[Federal Register Volume 62, Number 123 (Thursday, June 26, 1997)]
[Notices]
[Page 34489]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-16699]
[[Page 34489]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26732]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
June 20, 1997.
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 14, 1997, 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.
Consolidated Natural Gas Company, et al. (70-7258)
Consolidated Natural Gas Company (``CNG''), a registered holding
company, and its subsidiaries Consolidated System LNG Company, CNG
Research Company, CNG Financial Services, Inc. (``Financial
Services''), Consolidated Natural Gas Service Company, Inc., CNG
International Corporation (``International'') CNG Power Services
Corporation (``Power Services''), CNG Telecom, Inc. (``Telecom'') and
The Peoples Natural Gas Company, each of CNG Tower, 625 Liberty Avenue,
Pittsburgh, Pennsylvania 15222; CNG Coal Company, CNG Producing
Company, and CNG Pipeline Company (``Pipeline''), each of CNG Tower,
1450 Poydras Street, New Orleans, Louisiana 70112; CNG Transmission
Corporation, CNG Storage Service Company (``Storage Service'') and CNG
Iroquois, Inc. (``Iroquois''), each of 445 West Main Street,
Clarksburg, West Virginia 26301; CNG Power Company (formerly CNG Energy
Company), CNG Market Center Services, Inc. (``Market Center''), CNG
Products and Services, Inc. (``Products and Services''), CNG Energy
Services Corporation (formerly CNG Trading Company) (``Energy
Services''), CNG Retail Services Corporation (``Retail Services''),
each of One Park Ridge Center, P.O. Box 15746, Pittsburgh, Pennsylvania
15244; The East Ohio Gas Company, 1717 East Ninth Street, Cleveland,
Ohio 44115; Virginia Natural Gas, Inc. (``VNG''), 5100 East Virginia
Beach Boulevard, Norfolk, Virginia 23501; and Hope Gas, Inc., P.O. Box
2868, Clarksburgh, West Virginia 26302 (collectively,
``Subsidiaries''), have filed a post-effective amendment to an
application-declaration pursuant to sections 6(a), 7, 9(a), 10 and
12(b) of the Act and Rules 43 and 45 and 54 thereunder.
By orders dated June 12, 1986 and July 16, 1986, HCAR No. 24128 and
24150 (``Original Orders''), respectively, CNG and most of the
Subsidiaries were authorized to establish the Consolidated System Money
Pool (``Money Pool'').\1\ By order dated May 27, 1987 (HCAR No. 24399),
Pipeline and Energy Services were authorized to become participants in
the Money Pool. By order dated February 14, 1990 (HCAR No. 25040), VNG
was authorized to become a participant in the Money Pool. By orders
dated May 13, 1991 (HCAR No. 25311), April 8, 1994 (HCAR No. 26021)
(``April 1994 Order''), and October 21, 1994 (HCAR No. 26148), Storage
Service, Iroquois and Market Center, respectively, were each authorized
to become a participant in the Money Pool. In the April 1994 Order, the
Commission authorized a change in the interest rate charged on advances
from the Money Pool.
---------------------------------------------------------------------------
\1\ Two of the original applicants, The River Gas Company and
West Ohio Gas Company, merged into The East Ohio Gas Company
pursuant to two Commission orders dated April 29, 1994 (HCAR No.
26038) and December 10, 1996 (HCAR No. 26619), respectively.
---------------------------------------------------------------------------
Pursuant to an order of the Commission dated February 23, 1995
(HCAR No. 26234), Financial Services is engaged in the business of
financing the purchase of certain gas equipment by customers who have
or may purchase gas from a CNG subsidiary. By order dated May 30, 1996
(HCAR 26523), CNG was authorized to establish International, for the
purpose of making investments in foreign utility companies, as defined
in section 33 of the Act, and exempt wholesale generators (``EWGs''),
as defined in section 32 of the Act, outside the United States. By
order dated August 28, 1995 (HCAR No. 26363), the Commission authorized
CNG to engage in the business of providing certain energy-related
products and services to customers of its local distribution
subsidiaries and CNG formed Products and Services to engage in this
business. By order dated January 15, 1997 (HCAR No. 26647), CNG
authorized Retail Services, a subsidiary of Energy Services, to market
all types of energy commodities at retail. Power Services is an EWG and
is CNG's national power marketing subsidiary. Telecom is an ``exempt
telecommunications Company,'' as defined in section 34 of the Act.
Financial Services, International, Products and Services, Retail
Services, Power Services and Telecom now request authorization to
participate in the Money Pool, subject to the terms and conditions
previously authorized by the Commission in the Original Orders, as
amended by the April 1994 Order.
By orders dated July 26, 1995, March 28, 1996, May 30, 1996,
October 25, 1996, November 19, 1996 and January 15, 1997 (HCAR Nos.
26341, 26500, 26523, 26595, 26608 and 26647, respectively), the
Commission authorized CNG to establish or acquire interests in entities
to engage in certain energy-related businesses more particularly
described in those orders. Applicants also request authorization for
these entities to participate in the Money Pool, subject to the terms
and conditions previously authorized by the Commission in the Original
Orders, as amended by the April 1994 Order.
Funds taken from and provided to the Money Pool would be made in
the form of open account advances. Open account advances would be
repayable not more than one year from the date of the first advance.
The rate charged to borrowers from the Money Pool equals the effective
weighted average rate of interest on CNG's outstanding commercial paper
and/or revolving credit borrowings. If no such borrowings are
outstanding on the date of any advance, then the interest rate would be
the Federal Funds' effective rate of interest as quoted daily by the
Federal Reserve Bank of New York.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-16699 Filed 6-25-97; 8:45 am]
BILLING CODE 8010-01-M