[Federal Register Volume 62, Number 239 (Friday, December 12, 1997)]
[Notices]
[Pages 65449-65450]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32524]


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NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-003 and 50-247]


Consolidated Edison Company of New York, Inc.; (Indian Point 
Nuclear Generating Unit Nos. 1 and 2)

I

    Consolidated Edison Company of New York, Inc. (Con Edison), is sole 
owner of Indian Point Nuclear Generating Units Nos. 1 and 2. Con Edison 
holds Facility Operating License Nos. DPR-5 and DPR-26 issued by the 
U.S. Atomic Energy Commission pursuant to Part 50 of Title 10 of the 
Code of Federal Regulations (10 CFR Part 50) on March 26, 1962, and 
September 28, 1973, respectively. Under these licenses, Con Edison has 
the authority to possess, but not operate, Indian Point Nuclear 
Generating Unit No. 1 (IP1), and to operate Indian Point Nuclear 
Generating Unit No. 2 (IP2). Indian Point Nuclear Generating Units Nos. 
1 and 2 are located in Westchester County, New York.

II

    By letter dated December 24, 1996, Con Edison 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 of HoldCo., of which Con Edison would become a 
wholly owned subsidiary. Under the restructuring, the holders of Con 
Edison common stock will exchange their shares for common stock of the 
parent company on a share-for-share basis. By letter dated February 19, 
1997, the staff deemed Con Edison's letter as an application for 
comment, under 10 CFR 50.80, to the indirect transfer of the licenses 
that would result from the corporate restructuring. Notice of this 
application for consent was published in the Federal Register on July 
14, 1997 (62 FR 37627), and an Environmental Assessment and Finding of 
No Significant Impact was published in the Federal Register on October 
6, 1997 (62 FR 52159).
    Under 10 CFR 50.80, 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 application dated December 24, 1996, the 
NRC staff has determined that the restructuring of Con Edison will not 
affect the qualifications of Con Edison as holder of the licenses, and 
that the transfer of control of the licenses for IP1 and IP2, to the 
extent effected by the restructuring of Con Edison, 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 December 4, 
1997.

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 Con Edison 
subject to the following: (1) Con Edison 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 Con Edison 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 10 percent (10%) of Con Edison's consolidated net utility 
plant, as recorded on Con Edison's books of account, and (2) should the 
restructuring of Con Edison not be completed by December 31, 1998, this 
Order shall become null and void, provided, however, on application and 
for good cause shown, such date may be extended.

IV

    By December 31, 1997, 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: Rulemakings and Adjudications Staff, 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 Brent L. Brandenburg, 
Consolidated Edison Company of New York, Inc., 4 Irving Place, New 
York, NY 10003, Assistant General Counsel for Con Edison.
    For further details with respect to this Order, see the application 
for approval regarding the corporate restructuring dated December 24, 
1996, and the Safety Evaluation dated December 4, 1997, 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 White Plains Public Library, 
100 Martine Avenue, White Plains, New York 10610.

    Dated at Rockville, Maryland, this 4th day of December 1997.


[[Page 65450]]


    For the Nuclear Regulatory Commission.
Frank J. Miraglia,
Acting Director, Office of Nuclear Reactor Regulation.
[FR Doc. 97-32524 Filed 12-11-97; 8:45 am]
BILLING CODE 7590-01-P