[Federal Register Volume 64, Number 121 (Thursday, June 24, 1999)]
[Notices]
[Pages 33937-33941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16082]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-27038]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
June 18, 1999.
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
applications(s) and/or declaration(s) for complete statements of the
proposed transactions(s) summarized below. The application(s) and/or
declarations(s) and any amendments is/are available for public
inspection through the Commission's Branch of Public Reference.
Interested persons wishing to comment or request a hearing on the
applications(s) and/or declaration(s) should submit their views in
writing by July 13, 1999, to the Secretary, Securities and Exchange
Commission, Washington, D.C. 20549-0609, 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 facts 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 July 13, 1999, the application(s) and/or
declaration(s), as filed or as amended, may be granted and/or permitted
to become effective.
Allegheny Energy, Inc. et al. (70-9483)
Allegheny Energy, Inc. (``Allegheny''), a registered holding
company, AYP Energy, Inc. (``AYP Energy''),\1\ a wholly owned
nonutility subsidiary of Allegheny, and Allegheny Power Service
Corporation (``APSC''), a service subsidiary of Allegheny, all located
at 10435 Downsville Pike, Hagerstown, MD 21740-1766, and, West Penn
Power Company (``West Penn''),\2\ a wholly owned public utility
electric subsidiary of Allegheny, located at 800 Cabin Hill Drive,
Greensburg, Pennsylvania 15601, (collectively, ``Applicants''), have
filed an application-declaration under sections 6(a), 7, 9(a), 10,
12(b) and 13(b) of the Act and rules 45, 46, 54, 90 and 91 under the
Act.
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\1\ AYP Energy owns a 50% interest in Unit No. 1 of the Ft.
Martin Power Station located in Monongalia County, Maidsville, West
Virginia. AYP Energy is a wholly owned utility subsidiary of AYP
Capital, Inc., which is a wholly owned nonutility subsidiary of
Allegheny.
\2\ In addition to West Penn, the Monongahela Power Company
(``Monongahela'') and the Potomac Edison Company (``Potomac
Edison'') are direct, wholly owned public utility subsidiaries of
Allegheny. West Penn, Potomac Edison and Monongahela jointly own
Allegheny Generating Company (``AGC''), which owns a 40% undivided
interest in a pumped-storage hydroelectric generating facility and
related transmission facilities located in Bath County, Virginia
(``Bath Project'').
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In August 1997, West Penn was required to file a restructuring plan
with the Pennsylvania Public Utility Commission (``PUC''), which, among
other things, unbundled generation from transmission and distribution.
The restructuring plan was contested and became the subject of
hearings. These hearings resulted in a settlement that the Pennsylvania
PUC approved on November 19, 1998 (``Settlement Agreement''). The
settlement authorized and provided state regulatory pre-approval for
West Penn to transfer its generating assets to a new affiliate in the
Allegheny system at net book value.
West Penn requests authorization to form and capitalize a single
member limited liability corporation (``Energy
[[Page 33938]]
Subsidiary'') as a wholly owned subsidiary and to acquire all of the
limited liability interests in Energy Subsidiary. Further, West Penn
proposes to transfer utility generating assets (``Generating Assets'')
and other rights and obligations to Energy Subsidiary in exchange for
cash and/or a promissory note, secured by a purchase money mortgage, in
an amount not to exceed the Generating Assets' net book value of $990
million (``Promissory Notes''). Additionally, West Penn proposes to
engage in the following transactions with Energy Subsidiary: transfer
generation related assets and net liabilities and debt, including
outstanding pollution control and solid waste disposal notes
(collectively, ``Associated Liabilities''); make capital contributions
(Allegheny may also make capital contributions to Energy
Subsidiary);\3\ transfer AGC shares; assign its rights to generation
from the Bath Project, notes and/or obligations (collectively, ``Bath
Project Rights and Obligations''); assign rights and responsibilities
under joint-owner operating agreements for Ft. Martin Unit No. 1
(``Joint-Owner Operating Agreements''); and, assign rights to electric
energy generated by Ohio Valley Electric Corporation (``OVEC'') \4\ and
obligations related to the OVEC Power Agreement (collectively, ``OVEC
Agreements, Rights and Obligations'').
