[Federal Register Volume 62, Number 238 (Thursday, December 11, 1997)]
[Notices]
[Pages 65298-65299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32368]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-26790]


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

December 4, 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 December 29, 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 Co., et al. (70-8981)

    Consolidated Natural Gas Company (``CNG''), CNG Tower, 625 Liberty 
Avenue, Pittsburgh, Pennsylvania 15222-3199, a registered holding 
company, its wholly-owned nonutility subsidiary company, CNG Energy

[[Page 65299]]

Services Corporation (``Energy Services''), One Park Ridge Center, P.O. 
Box 15746, Pittsburgh, Pennsylvania 15244-0746, and CNG Power Company 
(``Power''), One Park Ridge Center, P.O. Box 15746, Pittsburgh, 
Pennsylvania 15244-0746, a nonutility subsidiary company of Energy 
Services, have filed an application-declaration under sections 6(a), 7, 
12(b), 13 and 32 of the Act and rules 45, 53, 54, 83, 87, 90 and 91 
under the Act.
    CNG proposes that Power become the vehicle for CNG investments in 
exempt wholesale generators (``EWGs'') in the U.S. Investments in EWGs 
would be made with internally generated funds. CNG proposes that 
intermediate companies be formed to make EWG investments 
(``Intermediate Companies''). The Intermediate Companies will be 
special-purpose subsidiaries that may acquire interests in other 
corporations, joint ventures, partnerships, and other investment 
entities created to invest in EWGs.
    CNG, Energy Services, Power and its subsidiary companies, including 
the Intermediate Companies, seek Commission authorization to enter into 
guarantee arrangements, to obtain letters of credit, and otherwise to 
provide credit support through December 31, 2002 with respect to EWG 
investments. The maximum aggregate limit on all such credit support 
would be $150 million.
    Energy Services and its affiliates propose to perform services or 
construction for, or sell goods to, EWGs in which Power has acquired an 
interest. Services, construction and goods may be market-priced if the 
EWGs provide no services, construction or goods to CNG utility 
companies in the U.S.
    Energy Services and its affiliates also propose to contract with 
CNG companies to provide those services, construction and goods to 
EWGs. Services, construction and goods obtained from U.S. CNG utility 
companies would be cost-priced but services, construction and goods 
from CNG non-utility subsidiary companies would be cost-priced or 
market-priced--provided that services, construction and goods from CNG 
non-utility subsidiary companies ``substantially'' involved in the 
provision of services, construction or goods to U.S. CNG utility 
companies would be cost-priced.
    Energy Services has authorized capital of 4,000 shares of common 
stock, $1.00 par value per share (``Common Stock''). CNG proposes to 
change the par value of each share of Common Stock from $1.00 to 
$10,000 and increase the authorized shares to 50,000 shares. CNG states 
that the issuance of addition Common Stock for $10,000 per share will 
allow Energy Services to consummate additional equity financing for the 
proposed transitions and for other authorized or exempt transactions.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-32368 Filed 12-10-97; 8:45 am]
BILLING CODE 8010-01-M