[Federal Register Volume 62, Number 11 (Thursday, January 16, 1997)] [Notices] [Pages 2399-2400] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 97-1089] ----------------------------------------------------------------------- NUCLEAR REGULATORY COMMISSION [Docket No. 50-344] Portland General Electric Company, Trojan Nuclear Plant; Consideration of Approval of Application Regarding Proposed Corporate Restructuring Notice is hereby given that the U.S. Nuclear Regulatory Commission (the Commission) is considering approval under 10 CFR 50.80 of an application concerning the proposed corporate restructuring of Portland General Corporation (PGC), the parent holding company for Portland General Electric (PGE), the licensee for the Trojan Nuclear Plant (TNP). By letter dated August 20, 1996, as supplemented by letter dated October 30, 1996, PGE informed the Commission that PGE's parent company, PGC, has agreed to a merger with Enron Corporation, subject to certain conditions. Those conditions include approval by the shareholders of the companies and obtaining appropriate governmental approvals which do not impose terms or conditions that would be reasonably likely to have an adverse effect on PGC or Enron. Under the Agreement and Plan of Merger the businesses of Enron and PGC would be combined by means of the re-incorporation of Enron as an Oregon corporation through the merger of Enron with, and into, a wholly owned Enron subsidiary, New Falcon Corporation (the name to be changed to Enron Corporation, but is hereinafter referred to as the ``Merger Company''). As a result the shareholders of Enron will become shareholders of the Merger Company. In addition, PGC will combine with the Merger Company. The shareholders of PGC will become shareholders of the Merger Company on a share for share basis. PGE will continue to be headquartered in Portland and senior management will remain in place. The merger will not affect PGE's status as a regulated public electric utility in the State of Oregon. According to PGE, the planned merger of PGE's parent company, PGC, with the Merger Company should improve the overall financial strength and stability of PGE's parent company after the merger. After the merger PGE will continue to be [[Page 2400]] the NRC licensee for Trojan Nuclear Plant and no direct transfer of the operating license or interests in the unit will result from the merger. Pursuant to 10 CFR 50.80, the Commission may approve the transfer of control of a license after notice to interested persons. Such approval is contingent upon the Commission's determination that the holder of the license following the transfer is qualified to hold the license and that the transfer is otherwise consistent with applicable provisions of law, regulations, and orders of the Commission. For further details with respect to this action, see the licensee's letter dated August 20, 1996, as supplemented by letters dated October 16, 1996, and October 30, 1996. These documents are 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 Branford Price Millar Library, Portland State University, 934 SW Harrison Street, PO Box 1151, Portland, Oregon 97207. Dated at Rockville, MD., this 10th day of January 1997. For the Nuclear Regulatory Commission, Marvin M. Mendonca, Acting Director Non-Power Reactors and Decommissioning Project Directorate, Division of Reactors Program Management, Office of Nuclear Reactor Regulation. [FR Doc. 97-1089 Filed 1-15-97; 8:45 am] BILLING CODE 7590-01-P