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\3\ Contributions by Allegheny or West Penn to Energy Subsidiary
may take the form of any combination of: (1) purchases of capital
shares, partnership interests, member interests in limited liability
companies, trust certificates or other forms of equity interests;
(2) open account advances without interest; (3) loans; and (4)
guarantees.
\4\ OVEC is an investor-owned utility furnishing electric
service in the Ohio River Valley area that was formed for the
purpose of providing large electric power requirements for a major
uranium enrichment complex built by the Atomic Energy Commission
near Portsmouth, Ohio. Allegheny has a 12.5% ownership interest in
OVEC. Allegheny OVEC and other investor-owned utilities entered into
an Inter-Company Power Agreement, dated July 10, 1953 (the ``OVEC
Power Agreement'') by which the parties thereto allocated each
utility's share of the power generated by OVEC and by the Indiana-
Kentucky Electric Corporation. Under the OVEC Power Agreement,
Allegheny assigned to West Penn, the right to receive 7% of the
power participation benefits of OVEC.
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Applicants requests authorization to form and capitalize a wholly
owned Subsidiary of Energy Subsidiary for the purpose of holding
generating assets, rights, interests and related obligations
(``GENCO''). Additionally, Applicants propose to transfer and assign
from Energy Subsidiary to GENCO: Generating Assets; OVEC Agreements,
Right and Obligations; Bath Project Rights and Obligations; service
agreements with APSC (``Service Agreements''); Joint-Owner Operating
Agreements; and, Associated Liabilities all in exchange for the limited
liability interests in GENCO (collectively, ``Energy Subsidiary
Assets'').\5\ West Penn proposes to acquire the Energy Subsidiary
Assets in exchange for the Promissory Notes.
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\5\ Allegheny plans to dissolve Energy Subsidiary after all
transfers described in Item 1 are completed an Energy Subsidiary
will then hold no assets and GENCO will then be owned directly by
Allegheny.
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AYP Energy proposes to transfer its assets to GENCO \6\ in exchange
for the assumption of AYP Energy's debt by GENCO; and assign AYP
Energy's rights and responsibilities under the Joint-Owner Operating
Agreement for Ft. Martin Unit No. 1 to GENCO.
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\6\ The interest in Ft. Martin Unit No. 1 is AYP Energy's only
asset.
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Initially, Allegheny anticipates that Energy Subsidiary and GENCO
will not have their own paid employees. Personnel employed by APSC, a
service company approved by the Commission under section 13 of the Act
will provide a wide range of services on an as-needed basis to those
companies under Service Agreements entered into between each of those
companies and APSC. The proposed Service Agreements will take effect
upon Commission approval and will be similar in all material aspects to
those service agreements which APSC has executed APSC will render
services to Energy Subsidiary and GENCO in accordance with rules 90 and
91.
Applicants also seek authority to permit GENCO to obtain
independent or parent-supported financing using various methods,
including, but not limited to, bank financing and/or bank credit
support, project financing, commercial paper programs, sales of secured
or unsecured debt, notes debentures and issuances of equity, up to $500
million (''General Financing''), in addition to the Promissory Notes.
Additionally, Allegheny seeks authority to make loans, guarantees and
enter support agreements to and for GENCO and any other type of
investments in and for GENCO as deemed necessary, through December 31,
2007, up to an aggregate of $900 million (``Loans, Guarantees and
Investment Authority'') which would be in addition to the General
Financing and Promissory Notes. Loans by Allegheny or West Penn to
Energy Subsidiary will have interest rates and maturities that are
designed to parallel Allegheny's or West Penn's, as the case may be,
effective cost of capital.
West Penn also will enter into a leaseback agreement (``Leaseback
Agreement''), through January 2, 2000, with GENCO for approximately
one-third of the total electrical energy generating capacity of the
Generating Assets. Allegheny's largest service territory is in
Pennsylvania. West Penn is incorporated in Pennsylvania and its entire
service territory is located within Pennsylvania. Pennsylvania has
begun to restructure it electric markets under the state's Electricity
Generation Customer Choice and Competition Act of 1996 (``Competition
Act'').\7\ The Competition Act allowed two-thirds of West Penn's
generation load to choose its generation supplier beginning January 2,
1999. The remaining one-third will be permitted to choose its
generation supplier beginning January 2, 2000. West Penn is obligated
to continue to directly supply the generation needs of the remaining
one-third customers until January 2, 2000. The Leaseback Agreement
fulfills West Penn's service obligation.
