[Federal Register Volume 63, Number 33 (Thursday, February 19, 1998)]
[Notices]
[Pages 8502-8503]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4148]


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NUCLEAR REGULATORY COMMISSION

[Docket No. 50-293]


Boston Edison Company (Pilgrim Nuclear Power Station); Order 
Approving Application Regarding the Corporate Restructuring of Boston 
Edison Company by Establishment of a Holding Company

I

    Boston Edison Company (BECo) is sole owner of the Pilgrim Nuclear 
Power Station (Pilgrim). BECo holds Facility Operating License No. DPR-
35 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 June 8, 
1972. Under this license, BECo has the authority to own and operate 
Pilgrim. Pilgrim is located in Plymouth County, Massachusetts.

II

    By an application dated June 9, 1997, BECo requested that the 
Commission approve under 10 CFR 50.80 the transfer of control of the 
license that would result from a proposed corporate restructuring of 
BECo. Under the restructuring, a holding company under the name ``BEC 
Energy'' will be created of which BECo would become a wholly owned 
subsidiary. The holders of BECo common stock would automatically become 
holders of common stock of the

[[Page 8503]]

new parent company on a share-for-share basis, according to the 
application. Notice of this application for consent was published in 
the Federal Register on December 12, 1997 (62 FR 65448); and an 
Environmental Assessment and a Finding of No Significant Impact was 
published in the Federal Register on December 15, 1997 (62 FR 65716).
    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 June 9, 1997, the staff 
of the U.S. Nuclear Regulatory Commission has determined that the 
proposed restructuring of BECo will not affect the qualifications of 
BECo as holder of the license for Pilgrim and that the transfer of 
control of the license, to the extent effected by the restructuring of 
BECo, 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 February 11, 1998.

III

    Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended; 42 U.S.C. 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 proposed 
restructuring of BECo subject to the following: (1) BECo 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 BECo 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 BECo's consolidated net utility plant, as 
recorded on BECo's books of account, and (2) should the restructuring 
of BECo 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.
    This Order is effective upon issuance.

IV

    By March 23, 1998, 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 the Commission's Public Document Room, The Gelman 
Building, 2120 L Street, NW., Washington, D.C. 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 20555-0001, and to William S. 
Stowe, Esq., Boston Edison Company, 800 Boylston Street, Boston, MA 
02199, Assistant General Counsel for BECo.
    For further details with respect to this action, see the 
application for approval regarding the corporate restructuring dated 
June 9, 1997, and the safety evaluation dated February 11, 1998, which 
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 Plymouth Public Library, 
11 North Street, Plymouth, Massachusetts.

    Dated at Rockville, Maryland, this 11th day of February 1998.
    For the Nuclear Regulatory Commission.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 98-4148 Filed 2-18-98; 8:45 am]
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