[Federal Register Volume 61, Number 71 (Thursday, April 11, 1996)]
[Notices]
[Page 16147]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-8989]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26502; International Series Release No. 964]


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

April 5, 1996.
    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 April 29, 1996, 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.

NorAm Energy Corp. (70-8811)

    NorAm Energy Corporation (``NorAm''), 1600 Smith, 11th Floor, 
Houston, Texas, 77002, has filed an application under Section 3(b) of 
the Act for an order of exemption in connection with its contemplated 
acquisition, for an aggregate investment of up to $100 million over the 
next five-year period, of minority interests in businesses to establish 
and operate natural gas pipeline and distribution systems throughout 
Latin America (``Latin American Projects'').\1\

    \1\ $100 million, as of December 31, 1995, represents 
approximately 2.7% of NorAm's consolidated assets and approximately 
4.5% of NorAm's total capitalization.
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    NorAm is engaged in the distribution and transmission of natural 
gas, with business and operations in Texas, Louisiana, Arkansas, 
Mississippi, Oklahoma, Missouri and Minnesota. NorAm is not a public 
utility holding company under the Act.
    NorAm proposes to participate in the Latin American Projects 
through wholly owned subsidiaries (``NorAm Subsidiaries'') that will 
acquire equity or debt interests in entities formed to hold the 
interests of various parties in the Latin American Projects (``Project 
Entities'').\2\ NorAm will never acquire more than 49% of the equity or 
49% of the debt of any Latin American Project.

    \2\ By order dated August 1, 1995 (HCAR No. 26345), the 
Commission issued to NorAm an order of exemption in connection with 
its contemplated acquisition of an interest in Gas Natural, S.A. 
(``Gas Natural''), a gas public utility, shares of which were to be 
sold by the Colombian government pursuant to a privatization plan. 
The shares have not yet been sold. The $100 million that NorAm 
proposes to spend over the next five-year period for the Latin 
American Projects would include the cost of the shares in Gas 
Natural.
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    The businesses to establish and operate natural gas distribution 
systems would be gas utility companies under the Act. Thus NorAm, the 
NorAm Subsidiaries, and the Project Entities would each be a holding 
company under the Act.
    Section 3(b) of the Act authorizes the Commission to exempt any 
subsidiary company of a holding company from the Act if such subsidiary 
company derives no material part of its income, directly or indirectly, 
from sources within the United States, and neither it nor any of its 
subsidiary companies is a public utility company operating in the 
United States.
    NorAm states that the Latin American Projects will not derive any 
income, directly or indirectly, from sources in the United States, and 
will not operate, or have any subsidiary operating, as a public utility 
company in the United States. NorAm further states that the proposed 
acquisitions will not affect or impair utility functions or the 
financial condition of NorAm. Under these circumstances, NorAm states 
that it is not necessary in the public interest or for the protection 
of investors to subject the businesses to any provisions of the Act.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-8989 Filed 4-10-96; 8:45 am]
BILLING CODE 8010-01-M