[Federal Register Volume 60, Number 129 (Thursday, July 6, 1995)]
[Notices]
[Pages 35251-35252]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-16711]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26323]


Filings Under the Public Utility Holding Company Act of 1935, as 
amended (``Act'')

June 30, 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 18, 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 applicant(s) and/or declaration(s), as 
filed or as amended, may be granted and/or permitted to become 
effective.

UtiliCorp United, Inc. and Northern States Power Co. (31-910)

    UtiliCorp United, Inc. (``UtiliCorp''), 911 Main Street, Kansas 
City, Missouri, 64105, a holding company exempt from registration under 
rule 10 promulgated under the Act, and Northern States Power Co. 
(``Northern''), 414 Nicollet Mall, Minneapolis, Minnesota, 55401, a 
holding company exempt from registration under section 3(a)(2) of the 
Act, have filed an application under section 3(b) of the Act and rule 
10 thereunder for an order of exemption in connection with their 
contemplated acquisition of an interest in United Energy (``United''), 
an electric utility company organized under the laws of Australia.
    UtiliCorp and Northern propose to participate in a consortium 
(``Consortium'') that will prepare a bid to acquire 100% of the issued 
and outstanding stock of United. United is one of the five electric 
distribution companies created, and currently owned, by the state of 
Victoria, Australia. Each of the five distribution companies created by 
the state of Victoria will be separately put up for sale, beginning 
with United in June 1995. The Consortium will be comprised of a 
special-purpose subsidiary (``Subsidiary''), 70% of which will be owned 
by UtiliCorp and 30% of which will be owned by NRG Enery, Inc. 
(``NRG''), a wholly owned subsidiary company of Northern, and two to 
five institutional investors from Australia. It is expected that, if 
the bid is accepted, UtiliCorp will indirectly acquire an equity 
interest in United of approximately 35% and Northern will indirectly 
acquire an equity interest in United of approximately 15%.
    Neither UtiliCorp or any corporation owned or controlled by 
UtiliCorp, nor Northern or any corporation owned or controlled by 
Northern, is subject to regulation under the Act. United is not a 
public utility company operating in the United States and does not, and 
following the proposed acquisition will not, serve any customers in the 
United States. United does not derive any income from U.S. operations 
or sources within the United States.
    UtiliCorp and Northern assert that, since the operations of United 
will be exclusively within Australia, its sales and revenues, and the 
regulation thereof, have little or no effect on the rates and business 
of electric sales and generation within the United States. Accordingly, 
UtiliCorp and Northern assert that regulation of United as a subsidiary 
of a holding company under the Act is not necessary for either the 
public interest or for the protection of investors, and therefore no 
regulatory purpose would be served by treating United as a subsidiary 
of a holding company.
    UtiliCorp and Northern state that, as a special-purpose subsidiary 
to be formed for the primary purpose of acquiring an interest in 
United, the Subsidiary will derive no income from U.S. operations and 
will not be a public utility company operating in the Untied States. 
The Subsidiary will not engage in any business other than the 
acquisition of United and participation in the management and 
operations of United. Accordingly, regulation of the Subsidiary as a 
subsidiary of a holding company under the Act is not necessary for 
either the public interest or for the protection of investors.



[[Page 35252]]

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-16711 Filed 7-3-95; 8:45 am]
BILLING CODE 8010-01-M