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\7\ The Competition Act requires the unbundling of electric
services into separate supply, transmission, and distribution
services with open retail competition for supply in connection with
the restructuring and unbundling of electric services in
Pennsylvania.
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Authorization is also requested for GENCO to enter into operating
and other agreements, related to the Generating Assets, with West Penn
for the operation of all other Generating Assets. Applicants state that
the amounts payable by West Penn under the Leaseback Agreement will be
computed in accordance with Rules 90 and 91 under the Act and other
applicable rules and regulations.
NSTAR (70-9495)
NSTAR, c/o BEC Energy, 800 Boylston Street, Boston, Massachusetts
02199, a Massachusetts business trust not currently subject to the Act,
seeks an order under sections 9(a)(2) and 10 authorizing it to acquire
all of the outstanding voting securities of BEC Energy and Commonwealth
Energy System (``COM Energy''), each a Massachusetts business trust and
public utility holding company exempt from registration under section
3(a)(1) of the Act from all provisions of the Act, except section
9(a)(2). NSTAR also requests an exemption under section 3(a)(1) from
all of the provisions of the Act, except section 9(a)(2), upon
consummation of the proposed transaction.
BEC Energy is an exempt holding company by order of the
Commission.\8\ BEC Energy's principal subsidiaries are Boston Edison
Company (``Boston Edison''), an electric public utility company, and
Boston Energy Technology Group, Inc. (``BETG''), a nonutility
subsidiary company. BETG,
[[Page 33939]]
in turn, owns several subsidiaries engaged in various nonutility
businesses.
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\8\ See BEC Energy, Holding Co. Act Release No. 26874 (May 15,
1998).
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Boston Edison, a Massachusetts corporation, is engaged in the
generation,\9\ purchase, transmission, distribution, and sale of
electric energy in a service territory covering about 590 square miles
within 30 miles of Boston, Massachusetts, encompassing the City of
Boston and 39 surrounding cities and towns. Boston Edison serves about
663,000 customers at retail, and it also sells electric energy at
wholesale to other electric utilities and municipal electric
departments. Boston Edison is regulated by the Massachusetts Department
of Telecommunications and Energy and the Federal Energy Regulatory
Commission (``FERC'').
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\9\ Boston Edison voluntarily divested its fossil generation
business in Massachusetts restructuring proceedings. Boston Edison's
only remaining generation asset is the 670 MW Pilgrim nuclear power
plant, which Boston Edison recently agreed to sell to Entergy
Nuclear Generation Company.
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Boston Edison wholly owns Harbor Electric Company (``Harbor
Electric''), a Massachusetts corporation that delivers electric energy
from Boston Edison to the Massachusetts Water Resources Authority
(``MWRA''), a large retail customer. Harbor Electric owns a small
distribution system used exclusively for distribution to the MWRA.
Harbor Electric has no generation and does not engage in wholesale
sales or purchases.
Boston Edison is a member of the New England Power Pool
(``NEPOOL''), and it has committed its pool transmission facilities to
the operational control of ISO-New England, Inc. (``ISO-New England'').
ISO-New England's principal responsibilities include administration of
the NEPOOL open access transmission tariff (``NEPOOL Tariff''), the
operational control of the New England bulk power system, protection of
NEPOOL system reliability, and oversight of the New England Power
Exchange. The FERC's order authorizing the establishment of ISO-New
England and the transfer of operational control of the NEPOOL grid to
that entity was issued on June 25, 1997.\10\ On July 1, 1997, ISO-New
England was activated. Although Boston Edison continues to own its
transmission facilities, pool transmission facilities usage is and will
be governed by ISO-New England.
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\10\ See New England Power Pool, 79 FERC P. 61,374 (1997), reh'g
pending.
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For the year ending December 31, 1998, BEC Energy's operating
revenues and assets on a consolidated basis were approximately $1.623
billion and $3.214 billion, respectively. As of December 31, 1998, BEC
Energy had 47,184,073 outstanding shares of common stock, $1.00 par
value.
