[Federal Register Volume 62, Number 31 (Friday, February 14, 1997)]
[Notices]
[Pages 7079-7080]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-3702]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26661]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
February 7, 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 March 3, 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.
Entergy Corporation (70-8839)
Entergy Corporation (``Entergy'' or the ``Company''), 639 Loyola
Avenue, New Orleans, Louisiana, 70113, a registered holding company,
has filed a post-effective amendment to its declaration under sections
6(a) and 7 of the Act and rule 54 thereunder.
By order dated June 6, 1996 (HCAR No. 26541), Entergy was
authorized to issue and sell through December 31, 2000, up to ten
million shares of its authorized but unissued common stock, par value
$0.01 per share, pursuant to its new Dividend Reinvestment and Stock
Purchase Plan (the ``Plan'').
The Plan provides that participants may elect to: (1) automatically
reinvest dividends received on all of their shares of common stock; or
(2) automatically reinvest dividends received on less than all of their
shares of common stock and continue to receive cash dividends on their
remaining shares; and/or (3) invest in additional shares of common
stock of making optional cash investments.
Entergy now proposes to issue and sell up to an additional twenty
million shares of its authorized but unissued common stock, par value
$0.01 per share (``Common Stock''), pursuant to the Plan. All other
provisions of the Plan will remain as previously authorized by the
Commission
The Common Stock purchased on behalf of the participants will be
either previously issued shares purchased on the open market or in
privately negotiated transactions or newly issued shares purchased
directly from the Company. The purchase price of the newly issued
shares will be the weighted average of the daily high and low sales
prices of the common stock on the New York Stock Exchange (``NYSE'')
during the pricing period, which will consist of the twelve trading
days immediately preceding the investment date. The purchase price for
shares purchased on the open market will be the weighted average price
paid by the Plan including brokerage fees and commissions.
Optional cash investments in excess of $3,000 per month may be made
pursuant to a waiver granted at the sole discretion of the Company
based on the Company's consideration of relevant factors as defined in
the Plan. The Plan also provides that in connection with requests for
waiver, the Company may, in its discretion, establish a minimum price
applicable to the relevant pricing period, as well as discount. The
discount may be between 0% and 3% and may vary each month, but once
established will apply uniformly to all optional cash investments made
for that month pursuant to a waiver.
The Plan will continue to be administered by Chase Mellon
Shareholder Services (successor to Mellon Bank, N.A.) or such successor
administrator as Entergy may designate.
Allegheny Power System, Inc. 70-8973
Allegheny Power System, Inc. (``APS''), a registered holding
company, and its wholly owned nonutility subsidiary company, AYP
Capital, Inc. (``AYP''), both located at 10435 Downsville Pike,
Hagerstown, Maryland 21720, have filed an application under sections
9(a) and 10 of the Act.
By order dated July 14, 1994 (HCAR No. 26085), APS was authorized
to organize and finance AYP to invest in: (i) companies engaged in new
technologies related to the core utility business of APS; and (ii)
companies acquiring and owning exempt wholesale generators (``EWGs'').
By order dated February 3, 1995 (HCAR No. 26229), AYP was
authorized to engage in the development, acquisition, construction,
ownership and operation of EWGs and in development activities with
respect to: (i) qualifying cogeneration facilities and small power
production facilities (``SPPs''); (ii) non-qualifying cogeneration
facilities, non-qualifying SPPs, and independent power production
facilities located within the service territories of APS public utility
subsidiary companies; (iii) EWGs; (iv) companies involved in new
technologies related to the core business of APS; and (v) foreign
utility companies (``FUCOS''). AYP was also authorized to consult for
non-affiliate companies. APS was authorized to increase its investment
in AYP from $500,000 to $3 million.
