[Federal Register Volume 63, Number 113 (Friday, June 12, 1998)]
[Notices]
[Pages 32251-32252]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15641]


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NUCLEAR REGULATORY COMMISSION

[Docket No. 50-423]


In the Matter of Central Maine Power Company, (Millstone Nuclear 
Power Station, Unit 3) Order Approving Application Regarding the 
Restructuring of Central Maine Power Company by Establishment of a 
Holding Company

I

    Central Maine Power Company (CMP), a 2.5 percent owner of the 
Millstone Nuclear Power Station, Unit 3 (Millstone Unit 3), one of the 
13 other owners of Millstone Unit 3, is a co-holder of Facility 
Operating License No. NPF-49 issued by the U.S. Nuclear Regulatory 
Commission (NRC) pursuant to Part 50 of Title 10 of the Code of Federal 
Regulations (10 CFR Part 50) on January 31, 1986. Under this license, 
Northeast Nuclear Energy Company (NNECO), has the exclusive authority 
to operate Millstone Unit 3. Millstone Unit 3 is located in New London 
County, Connecticut.

II

    By an application dated March 4, 1998, CMP, by and through its 
counsel, Morgan, Lewis, and Bockius, requested consent pursuant to 10 
CFR 50.80 regarding the proposed restructuring of CMP. Under the 
restructuring, CMP would become a wholly owned subsidiary of a newly 
created holding company but would continue to hold its 2.5 percent 
ownership interest in Millstone Unit 3. No direct transfer of the 
license would occur. NNECO, which is not involved in the proposed 
transaction, would continue to be the licensed operator for Millstone 
Unit 3. The holders of CMP common stock would automatically become 
holders of common stock of the new holding company on a share-for-share 
basis, according to the application.
    Notice of this application for consent was published in the Federal 
Register on April 24, 1998 (63 FR 20434); and an Environmental 
Assessment and Finding of No Significant Impact was published in the 
Federal Register on May 4, 1998 (63 FR 24576).
    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 March 4, 1998, the NRC 
staff has determined that the proposed restructuring of CMP by creation 
of a holding company will not

[[Page 32252]]

affect the qualifications of CMP as a holder of Facility Operating 
License No. NPF-49, and that the transfer of control of the license, to 
the extent effected by the proposed restructuring, 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 June 2, 1998.

III

    Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended; 42 U.S.C. Subsections 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 CMP subject to the following: (1) CMP 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 CMP 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 CMP's consolidated net utility plant, as 
recorded on CMP's books of account; and (2) should the restructuring of 
CMP 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 July 13, 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, DC 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; Lillian M. Cuoco, Esq., 
Northeast Utilities Service Company, P.O. Box 270, Hartford, 
Connecticut, 06106-5127, Senior Nuclear Counsel to NNECO; and to Kevin 
P. Gallen, Esq., Morgan, Lewis, and Bockius, 1800 M Street, NW., 
Washington, DC 20036-5869, Counsel for CMP.
    For further details with respect to this action, see the 
application for approval regarding the corporate restructuring dated 
March 4, 1998, the NRC staff's Safety Evaluation dated 1998, and 
Environmental Assessment and Finding of No Significant Impact dated 
April 24, 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 Learning Resources Center, Three Rivers Community-Technical 
College, 574 New London Turnpike, Norwich, Connecticut, and at the 
Waterford Library, ATTN: Vince Juliano, 49 Rope Ferry Road, Waterford, 
Connecticut.

    Dated at Rockville, Maryland, this 2nd day of June 1998.

    For the Nuclear Regulatory Commission.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 98-15641 Filed 6-11-98; 8:45 am]
BILLING CODE 7590-01-M