COM Energy claims an instrastate exemption by rule 2. COM Energy
wholly owns five operating public-utility companies; (1) Cambridge
Electric Light Company (``Cambridge Electric''); (2) Canal Electric
Company (``Canal Electric''); (3) Commonwealth Electric Company (``COM
Electric''); (4) Commonwealth Gas Company (``COM Gas''); and (5)
Medical Area Total Energy Plant, Inc. (``MATEP''). COM Energy also
wholly owns several subsidiaries engaged in nonutility businesses,
including steam distribution, servicing and processing liquefied
natural gas, and the sale of energy products.
COM Electric, a Massachusetts corporation, is engaged in the
purchase, transmission,\11\ distribution and resale of power and energy
in a service territory of about 1,100 square miles in 40 communities in
southeastern Massachusetts, including Cape Cod, Martha's Vineyard, and
the counties of Plymouth, Bristol, Barnstable, and Duke. COM Electric
serves about 327,000 electric customers at retail. COM Electric also
sells electric energy at wholesale to other electric utilities.
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\11\ COM Electric is a member of NEPOOL and COM Electric has
committed its pool transmission facilities to the operational
control of ISO-New England, Inc.
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Cambridge Electric, a Massachusetts corporation, is engaged in the
purchase, transmission,\12\ distribution, and resale of power and
energy in a service territory of about seven square miles. Cambridge
Electric provides retail services in the City of Cambridge,
Massachusetts to about 45,000 electric customers. Cambridge Electric
also sells power for resale to the Town of Belmont, Massachusetts, and
through the NEPOOL.
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\12\ Cambridge Electric is a member of NEPOOL, and Cambridge
Electric has committed its pool transmission facilities to the
operational control of ISO-New England, Inc.
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Canal Electric, a Massachusetts corporation, is engaged in the
purchase and sale of electricity at wholesale to affiliates Cambridge
Electric and COM Electric. With the exception of an ownership interest
in the Seabrook 1 nuclear power facility, Canal Electric has no
generating assets.
MATEP is a Massachusetts corporation and wholly owned subsidiary of
Advanced Energy Systems, Inc., which, in turn, is a wholly owned
subsidiary of COM Energy. MATEP owns and operates a 62 MW steam,
chilled water and electric generating facility located in the Longwood
Medical area of Boston (``Facility''). MATEP sells the output of the
Facility to MATEP LLC, a Delaware limited liability company wholly
owned by MATEP, and MATEP LLC resells the steam, chilled water, and
electricity to several teaching hospitals affiliated with Harvard
University.
COM Gas, a Massachusetts corporation, is a local gas distribution
company serving about 239,000 customers in a service territory of about
1,067 square miles in the Cities of Cambridge and Somerville, a small
portion of Boston, and in various other eastern and southeastern
Massachusetts municipalities in Bristol, Middlesex, Norfolk, Plymouth,
and Worcester counties.
COM Energy also owns several nonutility subsidiaries, including:
(1) COM Energy Marketing, Inc., a power marketing subsidiary; (2)
Advanced Energy Systems, Inc., which owns and operates energy
facilities, including MATEP and MATEP LLC; (3) Hopkinton LNG Corp,
which owns and operates facilities for the liquefication, storage, and
vaporization of natural gas for COM Gas; (4) COM Energy Steam Company,
a steam distribution company; (5) COM Energy Resources, Inc., which
engages in the sale of energy and energy services; (6) Energy
Investment Services, Inc., which invests the proceeds of Canal
Electric's asset generation sales on behalf of utility customers; (7)
COM Energy Technologies, Inc., which is engaged in the production,
distribution, marketing and sale of energy information and control
products and technologies; (8) COM Energy Acushnet Realty, a realty
trust that leases land to Hopkinton LNG Corp., described above; (9) COM
Energy Cambridge Realty, a realty trust that holds various properties;
(10) COM Energy Freetown Realty, a realty trust organized to develop a
600 acre parcel of land that it owns in Freetown, Massachusetts; (11)
COM Energy Research Park Realty, a realty trust organized to develop a
research complex; (12) COM Energy Services Company, the service company
for the COM Energy holding company system; and (13) Darvel Realty
Trust, a realty trust that owns, develops, and operates real estate.
