[Federal Register Volume 60, Number 121 (Friday, June 23, 1995)]
[Notices]
[Pages 32726-32728]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-15368]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26310]
Filings Under the Public Utility Holding Company Act of 1935, as
amended (``Act'')
June 16, 1995.
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 July 10, 1995, 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.
Maine Yankee Atomic Power Company (No. 70-7627)
Maine Yankee Atomic Power Company (``Maine Yankee''), 329 Bath
Road, Brunswick, Maine 04011, an indirect subsidiary of Northeast
Utilities and New England Electric System, both registered holding
companies, 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 July 18, 1989 (HCAR No. 24925), Maine Yankee was
authorized to enter into a Secured Credit Agreement (``Agreement'')
with a syndicate of commercial banks and to issue promissory notes
(``Notes'') under the Agreement, through August 31, 1992, from time-to-
time in an outstanding aggregate principal amount of up to $50 million.
The Notes could have maturities of from one day to ten years from the
date of issuance. By subsequent order dated August 20, 1992 (HCAR No.
25608), Maine Yankee was authorized to amend the Agreement (``Amended
Agreement'') in several respects, including the interest rate options,
and to extend the time in which it could issue Notes in the same
outstanding aggregate principal amount, through August 31, 1995.
Maine Yankee now proposes to extend the time in which it may issue
Notes under the Amended Agreement in the same outstanding aggregate
principal amount and under the same terms and conditions, through
August 31, 1998.
Consolidated Natural Gas Company, et al. (70-8619)
Consolidated Natural Gas Company (``CNG''), a registered holding
company, CNG Tower, 625 Liberty Avenue, Pittsburgh, Pennsylvania 15222-
3199, and its wholly owned nonutility subsidiary companies, CNG
Research Company and Consolidated Natural Gas Service Company, Inc.,
both located at CNG Tower, 625 Liberty Avenue, Pittsburgh, Pennsylvania
15222-3199; CNG Coal Company; CNG Producing Company (``Producing'') and
its subsidiary company, CNG Pipeline Company, all located at CNG Tower,
1450 Poydras Street, New Orleans, Louisiana 70112-6000; CNG
Transmission Corporation and CNG Storage Service Company, both located
at 445 West Main Street, Clarksburg, West Virginia 26301; CNG Energy
Services Corporation (``Energy Services''), One Park Ridge Center, P.O.
Box 15746, Pittsburgh, Pennsylvania 15244-0746; and CNG's public-
utility subsidiary companies, The Peoples Natural Gas Company, CNG
Tower, 625 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3199; The
East Ohio Gas Company, located at 1717 East Ninth Street, Cleveland,
Ohio 44114-0759; Virginia Natural Gas, Inc., 5100 East Virginia Beach
Boulevard, Norfolk, Virginia 23502-3488; Hope Gas, Inc., P.O. Box 2868,
Clarksburg, West Virginia 26301-2868; and West Ohio Gas Company (``West
Ohio''), P.O. Box 1217, Lima, Ohio 45802-1217 (Collectively,
``Subsidiaries''), have filed an application-declaration under sections
6(a), 6(a)(2), 7, 9(a), 10, 12(b) and 12(c) of the Act and rules 43 and
45. A notice was issued by the Commission with respect to this
application-declaration on June 2, 1995 (HCAR No. 26300) (``Notice'').
As set forth in the notice and, more completely, in the
application-declaration, CNG has proposed to issue and sell commercial
paper and/or short term notes from time to time through June 30, 1996
in amounts not to exceed $1.25 billion and to finance the Subsidiaries
with up to $1.225 billion through June 30, 1996. Additionally, CNG
Producing proposes through June 30, 1996 to purchase up to 10,000
shares of its common stock from CNG. Also, CNG Energy Services proposes
to issue and sell shares of its common stock to CNG at amounts greater
than par up to a maximum of $10,000 per share.
