[Federal Register Volume 64, Number 50 (Tuesday, March 16, 1999)]
[Notices]
[Pages 13043-13044]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-6348]
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NUCLEAR REGULATORY COMMISSION
Baltimore Gas and Electric Company (Calvert Cliffs Nuclear Power
Plant, Unit Nos. 1 and 2 and the Independent Spent Fuel Storage
Installation)
[Docket Nos. 50-317, 50-318, and 72-8]
Order Approving Application Regarding Restructuring of Baltimore
Gas and Electric Company
I
Baltimore Gas and Electric Company (BGE) is the licensee for
Calvert Cliffs Nuclear Power Plant, Unit Nos. 1 and 2, and the
associated Independent Spent Fuel Storage Installation (ISFSI). BGE has
the exclusive responsibility for the construction, operation, and
maintenance of Calvert Cliffs Nuclear Power Plant, Unit Nos. 1 and 2,
and the ISFSI, as reflected in Operating Licenses Nos. DPR-53 and DPR-
69, and Materials License No. SNM-2505 issued by the U.S. Nuclear
Regulatory Commission (NRC or the Commission) on July 31, 1974,
November 30, 1976, and November 25, 1992, respectively. The facility is
located on the western shore of the Chesapeake Bay, in Calvert County,
Maryland.
II
Under cover of a letter dated November 20, 1998, BGE submitted an
application, which was supplemented by letter dated January 8, 1999,
for approval by the Commission, pursuant to 10 CFR 50.80 and 10 CFR
72.50, regarding a proposed corporate restructuring action that would
result in the indirect transfer of the operating licenses for the
Calvert Cliffs Nuclear Power Plant, Unit Nos. 1 and 2, and the
associated ISFSI. Under the proposed restructuring, BGE would form, and
become a wholly owned subsidiary of, a new holding company. Current
stockholders of BGE common stock would become stockholders of the new
holding company's common stock. BGE would continue to directly hold the
licenses following the restructuring.
According to the application, BGE will continue to be an ``electric
utility'' as defined in 10 CFR 50.2, as a wholly owned subsidiary of
the new holding company. In addition, adoption of the new holding
company structure will not affect BGE's management of nuclear
operations or BGE's technical qualifications. The restructuring will
involve no significant change in the personnel who operate and maintain
the Calvert Cliffs Nuclear Power Plant and the ISFSI.
A Notice of Consideration of Approval of Application Regarding
Proposed Corporate Restructuring was published in the Federal Register
on January 8, 1999 (64 FR 1244).
Under 10 CFR 50.80 and 10 CFR 72.50, 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 of November 20,
1998, as supplemented by letter dated January 8, 1999, the NRC staff
has determined that the restructuring of BGE by establishment of a
holding company will not affect the qualifications of BGE as the holder
of licenses for Calvert Cliffs Nuclear Power Plant, Unit Nos. 1 and 2,
and as the holder of the license for the ISFSI, and that the transfer
of control of the licenses, to the extent effected by the proposed
restructuring, 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 March 8, 1999.
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, 10 CFR 50.80, and 10 CFR 72.50, it is hereby ordered
that the application regarding the proposed restructuring of BGE by the
establishment of a holding company is approved, subject to the
following: (1) BGE shall provide the Director, Office of Nuclear
Reactor Regulation, and the Director, Office of Nuclear Material Safety
and Safeguards, a copy of any application, at the time it is filed, to
transfer (excluding grants of security interests or liens) from BGE to
[[Page 13044]]
its proposed parent, or to any other affiliated company, facilities for
production, transmission, or distribution of electric energy having a
depreciated book value exceeding 10 percent (10%) of BGE's consolidated
net utility plant as recorded on its books of account; and (2) should
the restructuring of BGE, as described herein, not be completed by
March 1, 2000, 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.
For further details with respect to this action, see the
application dated November 20, 1998, and supplement dated January 8,
1999, which are available for public inspection at the Commission's
Public Document Room, the Gelman Building, 2120 L Street, NW.,
Washington, D.C., and at the local public document room located at the
Calvert County Library, Prince Frederick, Maryland 20678.
Dated at Rockville, Maryland this 8th day of March 1999.
For the Nuclear Regulatory Commission.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
Carl J. Paperiello,
Director, Office of Nuclear Material Safety and Safeguards.
[FR Doc. 99-6348 Filed 3-15-99; 8:45 am]
BILLING CODE 7590-01-P