For the year ended December 31, 1998, COM Energy's operating
revenues and assets on a consolidated basis were $980 million and
$1.763 billion, respectively. Also as of December 31, 1998, COM Energy
had 21,540,550 outstanding shares of common stock, $2.00 par value.
NSTAR states that the merged electric system will meet the
standards of section 2(a)(29)(A) as the electric operations of BEC
Energy and COM
[[Page 33940]]
Energy will be integrated. NASTAR states that BEC Energy and COM Energy
have adjacent electric service territories that are physically
interconnected. Boston Edison and Cambridge Electric are directly
interconnected at two points. Further, COM Electric and Boston Edison
are directly interconnected at five points, and they jointly own a
transmission line, which runs from West Medway, Massachusetts to the
Massachusetts-Rhode Island border in Uxbridge, Massachusetts. MATEP's
13.8 kV distribution system is physically interconnected with Boston
Edison's 13.8 kV distribution system at a number of locations, and
there are interconnections between the two systems at each of MATEP's
customers' facilities. In addition, with the exception of Harbor
Electric and MATEP, the electric utility subsidiaries of both BEC
Energy and COM Energy are all members of NEPOOL.
NSTAR was formed to facilitate the merger of BEC Energy and COM
Energy. BEC Energy and COM Energy together own all of NSTAR's issued
and outstanding shares. NSTAR has three subsidiaries: (1) NSTAR
Delaware LLC, a limited liability company organized under Delaware law
(``NSTAR Delaware''), of which NSTAR owns 100% of the membership
interests; (2) BEC Acquisition LLC, a limited liability company
organized under Massachusetts law (``BEC Energy Merger Sub''), of which
NSTAR owns 99.99% of the membership interests and NSTAR Delaware owns
the remaining 0.01% membership interest; and (3) CES Acquisition LLC, a
limited liability company organized under Massachusetts law (``COM
Energy Merger Sub''), of which NSTAR owns 99.99% of the membership
interests and NSTAR Delaware owns the remaining 0.01% membership
interest. (NSTAR Delaware, BEC Energy Merger Sub and COM Energy Merger
Sub are collectively the ``Merger Subs''.) Upon completion of the
proposed transaction, both BEC Energy and COM Energy will become wholly
owned subsidiaries of NSTAR, and NSTAR will become the new holding
company for the combined holding company systems.
Under the Amended and Restated Agreement and Plan of Merger, dated
December 5, 1998 and amended and restated May 4, 1999, among NSTAR, BEC
Energy, COM Energy, BEC Energy Merger Sub, and COM Energy Merger Sub
(``Merger Agreement''), BEC Energy will merge with the BED Energy
Merger Sub (``BEC Merger''), with BEC Energy as the surviving entity,
and COM Energy will merger with COM Energy Merger Sub (``COM Energy
Merger''), with COM Energy as the surviving entity. (The BEC Merger and
the COM Energy Merger are the ``Mergers''.) The Mergers will occur
simultaneously. As a result of the Mergers, NSTAR will become the
direct and, through NSTAR Delaware, indirect owner of all of the
outstanding shares of common stock of BEC Energy and COM Energy. NSTAR
Delaware will then be liquidated and its interests in each of BEC
Energy and COM Energy will be transferred to NSTAR.
For the BEC Merger, each share of common stock of BEC Energy (other
than shares held by BEC Energy, COM Energy, NSTAR or their
subsidiaries, which shall be canceled) outstanding immediately prior to
the BEC Merger will be converted into the right to receive either
$44.10 in cash or one common share of NSTAR, and each 1% membership
interest in BEC Merger Sub outstanding immediately prior to the BEC
Merger will be converted into 100 shares of the common stock of BEC
Energy. Each share of common stock of NSTAR held by BEC Energy will be
canceled.
For the COM Energy Merger, each share of common stock of COM Energy
(other than shares held by BEC Energy, COM Energy, NSTAR or their
subsidiaries, which will be canceled) outstanding immediately prior to
the COM Energy Merger will be converted into the right to receive
either $44.10 in cash or 1.05 shares of the common stock of NSTAR, and
each 1% membership interest in COM Energy Merger Sub outstanding
immediately prior to the COM Energy Merger will be converted into 100
shares of the common stock of COM Energy. Each share of the common
stock of NSTAR held by COM Energy will be canceled.
