[Federal Register Volume 59, Number 224 (Tuesday, November 22, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-28809]


[[Page Unknown]]

[Federal Register: November 22, 1994]


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DEPARTMENT OF ENERGY
[Docket No. ER94-1384-000]

 

Morgan Stanley Capital Group, Inc.; Issuance of Order

November 16, 1994.
    On June 21, 1994, as supplemented on September 9, 1994, Morgan 
Stanley Capital Group, Inc. (MS Capital) filed an application 
requesting Commission approval to sell electricity at market-based 
rates. MS Capital is a wholly-owned subsidiary of Morgan Stanley Group 
Inc. (Morgan Stanley), a large, international investment banking 
company.\1\ In its application, MS Capital sought waiver of certain of 
the Commission's regulations. In particular, MS Capital requested that 
the Commission grant blanket approval under 18 CFR Part 34 of all 
future issuances of securities and assumptions of liabilities by MS 
Capital. On November 8, 1994, the Commission issued an Order Accepting 
Market-Based Rate Schedule For Filing, Granting And Denying Requests 
For Waivers And Authorizations, And Addressing Marketers' Annual Charge 
Obligations (order), in the above-docketed proceeding.
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    \1\Morgan Stanley operates in seven business lines (investment 
banking, equity products, fixed income products, merchant banking, 
asset management, foreign exchange trading, and commodities 
activities), many of which involve dealings with public utilities. 
Morgan Stanley acts as a securities underwriter, sometimes for 
utility securities, and as a market-maker in stocks and bonds, 
including utility stocks and bonds. Morgan Stanley also acts as an 
investment banker, advising utility clients on financial and capital 
matters. Morgan Stanley also holds securities of utilities for the 
accounts of its clients. Various subsidiaries provide merchant 
banking functions and own interests in electric power generation 
facilities such as qualifying facilities (OFs).
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    The Commission's November 8, 1994 Order granted the request for 
blanket approval under 18 CFR Part 34, subject to the following 
conditions found in Ordering Paragraphs (C), (D), and (F):
    (C) Within 30 days of the date of this order, any person desiring 
to be heard or to protest the Commission's blanket approval of 
issuances of securities or assumptions of liabilities by MS Capital 
should file a motion to intervene or protest with the Federal Energy 
Regulatory Commission, 825 North Capitol Street, NE., Washington, DC 
20426, in accordance with Rules 211 and 214 of the Commission's Rules 
of Practice and Procedure, 18 CFR 385.211 and 385.214 (1994).
    (D) Absent a request to be heard within the period set forth in 
Ordering Paragraph (C) above, MS Capital is hereby authorized, pursuant 
to section 204 of the Federal Power Act, to issue securities and assume 
obligations or liabilities as guarantor, endorser, surety, or otherwise 
in respect of any security of another person; provided that such issue 
or assumption is for some lawful object within the corporate purposes 
of MS Capital, compatible with the public interest, and reasonably 
necessary or appropriate for such purposes.
    (F) The Commission reserves the right to modify this order and to 
require a further showing that neither public or private interests will 
be adversely affected by continued Commission approval of MS Capital's 
issuances of securities or assumptions of liabilities, or by the 
continued holding of any affected interlocks.
    Notice is hereby given that the deadline for filing motions to 
intervene or protests, as set forth above, is December 8, 1994. Copies 
of the full text of the order are available from the Commission's 
Public Reference Branch, room 3308, 941 North Capitol Street, NE., 
Washington, DC 20426.
Linwood A. Watson, Jr.,
Acting Secretary.
[FR Doc. 94-28809 Filed 11-21-94; 8:45 am]
BILLING CODE 6717-01-M