[Federal Register Volume 63, Number 180 (Thursday, September 17, 1998)]
[Notices]
[Page 49720]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-24958]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-26916]


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

September 11, 1998.
    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 under the Act. 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 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 October 5, 1998, to the Secretary, Securities and Exchange 
Commission, Washington, DC 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 
should 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 October 5, 1998, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

American Electric Power Company, Inc., et al.

(70-9353)

    American Electric Power Company, Inc. (``AEP''), a registered 
holding company, and AEP Energy Services, Inc. (``AEPES'') and AEP 
Resources, Inc. (``Resouces''), wholly owned non-utility subsidiaries 
of AEP (collectively, ``Applicants''), all located at 1 Riverside 
Plaza, Columbus, Ohio 43215, have filed an application-declaration 
under sections 6(a), 7, 9(a), 10 and 12(b) of the Act, and rule 54 
under the Act.
    By orders dated September 13, 1996 (HCAR No. 26572) and September 
27, 1996 (HCAR No. 26583) (collectively, ``1996 Orders''), this 
Commission authorized AEP to form one or more direct or indirect 
nonutility subsidiaries to broker and market certain energy 
commodities. Applicants now propose to acquire, through December 31, 
2003 (the ``Authorization Period''), certain non-utility energy assets 
in the United States (collectively, ``Energy Assets'').\1\ Energy 
Assets would be incidental to, and would assist Applicants and their 
subsidiaries in connection with the energy trading, marketing and 
brokering activities authorized in the 1996 Orders.\2\
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    \1\ Energy Assets include natural gas production, gathering, 
processing, storage and transportation facilities and equipment, 
liquid oil reserves and storage facilities, and associated 
facilities.
    \2\ They would also be incidential to, and used to assist any 
other energy trading, marketing or brokering subsidary later 
acquired by Applicants in connection with these activities.
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    In addition, Applicants propose to acquire the equity securities of 
companies substantially all of whose physical properties consist of 
Energy Assets (``Energy Asset Companies''). Investments in Energy 
Assets or Energy Asset Companies would not exceed $800 million 
(``Investment Limitation'').
    Furthermore, AEP proposes to issue securities to finance the 
acquisition of Energy Assets or of the equity securities of Energy 
Asset Companies. Securities which AEP proposes to issue would include 
common stock, long-term debt securities and guaranties of indebtedness 
issued by AEPES, Resources and any existing or new, direct or indirect 
subsidiary of AEPES or Resources (``Applicant Subsidiaries''). These 
guaranties would also include guaranties of securities issued by any 
existing or new, direct or indirect special purpose financing 
subsidiary of Applicants organized specifically for the purpose of 
financing the acquisition of Energy Assets or of the equity securities 
of Energy Asset Companies (``Special Purpose Subsidiary''). In 
addition, Applicants request authority during the Authorization Period 
For Applicant Subsidiaries, as well as any Special Purpose Subsidiary, 
to issue debt or equity securities to finance these acquisitions, 
including guarantees as appropriate, to the extent such issuances are 
not exempt under rule 52 or rule 45(b).
    The aggregate outstanding amount of all financings to acquire 
Energy Assets, or equity securities of Energy Asset Companies, will not 
exceed the Investment Limitation. Borrowings incurred or guaranteed 
would be evidenced by notes having maturities of not greater than 15 
years from the date of issue. The financing authority sought is in 
addition to the financing authority granted to AEP by Commission order 
dated May 4, 1988 (HCAR No. 26867).

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-24958 Filed 9-16-98; 8:45 am]
BILLING CODE 8010-01-M