By order dated October 27, 1995 (HCAR No. 26401), the Commission
authorized: (i) AYP or a special-purpose subsidiary (``NEWCO'') to
provide certain enumerated energy management services (``EM'') and
demand-side management services (``DSM'') to nonassociated customers at
market prices and to associated companies at cost; (ii) AYP to engage
in activities relating to the development, acquisition, ownership,
construction and operation of FUCOS; and to invest in FUCOs through
various types of investment vehicles, including limited partnerships or
other types of funds, the sole objective of which is to make
investments in one or more FUCOs; (iii) APS and AYP to acquire the
securities of NEWCOS that own FUCOs or EWGs (``Project NEWCOs''); (iv)
AYP or a NEWCO to factor the accounts receivable of associate companies
and of nonassociate companies whose primary revenues are derived from
the sale of electric power; and (v) AYP or a NEWCO, as agent for APS
system companies, to manage the real estate portfolio of APS and its
associate companies, to market excess or unwanted real estate and to
facilitate the exploitation of resources contained on or in real
estate.
By further order dated October 27, 1995, APS was authorized to
invest in AYP and AYP was authorized to invest in NEWCOS up to an
aggregate of $100 million through December 31, 1999 through loans to
finance activities related to EM and DSM services, accounts receivable,
real estate, FUCOs and EWGs. AYP, the NEWCOs, and the Project NEWCOs
were authorized to obtain loans from banks or issue other recourse
obligations which could be guaranteed by APS or AYP. APS and AYP were
authorized to guarantee or act
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as surety on bonds, indebtedness and performance and other obligations
issued or undertaken by AYP, the NEWCOs or the Project NEWCOs subject
to the $100 million investment authority.
By order dated October 9, 1996 (HCAR No. 26590) APS and AYP were
allowed to increase the limit on loans and guarantees from $100 million
to $300 million for all authorized activities.
The applicants now request Commission authorization, through
December 31, 1999 unless further Commission approval is no longer
required, or the Commission has approved the continuation of the
activities pursuant to a new application, for AYP to acquire one or
more subsidiaries (``MARKETCOS''). Applicants further propose AYP be
authorized, directly or indirectly through MARKETCOS, to market and
sell to industrial, commercial and residential customers located within
the United States, appliance and equipment repair warranties, service
plans, or other maintenance agreements, covering heating and air
conditioning systems and other major appliances.
The applicants state that AYP or the MARKETCO may contract with a
third party or parties to provide some support services such as
underwriting, handling service claims, marketing, billing and/or cash
processing.
The applicants state that they expect the appliance service
operation to be largely self-supporting, and estimate that the program
will result in gross sales revenue of about $700,000 in the first year
which will rise steadily to approximately $2.5 million at the end of
the fifth year.
Applicants also propose that AYP and/or MARKETCOS, through December
31, 1999, unless further Commission approval is no longer required, or
the Commission has approved the continuation of the activities pursuant
to a new application, engage in consulting for,\1\ marketing, selling,
leasing, financing, and acquisition and installation of power quality
devices to customers within the United States.\2\
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\1\ The consulting services may include, but are not limited to:
preventative maintenance inspections of customers' energy facilities
and energy-consuming equipment, grounding of electrical systems, and
lightning protection. AYP or MARKETCO may also provide diagnostic
services and recommend and perform power quality solutions.
\2\ Such devices would include uninterruptible power supplies,
power monitoring equipment, surge protection equipment designed to
protect electrical components, communication equipment, satellite
dishes and other electrical equipment from damage due to transient
overvoltage/undervoltage conditions in their electric supply.
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AYP or MARKETCO would sell or lease the power quality equipment/
services to customers and may make loans to customers to finance the
purchase. Loans would be evidenced by promissory notes, the term of
which shall not exceed the expected useful life of the equipment. Such
secured and unsecured loans would be at market interest rates and on
market terms and conditions. The aggregate amount of equipment
financing outstanding at any one time under Applicants' power quality
program will not exceed $4 million.
Applicants estimate that the program will result in gross sales
revenue of about $560,000 in the first year and this will rise steadily
to about $2.6 million at the end of the fifth year.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-3702 Filed 2-13-97; 8:45 am]
BILLING CODE 8010-01-M
