[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]


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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