[Federal Register Volume 62, Number 38 (Wednesday, February 26, 1997)]
[Notices]
[Page 8783]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4700]
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NUCLEAR REGULATORY COMMISSION
[Docket No. 50-331]
IES Utilities Inc., Central Iowa Power Cooperative, Corn Belt
Power Cooperative, Duane Arnold Energy Center; Notice of Consideration
of Approval of Application Regarding Merger
Notice is hereby given that the United States Nuclear Regulatory
Commission (the Commission) is considering the issuance of an order
approving under 10 CFR 50.80 an application regarding the proposed
merger involving IES Industries (IESI), the parent company of IES
Utilities Inc. (IESU). IESU is the licensee for the Duane Arnold Energy
Center (DAEC). By letter dated September 27, 1996, IESU informed the
Commission that under a merger agreement among IESI, WPL Holdings, and
Interstate Power Corporation, IESI will merge with and into a WPL
Holdings (WPLH), and Interstate Power Corporation will become a
subsidiary of WPLH. WPLH will be renamed Interstate Energy Corporation
(IEC) of which IESU would become a wholly-owned subsidiary. IESU will
remain the holder of its license for DAEC. Under the merger agreement,
current stockholders of IESI, WPLH, and IPC will become stockholders of
IEC pursuant to a formula stipulated in the merger agreement. IESU
requested the Commission's approval regarding the proposed transactions
to the extent they effect an indirect transfer of control of the DAEC
license, pursuant to 10 CFR 50.80. IESU would remain an electric
utility as defined in 10 CFR 50.2, engaged in the generation,
transmission, and distribution of electric energy for wholesale and
retail sale, subject to the rate regulation of the Iowa Utilities Board
and the Federal Energy Regulatory Commission.
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
licensee's letter dated September 27, 1996, with the following
exhibits: (A) Information to support the request for the Commission's
consent. (B) A copy of the merger agreement executed among IES
Industries Inc., WPL Holdings, Inc., and Interstate Power Corporation.
These documents are available for public inspection at the Commission's
Public Document Room, 2120 L Street, NW., Washington, DC, and at the
local public document room located in the Cedar Rapids Public Library,
500 First Street, SE., Cedar Rapids, IA 52401.
Dated at Rockville, Maryland, this 19th day of February 1997.
Glenn B. Kelly,
Project Manager, Project Directorate III-3, Division of Reactor
Projects III/IV, Office of Nuclear Reactor Regulation.
[FR Doc. 97-4700 Filed 2-25-97; 8:45 am]
BILLING CODE 7590-01-P
