[Federal Register Volume 61, Number 150 (Friday, August 2, 1996)]
[Notices]
[Pages 40468-40469]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-19672]
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NUCLEAR REGULATORY COMMISSION
[Docket Nos. 50-254 and 50-265]
Commonwealth Edison Company and MidAmerican Energy Company, (Quad
Cities Nuclear Power Station, Units 1 and 2); Order Approving the
Indirect Transfer of Licenses as Part of the Corporate Restructuring of
Midamerican Energy Company by Establishment of a Holding Company
I
MidAmerican Energy Company (MEC) holds a 25-percent ownership
interest in Quad Cities Nuclear Power Station, Units 1 and 2.
Commonwealth Edison Company (ComEd) owns the remaining 75-percent share
of the facility. MEC and ComEd are governed by Facility Operating
License Nos. DPR-29 and DPR-30 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 December 14, 1972. Under these
licenses, ComEd, acting as agent and representative of the two owners
listed on the licenses, has the authority to operate the Quad Cities
Nuclear Power Station, Units 1 and 2. Quad Cities is located in Rock
Island County, Illinois.
II
By letter dated April 4, 1996, MEC informed the Commission that it
was in the process of implementing a corporate restructuring. MEC
proposes to restructure itself by establishing a holding company,
MidAmerican Energy Holdings Company (MEHC), which would become the
parent corporation to, and sole owner of, MEC. MEC would continue to
remain a 25-percent minority owner and possession-only licensee of the
Quad Cities Nuclear Power Station, Units 1 and 2. MEC 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. Upon consummation of the restructuring,
common stockholders of MEC would receive one share of stock in MEHC in
exchange for each share of MEC stock held. MEC requested the
Commission's approval of the indirect license transfers to the extent
affected by the proposed corporate restructuring, pursuant to 10 CFR
50.80. Notice of this request for approval was published in the Federal
Register on June 14, 1996 (61 FR 30263).
Upon review of the information submitted in MEC's letter of April
4, 1996, and other information before the Commission, the NRC staff has
determined that the restructuring, subject to the conditions set forth
herein, will not affect the qualifications of MEC as a holder of the
license, and is otherwise consistent with applicable provisions of law,
regulations, and orders issued by the Commission. These findings are
supported by a Safety Evaluation dated July 29, 1996.
III
By September 3, 1996, 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
[[Page 40469]]
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: Docketing and Services Branch, or may be delivered to
11545 Rockville Pike, Rockville, Maryland, between 7:45 a.m. and 4:15
p.m. Federal workdays, by the above date. Copies should be also sent to
the Office of the General Counsel and the Director, Office of Nuclear
Reactor Regulation, U.S. Nuclear Regulatory Commission, Washington, DC
20555-0001; Michael I. Miller, Esquire, Sidley and Austin, One First
National Plaza, Chicago, Illinois 60603, attorney for ComEd; and Jack
R. Newman, Esquire, Morgan, Lewis and Bockius, LLP, 1800 M Street, NW,
Washington, D.C. 20036, attorney for MEC.
IV
Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the
Atomic Energy Act of 1954, as amended, 42 USC 2201(b), 2201(i),
2201(o), and 2234; and 10 CFR 50.80, It is hereby ordered That the
Commission consents to the indirect transfers of the licenses held by
MEC to the extent affected by the proposed restructuring of MEC subject
to the following: (1) MEC 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 MEC 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 one percent
(1%) of MEC's consolidated net utility plant, as recorded on MEC's
books of account, and (2) should the restructuring of MEC not be
completed by December 31, 1997, this Order shall become null and void,
provided, however, on application and for good cause shown, such date
may be extended.
For further details with respect to this action, see the
application for consent concerning the proposed corporate restructuring
of MEC dated April 4, 1996, which is 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 Dixon Public Library, 221 Hennepin Avenue, Dixon,
Illinois.
Dated at Rockville, Maryland, this 29th day of July 1996.
For the Nuclear Regulatory Commission.
William T. Russell,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 96-19672 Filed 8-1-96; 8:45 am]
BILLING CODE 7590-01-P