NSTAR states that the Mergers will produce benefits to the
consumers of electricity and gas in Massachusetts. The respective
managements and Board of Trustees of BEC Energy and COM Energy decided,
as a result of industry restructuring and the generation plant
divestitures by BEC Energy and COM Energy, to focus on their
distribution business and to expand geographically through combinations
with other electric and gas delivery businesses. NSTAR states that the
Mergers will provide a basis for NSTAR to become the premier electric
and gas distribution business in the New England region and will
provide strategic financial opportunities for both companies and their
shareholders. NSTAR also states that the Mergers will provide benefits
to its customers and employees, including: improved customer service;
cost savings and cost avoidances; an improved competitive and strategic
position in the markets for transporting and distributing energy and
marketing energy services; and expanded management resources.
The application states that, following the Mergers, NSTAR will meet
the requirements for an exemption under section 3(a)(1). It is stated
that NSTAR and its public utility subsidiaries will be predominantly
intrastate in character and will carry on their business substantially
in Massachusetts, the state in which they are organized.
American Electric Power Co. Inc., et al. (70-8693)
American Electric Power Company, Inc. (``AEP''), 1 Riverside Plaza,
Columbus, Ohio 43215, a registered holding company, and its eight
electric utility subsidiary companies, Appalachian Power Company
(``Appalachian``), Kingsport Power Company (``Kingsport''), both at 40
Franklin Road, S.W., Roanoke, Virginia 24011; Columbia Southern Power
Company (``Columbus''), 215 North Front Street, Columbus, Ohio 43215;
Indiana Michigan Power Company (``Indiana''), One Summit Square, P.O.
Box 60, Fort Wayne, Indiana 46801; Kentucky Power Company
(``Kentucky''), 1701 Central Avenue, Ashland, Kentucky 41101; Ohio
Power Company (``Ohio''), 301 Cleveland Avenue, S.W., Canton, Ohio
44701; AEP Generating Company (``Generating''), 1 Riverside Plaza,
Columbus, Ohio 43215; and Wheeling Power Company (``Wheeling''), 51
Sixteenth St., Wheeling, West Virginia 26003, have filed a post
effective amendment to a declaration field under sections 6(a), 7 and
12(b) of the Act and rule 54 under the Act.
By order dated May 4, 1998 (HCAR No. 26867) (``Order''), the
Commission authorized AEP, Appalachian, Columbus, Indiana, Kentucky,
and Ohio to issue and sell short-term notes to banks and commercial
paper through December 31, 2003 (``Authorized Period''). The Order also
authorized Generating, Kingsport, and Wheeling to issue and sell short-
term notes to banks through the Authorization Period. In addition,
applicants were authorized in the Order to issue unsecured promissory
notes or other evidence of their reimbursement obligations in respect
of letters of credit issued on their behalf by certain banks. The Order
authorized this short-term indebtedness in aggregate outstanding
amounts not to exceed:
------------------------------------------------------------------------
Company Amount
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AEP.................................................... $500,000,000
Appalachian............................................ 325,000,000
[[Page 33941]]
Columbus............................................... 300,000,000
Indiana................................................ 300,000,000
Kentucy................................................ 150,000,000
Generating............................................. 100,000,000
Kingsport.............................................. 30,000,000
Ohio................................................... 400,000,000
Wheeling............................................... 30,000,000
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Total.............................................. 2,135,000,000
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Applicants now request that the Order be amended to authorize
short-term indebtedness in the following aggregate outstanding amounts:
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Company Amount
------------------------------------------------------------------------
AEP.................................................... $500,000,000
Appalachian............................................ 325,000,000
Columbus............................................... 350,000,000
Indiana................................................ 500,000,000
Kentucy................................................ 150,000,000
Generating............................................. 125,000,000
Kingsport.............................................. 30,000,000
Ohio................................................... 450,000,000
Wheeling............................................... 30,000,000
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Total.............................................. 2,460,000,000
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The Authorization Period would remain unchanged. All short-term
indebtedness would mature within 270 days after the date the debt is
incurred.
For the Commission by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-16082 Filed 6-23-99; 8:45 am]
BILLING CODE 8010-01-M