Consolidated Natural Gas Company, et al. (70-8621)
Consolidated Natural Gas Company (``Consolidated''), CNG Tower,
Pittsburgh, Pennsylvania 15222-3199, a registered holding company, and
its wholly owned nonutility subsidiary company, CNG Energy Service
Corporation (``Energy Services''), One Park Ridge Center, Pittsburgh,
Pennsylvania 15244-0746, have filed an application-declaration under
sections 9(a), 10 and 12(b) of the Act and rule 45 thereunder.
By order dated February 27, 1987 (HCAR No. 24329) (``Order''), the
Commission authorized Energy Services, among other things, to be the
gas marketing subsidiary company for the Consolidated System.
Specifically, the Order authorizes Energy Services, as a gas marketer,
to purchase, pool, transport, exchange, store and sell gas supplies
from competitively priced sources, including the spot markets,
independent producers and brokers, and the Consolidated System
producing affiliate, CNG Producing Company (``Gas Related
Activities'').
Energy Services is financed by Consolidated pursuant to the
authorizations granted in annual Consolidated intra-system financing
proceedings. Energy Services is currently authorized, for the period
July 1, 1994 through June 30, 1995, to receive up to $100 million from
Consolidated under the system financing order dated June 27, 1994 (HCAR
No. 26072) (``Financing [[Page 32727]] Authority''). A request to
increase the amount of such Financing Authority to $300 million for the
fiscal period July 1, 1995 through June 30, 1996 is currently under
review by the Commission.
Energy Services now proposes, without further Commission approval,
to invest an aggregate amount not to exceed the lesser of $150 million
or its unused Financing Authority to acquire: (1) an ownership
interest, which may be up to 50% of the voting or nonvoting stock, in
one or more corporations established for the sole purpose of engaging
in Gas Related Activities; (2) either into its own name or through a
wholly owned special purpose subsidiary company, up to 50% of the
general partnership interests in one or more partnerships, or up to 50%
voting equity interest in one or more other joint business entities
such as joint ventures or limited liability companies, which are
established for the sole purpose of engaging in Gas Related Activities;
and/or (3) up to 100% of the limited partnership interests in one or
more partnerships established for the sole purpose of engaging in Gas
Related Activities. None of the projects in which Energy Services would
seek to invest will be a utility company.
Energy Services is currently reviewing a number of possible
investments in projects with nonaffiliates which would enhance its
ability to obtain supplies of natural gas for its customers. None of
the projects currently under study would by itself require equity
investment by Energy Services or its subsidiary company in excess of
$25 million, with most of the opportunities being in the $3 to $5
million investment range. The amount that could be invested by Energy
Services in joint entities would be included in the Financing Authority
available to Energy Services from Consolidated. However, the amount
invested (including capitalized development expenses) by Energy
Services in such joint entities will in no event exceed the lesser of
$150 million or the unused amount authorized for Consolidated financing
of Energy Services during the authorization period ending December 31,
1997.
Consolidated and Energy Services propose to guarantee their
obligations incurred as a result of equity investments made in the
joint entities up to an aggregate amount not to exceed the lesser of
$150 million or its unused Financing Authority. Such guarantees, if
made by Consolidated, would be calculated as part of the maximum $750
million authority to guarantee obligations of Energy Services granted
in Commission order dated November 16, 1993 (HCAR No. 25926).
Atlantic Energy, Inc. (70-8647)
Atlantic Energy, Inc. (``Atlantic''), 6801 Black Horse Pike,
Pleasantville, New Jersey 08232, an exempt public utility holding
company, has filed an application under Sections 9(a)(2) and 10 of the
Act.
By order dated October 15, 1987 (HCAR. 24475) (``Order''),
Atlantic, a New Jersey corporation, became a public utility holding
company exempt from all provisions of the Act except section 9(a)(2)
pursuant to section 3(a)(1). Atlantic's principal electric utility
subsidiary company, Atlantic City Electric Company (``ACE''), provides
electric service in southern New Jersey. The Order authorized Atlantic
to acquire the common stock of ACE and those of ACE's electric utility
subsidiary company, Deepwater Operating Company, pursuant to Sections
9(a)(2) and 10 of the Act.
