[Federal Register Volume 65, Number 34 (Friday, February 18, 2000)]
[Notices]
[Page 8461]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-3938]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27136]


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

February 11, 2000.
    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 amendment(s) 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 
application(s) and/or declaration(s) should submit their views in 
writing by March 7, 2000, 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 the 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 March 7, 2000, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Yankee Atomic Electric Company (70-9561)

    Yankee Atomic Electric Company (``Yankee''), located at Suite 200, 
19 Midstate Drive, Auburn, Massachusetts, 01501, a subsidiary of New 
England Electric System and Northeast Utilities, both registered 
holding companies, has filed a declaration under section 12(c) of the 
Act and rule 42 under the Act.
    Yankee proposes to repurchase, on a pro rata basis, from its ten 
stockholders (``Sponsors''), 95%, or 145,730 shares, of its presently 
outstanding common stock at a purchase price of $100 per share.\1\ The 
purchase price is equal to the book value per share of the common stock 
on June 30, 1999. The repurchase is subject to the condition that all 
Sponsors tender their allotment of shares. Yankee intends to accomplish 
this repurchase in one or more steps over the next one to two years. 
The funds for the repurchase will be obtained by liquidating short-term 
investments held by Yankee at June 30, 1999. After the proposed 
repurchase, Yankee will maintain minimal equity until it ultimately 
prepares to liquidate and wrap up its affairs.
---------------------------------------------------------------------------

    \1\ The ten Sponsors, each of which is an affiliate of Yankee, 
are: New England Power Company; The Connecticut Light & Power 
Company; Public Service Company of New Hampshire; Western 
Massachusetts Electric Company; Boston Edison Company; Central Maine 
Power Company; Montaup Electric Company; Commonwealth Electric 
Company; Cambridge Electric Light Company; and Central Vermont 
Public Service Corp. The Sponsors currently hold all the outstanding 
shares of common stock of Yankee.
---------------------------------------------------------------------------

    Yankee is a single purpose electric utility which formerly operated 
a nuclear powered electric generation facility (``Rowe Plant''), the 
output of which was sold to Yankee's ten Sponsors. The Rowe Plant was 
permanently taken out of service in February 1992 and Yankee is in the 
process of decommissioning the facility. Under power contracts between 
Yankee and each Sponsor, which have been approved by the Federal Energy 
Regulatory Commission, the Sponsors are continuing to make payments to 
Yankee to cover funds for decommissioning the Rowe Plant and waste 
disposal, amortization of plant investment and return on equity. As 
these obligations are reduced or provided for, Yankee believes its 
minimum equity requirements will also significantly decline. Therefore, 
Yankee contemplates this initial repurchase of common stock to reduce 
its equity.

    For the Commission by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-3938 Filed 2-17-00; 8:45 am]
BILLING CODE 8010-01-M