[Federal Register Volume 63, Number 33 (Thursday, February 19, 1998)]
[Notices]
[Pages 8502-8503]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4148]
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NUCLEAR REGULATORY COMMISSION
[Docket No. 50-293]
Boston Edison Company (Pilgrim Nuclear Power Station); Order
Approving Application Regarding the Corporate Restructuring of Boston
Edison Company by Establishment of a Holding Company
I
Boston Edison Company (BECo) is sole owner of the Pilgrim Nuclear
Power Station (Pilgrim). BECo holds Facility Operating License No. DPR-
35 issued by the U.S. Atomic Energy Commission pursuant to Part 50 of
Title 10 of the Code of Federal Regulations (10 CFR part 50) on June 8,
1972. Under this license, BECo has the authority to own and operate
Pilgrim. Pilgrim is located in Plymouth County, Massachusetts.
II
By an application dated June 9, 1997, BECo requested that the
Commission approve under 10 CFR 50.80 the transfer of control of the
license that would result from a proposed corporate restructuring of
BECo. Under the restructuring, a holding company under the name ``BEC
Energy'' will be created of which BECo would become a wholly owned
subsidiary. The holders of BECo common stock would automatically become
holders of common stock of the
[[Page 8503]]
new parent company on a share-for-share basis, according to the
application. Notice of this application for consent was published in
the Federal Register on December 12, 1997 (62 FR 65448); and an
Environmental Assessment and a Finding of No Significant Impact was
published in the Federal Register on December 15, 1997 (62 FR 65716).
Under 10 CFR 50.80, 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 application dated June 9, 1997, the staff
of the U.S. Nuclear Regulatory Commission has determined that the
proposed restructuring of BECo will not affect the qualifications of
BECo as holder of the license for Pilgrim and that the transfer of
control of the license, to the extent effected by the restructuring of
BECo, 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 February 11, 1998.
III
Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the
Atomic Energy Act of 1954, as amended; 42 U.S.C. 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 proposed
restructuring of BECo subject to the following: (1) BECo 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 BECo to its proposed parent 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 BECo's consolidated net utility plant, as
recorded on BECo's books of account, and (2) should the restructuring
of BECo not be completed by December 31, 1998, this Order shall become
null and void, provided, however, on application and for good cause
shown, such date may be extended.
This Order is effective upon issuance.
IV
By March 23, 1998, 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: Rulemakings and Adjudications Staff, or may be
delivered to the Commission's Public Document Room, The Gelman
Building, 2120 L Street, NW., Washington, D.C. 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 20555-0001, and to William S.
Stowe, Esq., Boston Edison Company, 800 Boylston Street, Boston, MA
02199, Assistant General Counsel for BECo.
For further details with respect to this action, see the
application for approval regarding the corporate restructuring dated
June 9, 1997, and the safety evaluation dated February 11, 1998, which
are available for public inspection at the Commission's Public Document
Room, The Gelman Building, 2120 L Street, NW., Washington, DC, and at
the local public document room located at the Plymouth Public Library,
11 North Street, Plymouth, Massachusetts.
Dated at Rockville, Maryland, this 11th day of February 1998.
For the Nuclear Regulatory Commission.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 98-4148 Filed 2-18-98; 8:45 am]
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