[Federal Register Volume 63, Number 206 (Monday, October 26, 1998)]
[Notices]
[Pages 57141-57142]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-28581]


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NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-244 and 50-410]


Rochester Gas and Electric Corp., Niagara Mohawk Power Co., R.E. 
Ginna Nuclear Power Plant, Nine Mile Point Nuclear Station, Unit No. 2; 
Indirect Transfer of Operating License

    Notice is hereby given that the United States Nuclear Regulatory 
Commission (the Commission) is considering the issuance of an Order 
approving under 10 CFR 50.80 an application regarding an indirect 
transfer of the operating license for Nine Mile Point Nuclear Station, 
Unit No. 2 (NMP2), to the extent held by Rochester Gas and Electric 
Corporation (RG&E), and the operating license for the R. E. Ginna 
Nuclear Power Plant (Ginna). The indirect transfer would be to a 
holding company, not yet named, over RG&E in accordance with the 
``Amended and Restated Settlement Agreement'' before the Public Service 
Commission of the State of New York dated October 23, 1997. RG&E is 
licensed by the Commission to own and possess a 14% interest in NMP2 
and to wholly own and operate Ginna.
    By application dated July 30, 1998, as supplemented August 18, 
1998, and September 14, 1998, Paul C. Wilkens, Senior Vice President--
Generation, of RG&E, informed the Commission that, subject to 
shareholder and regulatory approvals, RG&E is planning to implement 
corporate restructuring whereby RG&E would become a wholly owned 
subsidiary of a newly formed holding company. The common stock of RG&E 
would be exchanged on a share-for-share basis for common stock of the 
holding company such that the holding company would own all the 
outstanding common stock of RG&E. The holding company, and not RG&E, 
would be the owner of any non-utility subsidiaries engaged in 
unregulated business activities. RG&E would remain as an owner and 
licensee for possession of NMP2 and as the owner and operating licensee 
of Ginna. The transaction would not involve any change in either the 
management organization or technical personnel of Niagara Mohawk Power 
Corporation, which is responsible for operating and maintaining NMP2, 
or involve any change in RG&E's nuclear management or technical 
qualifications. Under this restructuring, RG&E would continue to be an 
``electric utility'' as defined in 10 CFR 50.2 engaged in the 
transmission, distribution and the generation of electricity. No direct 
transfer of the operating licenses or ownership interests in NMP2 and 
Ginna will result from the proposed restructuring. The transaction 
would have no effect upon the financing of the RG&E nuclear facilities.
    Pursuant to 10 CFR 50.80, the Commission may approve the transfer 
of the control of a license, after notice to interested persons. Such 
approval is contingent upon the Commission's determination that the 
holder of the license following the transfer is qualified to hold the 
license and that the transfer is otherwise consistent with applicable 
provisions of law, regulations, and orders of the Commission.

[[Page 57142]]

    For further details with respect to this proposed action, see the 
RG&E application dated July 30, 1998, as supplemented August 18, 1998 
and September 14, 1998. These documents are available for public 
inspection at the Commission's Public Document Room, the Gelman 
Building, 2120 L Street, NW., Washington, DC, and the local public 
document rooms located at the Penfield Library, State University of New 
York, Oswego, New York 13126 and at the Rochester Public Library, 115 
South Avenue, Rochester, New York 14610.

    Dated at Rockville, Maryland, this 16th day of October 1998.
Guy S. Vissing,
Senior Project Manager, Project Directorate I-1, Division of Reactor 
Projects--I/II, Office of Nuclear Reactor Regulation.
[FR Doc. 98-28581 Filed 10-23-98; 8:45 am]
BILLING CODE 7590-01-P