[Federal Register Volume 61, Number 207 (Thursday, October 24, 1996)]
[Notices]
[Page 55174]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-27293]



[[Page 55174]]

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NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-133, 50-275 and 50-323]


Pacific Gas and Electric Company; (Humboldt Bay Power Plant, Unit 
3, and Diablo Canyon Nuclear Power Plant, Units 1 and 2); Order 
Approving Application Regarding the Corporate Restructuring of Pacific 
Gas and Electric Company by Establishment of a Holding Company

I

    Pacific Gas and Electric Company (PG&E) is sole owner of Humboldt 
Bay Power Plant (HBPP), Unit 3, and Diablo Canyon Nuclear Power Plant 
(DCPP), Units 1 and 2. PG&E holds Facility Operating License No. DPR-7 
issued by the U.S. Atomic Energy Commission (AEC) and holds Facility 
Operating License Nos. DPR-80 and DPR-82 issued by the U.S. Nuclear 
Regulatory Commission (NRC) pursuant to Part 50 of Title 10 of the Code 
of Federal Regulations (10 CFR Part 50) on August 28, 1962, November 2, 
1984 and August 26, 1985, respectively. Under these licenses, PG&E has 
the authority to possess, but not operate the Humboldt Bay Power Plant, 
Unit 3, and to operate Diablo Canyon Nuclear Power Plant, Units 1 and 
2. Humboldt Bay is located in Humboldt County, California and Diablo 
Canyon is located in San Luis Obispo County, California.

II

    By letter dated November 1, 1995, PG&E informed the Commission that 
it was in the process of implementing a corporate restructuring that 
will result in the creation of a holding company under the temporary 
name PG&E Parent Co., Inc. (``Parent Company'') of which PG&E would 
become a subsidiary. Under the restructuring, the holders of PG&E 
common stock will become holders of common stock of the Parent Company. 
PG&E requested, to the extent necessary, the Commission's approval of 
the corporate restructuring, pursuant to 10 CFR 50.80. Notice of this 
application for approval was published in the Federal Register on April 
5, 1996 (61 FR 15314), and an Environmental Assessment and Finding of 
No Significant Impact was published in the Federal Register on June 18, 
1996 (61 FR 30924).
    Under 10 CFR 50.80(a), no license shall be transferred, directly or 
indirectly, through transfer of control of the license, unless the 
Commission shall give its consent in writing. Upon review of the 
information submitted in the letter of November 1, 1995, and other 
information before the Commission, the NRC staff has determined that 
the restructuring of PG&E will not affect the qualifications of PG&E as 
holder of the licenses, and that the transfer of control of the 
licenses for HBPP and DCPP, to the extent effected by the restructuring 
of PG&E, is otherwise consistent with applicable provisions of law, 
regulations, and orders issued by the Commission, subject to the 
conditions set forth herein. These findings are supported by a Safety 
Evaluation dated October 18, 1996.

III

    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 
approves the application regarding the restructuring of PG&E subject to 
the following: (1) PG&E 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 PG&E 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 ten percent 
(10%) of PG&E's consolidated net utility plant, as recorded on PG&E's 
books of account; and (2) should the restructuring of PG&E 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.

IV

    By November 25, 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 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 
11555 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 to the Director, Office of 
Nuclear Reactor Regulation, U.S. Nuclear Regulatory Commission, 
Washington, DC 20555, and to Christopher J. Warner, Esquire, Pacific 
Gas & Electric Company, Post Office Box 7442, San Francisco, California 
94120, attorney for PG&E.
    For further details with respect to this Order, see the application 
for approval of the corporate restructuring dated November 1, 1995, 
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 California 
Polytechnic State University, Robert E. Kennedy Library, Government 
Documents and Maps Department, San Luis Obispo, California 93407.

    Dated at Rockville, Maryland, this 18th day of October 1996.

    For the Nuclear Regulatory Commission.
Frank J. Miraglia,
Acting Director, Office of Nuclear Reactor Regulation.
[FR Doc. 96-27293 Filed 10-23-96; 8:45 am]
BILLING CODE 7590-01-P