current stockholders of ENSERCH
would also become stockholders of the new TUC and would hold the
remaining 6 percent of the common stock of the new TUC. TUEC requested,
to the extent necessary, the Commission's approval of the corporate
restructuring, pursuant to 10 CFR 50.80. Notice of this application for
approval was published in the Federal Register on November 13, 1996 (61
FR 58256), and an Environmental Assessment and Finding of No
Significant Impact was published in the Federal Register on November
19, 1996 (61 FR 58897).
Under 10 CFR 50.80(a), no license shall be transferred, directly or
indirectly, through transfer of control of the license, unless the
Commission shall give its consent in writing. Upon review of the
information submitted in the letter of September 20, 1996, and other
information before the Commission, the NRC staff has determined that
the restructuring of TUC will not affect the qualifications of TUEC as
holder of the licenses, and that the transfer of control of the
licenses for CPSES, to the extent effected by the restructuring of TUC,
is otherwise consistent with applicable provisions of law, regulations,
and orders issued by the Commission, subject to the conditions set
forth herein. These findings are supported by a Safety Evaluation dated
November 29, 1996.
III
Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the
Atomic Energy Act of 1954, as amended, 42 USC Secs. 2201(b), 2201(i),
2201(o) and 2234, and 10 CFR 50.80, it is hereby ordered that the
Commission approves the application regarding the restructuring of TUC
subject to the following: (1) TUEC shall provide the Director of the
Office of Nuclear Reactor Regulation a copy of any application, at the
time it is filed, to transfer (excluding grants of security interests
or liens) from TUEC to its direct or indirect parent company or to any
other affiliated company, facilities for the production, transmission,
or distribution of electric energy having a depreciated book value
exceeding 10 percent (10%) of TUEC's consolidated net utility plant, as
recorded on TUEC's books of account; and (2) should the restructuring
of TUC not be completed by December 31, 1997, this Order shall become
null and void, provided, however, on application and for good cause
shown, such date may be extended.
IV
By January 8, 1997, any person adversely affected by this Order may
file a request for a hearing with respect to issuance of the Order. Any
person requesting a hearing shall set forth with particularity how that
interest is adversely affected by this Order and shall address the
criteria set forth in 10 CFR 2.714(d).
If a hearing is to be held, the Commission will issue an order
designating the time and place of such hearing.
The issue to be considered at any such hearing shall be whether
this Order should be sustained.
Any request for a hearing must be filed with the Secretary of the
Commission, U.S. Nuclear Regulatory Commission, Washington, DC 20555-
0001, Attention: Docketing and Services Branch, or may be delivered to
11555 Rockville Pike, Rockville, Maryland between 7:45 am and 4:15 pm
Federal workdays, by the above date. Copies should be also sent to the
Office of the General Counsel, and to the Director, Office of Nuclear
Reactor Regulation, U.S. Nuclear Regulatory Commission, Washington, DC
20555, and to George L. Edgar, Esquire, Morgan, Lewis & Bockius, 1800 M
Street, N.W., Washington, DC 20036-5869, attorney for TUEC.
For further details with respect to this Order, see the application
for approval of the corporate restructuring dated September 20, 1996,
which is 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 the University of
Texas at Arlington Library, Government Publications/Maps, 702 College,
P.O. Box 19497, Arlington, TX 76019.
Dated at Rockville, Maryland, this 29th day of November 1996.
For the Nuclear Regulatory Commission.
Frank J. Miraglia,
Acting Director, Office of Nuclear Reactor Regulation.
[FR Doc. 96-31222 Filed 12-6-96; 8:45 am]
BILLING CODE 7590-01-P
