[Federal Register Volume 65, Number 4 (Thursday, January 6, 2000)]
[Notices]
[Pages 792-793]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-255]


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NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-261 and 72-3]


In the Matter of Carolina Power and Light Company; (H.B.* 
Robinson Steam Electric Plant, Unit No. 2, and Independent Spent Fuel 
Storage Installation); Order Approving Application Regarding Proposed 
Corporate Restructuring of Carolina Power & Light Company by 
Establishment of a Holding Company

I

    Carolina Power and Light Company (CP&L) owns a 100% interest in H. 
B. Robinson Steam Electric Plant, Unit No. 2 (Robinson) and the 
Robinson Independent Spent Fuel Storage Installation (ISFSI), and is 
the licensed operator of the facilities pursuant to Facility Operating 
License No. DPR-23, and Materials License No. SNM-2502, which were 
issued July 31, 1970, and August 13, 1986, respectively. Robinson and 
the associated ISFSI are located in Darlington County, South Carolina.

II

    Pursuant to Section 184 of the Atomic Energy Act of 1954, as 
amended, and 10 C.F.R. Secs. 50.80 and 72.50, CP&L filed an application 
dated September 15, 1999, which was supplemented by letters dated 
October 8, and November 10, 1999, requesting approval of the indirect 
transfer of Facility Operating License No. DPR-23 and Materials License 
No. SNM-2502 that would result from a proposed corporate restructuring 
of CP&L. Under the proposed restructuring, a new holding company, CP&L 
Holdings, Inc. (``Holdings''), will be formed and will become the 
parent company of CP&L. Current holders of CP&L common stock will 
receive, on a one-for-one basis, shares of common stock of Holdings 
such that Holdings will then own the common stock of CP&L. CP&L's 
ownership interests in, and its operation of, its nuclear facilities 
will not change. No direct transfer of the licenses will occur, as CP&L 
will continue to hold the licenses. No physical changes to the 
facilities or the ISFSI, or operational changes are being proposed in 
the application. According to the application, as a result of the new 
corporate structure, Holdings will be able to respond more effectively 
to increased competition in the energy industry. Notice of the 
application and an opportunity for a hearing was published in the 
Federal Register on November 2, 1999 (64 FR 59220). No hearing requests 
were filed.
    Under 10 CFR 50.80 and 72.50, no license shall be transferred, 
directly or indirectly, through transfer of control of the license, 
unless the Commission gives its consent in writing. Upon review of the 
information submitted by CP&L in its application, as supplemented, and 
other information before the Commission, the NRC staff has determined 
that the proposed restructuring of CP&L will not affect the 
qualifications of CP&L as holder of the licenses referenced above, and 
that the indirect transfer of the licenses, to the extent effected by 
the 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 December 29, 1999.

III

    Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended, 42 U.S.C. Secs. 2201(b), 
2201(i), 2201(o) and 2234; and 10 CFR Secs. 50.80 and 72.50, It is 
hereby ordered that the application regarding the subject indirect 
transfers is approved, subject to the following conditions:
    (1) CP&L shall provide the Director of the Office of Nuclear 
Reactor Regulation and the Director of the Office of Nuclear Material 
Safety and Safeguards a copy of any application, at the time it is 
filed, to transfer (excluding grants of security interests or liens) 
from CP&L 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 ten percent 
(10%) of CP&L's consolidated net utility plant, as recorded on CP&L 
books of account, and
    (2) Should the restructuring of CP&L not be completed by December 
30, 2000, 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.
    For further details with respect to this action, see the initial 
application dated September 15, 1999, and supplements dated October 8, 
and November 10, 1999, and the Safety Evaluation dated

[[Page 793]]

December 29, 1999, which are available for public inspection at the 
Commission's Public Document Room, the Gelman Building, 2120 L Street, 
NW., Washington, DC, and accessible electronically through the ADAMS 
Public Electronic Reading Room link at the NRC Website (http://
www.nrc.gov).

    Dated at Rockville, Maryland, this 29th day of December 1999.

    For the Nuclear Regulatory Commission.
William F. Kane,
Director, Office of Nuclear Material Safety and Safeguards.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 00-255 Filed 1-5-00; 8:45 am]
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