[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