The Order was issued subject to the condition that neither Atlantic
nor any non-utility subsidiary of Atlantic would, without prior
authorization of the Commission, acquire from any person other than a
subsidiary company or an affiliate of the acquiring company, or an
affiliate of any associate company, any securities, utility assets or
interests in other business other than:
1. Such securities, utility assets, or interest in any business,
as could property be acquired under the Act were the acquiring
company a registered holding company or an associate for a
registered holding company, without further authorization,
permission, or approval by the Commission;
2. Securities, or assets, or an interest in a business,
representing (a) an investment in qualifying cogeneration
facilities, as defined, pursuant to PURPA in any geographic area or
(b) an investment in a small power production project located in the
service territory of Atlantic Electric or any other member of the
Pennsylvania-New Jersey Maryland Interconnection or within other
areas hereafter allowed by law or applicable regulation;
3. Securities, or assets, or an interest in any business,
representing an investment in a business which is, or upon
completion of the construction thereof will be, functionally related
to Atlantic Electric's utility business;
4. Securities, or assets, or an interest in any business
representing a passive investment in property acquired on terms
substantially equivalent to those authorized by the Commission in
Central and South West Corp., HCAR No. 23578, 32 SEC Docket 412
(January 22, 1985);
5. The purchase by an investment subsidiary of Atlantic Energy
of accounts receivable of associate companies in Atlantic Energy's
system and others on terms substantially equivalent to those
authorized by the Commission in Central and South West Corp., HCAR
No. 23767, 33 SEC Docket 971 (July 19, 1985) and HCAR No. 24157, 36
SEC Docket 245 (July 31, 1986); or
6. Securities, or assets, or any interest in any business (a)
which is substantially equivalent to any type of investment of any
registered holding company or any exempt holding company, or any
subsidiary company of any such company, that shall have been
authorized, permitted, or approved by order of the Commission issued
subsequent to January 1, 1987, or by any rule or regulation of the
Commission, or (b) which conforms to any guidelines or restrictions
of a general or generic nature applicable to registered holding
companies or exempt holding companies or subsidiaries thereof, that
have been adopted or approved by order of the Commission issued
subsequent to January 1, 1987, or by any rule or regulation of the
Commission.
Atlantic requests that the condition be removed from the Order
because the circumstances which gave rise to the inclusion of the
condition in the Order no longer exist and such removal would not be
detrimental to the public interest. Atlantic notes that ACE's rates and
certain other matters are subject to regulation by the New Jersey Board
of Public Utilities (``BPU'') and Atlantic believes that the regulatory
structure in existence in New Jersey is sufficient to protect
ratepayers' interests.
In addition, the New Jersey Division of the Ratepayer Advocate,
which is the successor to Rate Counsel, has indicated that it does not
object to the removal of the condition, subject to Atlantic agreeing to
remain in compliance, unless the Ratepayer Advocate shall agree to any
deviation, with the following limitation on non-utility investments:
So long as Atlantic Energy shall be an exempt holding company
under the 1935 Act, except as may otherwise be authorized, permitted
or approved by order of the Commission, or of any successor
commission, under the 1935 Act, neither Atlantic Energy nor Atlantic
City Electric shall make any investment, including loans, in any
non-utility subsidiary, affiliate or associate company that would
cause the total investment by Atlantic Energy and Atlantic City
Electric in all such non-utility subsidiaries, affiliates and
associate companies to exceed, at the time any such investment is
made, 10% of Atlantic Energy's consolidated assets. For purposes of
the foregoing, a company primarily engaged in the business of
investing in and/or the ownership or operation of, qualifying
facilities, as defined by, PURPA [the Public Utility Regulatory
Policies Act of 1978], shall be deemed not to be a ``non-utility''
subsidiary, affiliate or associate company.
This limitation is contained in an agreement between Atlantic and
Rate Counsel established at the time of the formation of Atlantic as a
holding company.
[[Page 32728]] For the Commission, by the Division of Investment
Management, pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-15368 Filed 6-22-95; 8:45 am]
BILLING CODE 8010-01-M
