[Federal Register Volume 65, Number 149 (Wednesday, August 2, 2000)]
[Notices]
[Pages 47521-47522]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-19575]


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NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-344 and 72-17]


In the Matter of Portland General Electric Company (Trojan 
Nuclear Plant and ISFSI); Order Approving Application Regarding 
Proposed Purchase of Portland General Electric Company by Sierra 
Pacific Resources

I

    Portland General Electric Company (PGE or the licensee) owns a 67.5 
percent interest in the Trojan Nuclear Plant (TNP) located on the west 
bank of the Columbia River in Columbia County, Oregon, and in 
connection with that interest holds Facility Operating License No. NPF-
1 issued by the U.S.

[[Page 47522]]

Nuclear Regulatory Commission (NRC) pursuant to part 50 of Title 10 of 
the Code of Federal Regulations (10 CFR part 50) on November 21, 1975. 
Under this license, PGE has the authority to possess and maintain but 
not operate TNP. PGE also owns a 100 percent interest in the Trojan 
Independent Spent Fuel Storage Installation (ISFSI) and holds Materials 
License No. SNM-2509 for the Trojan ISFSI. PGE is currently a wholly 
owned subsidiary of Enron Corporation (Enron). PacifiCorp and the 
Eugene Water and Electric Board own the remaining 2.5 percent and 30 
percent interests, respectively, in TNP, but are not involved in the 
transaction described below affecting PGE, which is the subject of this 
Order.

II

    By application dated January 13, 2000, as supplemented by a 
submittal dated January 20, 2000 (collectively herein the application), 
PGE requested approval of an indirect transfer of the license for the 
TNP, to the extent held by PGE, and an indirect transfer of the license 
for the Trojan ISFSI. The requested transfer relates to a proposed 
purchase of all the issued and outstanding common stock of PGE from 
PGE's current parent, Enron, by Sierra Pacific Resources (SPR). PGE is 
an Oregon corporation engaged principally in the generation, 
transmission, distribution, and sale of electric energy in Oregon.
    On November 5, 1999, Enron and SPR entered into a Stock Purchase 
Agreement providing for the purchase by SPR from Enron of all of the 
issued and outstanding common stock of PGE, subject to certain 
conditions, including the approval of the NRC. SPR, a Nevada 
corporation, is the parent holding company for Nevada Power Company and 
Sierra Pacific Power Company, providing electric service to 
approximately 843,000 customers throughout Nevada and northeastern 
California. The purchase will not affect PGE's status as a regulated 
public electric utility in the State of Oregon. No direct transfer of 
the TNP or ISFSI licenses will occur. Also, no changes to activities 
under the licenses or to the licenses themselves are being proposed in 
the application.
    Approval of the indirect transfer was requested pursuant to 10 CFR 
50.80 and 10 CFR 72.50. Notice of the application for approval and an 
opportunity for a hearing was published in the Federal Register on May 
12, 2000 (65 FR 30642). No hearing requests were filed.
    Under 10 CFR 50.80 and 10 CFR 72.50, no license, or any right 
thereunder, 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 in the application, 
and other information before the Commission, the NRC staff has 
determined that SPR's proposed acquisition of PGE through the stock 
purchase by SPR will not affect the qualifications of PGE as a holder 
of Facility Operating License No. NPF-1 and as the holder of Materials 
License No. SNM-2509, and that the indirect transfer of the licenses, 
to the extent effected by the proposed acquisition, 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 July 27, 
2000.

III

    Accordingly, pursuant to sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended, 42 U.S.C. 2201(b), 2201(i), 
2201(o), and 2234, 10 CFR 50.80, and 10 CFR 72.50, It is hereby ordered 
that the application regarding the indirect license transfers 
referenced above is approved, subject to the following conditions:
    (1) PGE 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 PGE to 
its 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 PGE's 
consolidated net utility plant, as recorded on its books of account.
    (2) Should the proposed stock purchase not be completed by June 30, 
2001, this Order shall become null and void, provided, however, upon 
application and for good cause shown, such date may be extended.

IV

    This Order is effective upon issuance.
    For further details with respect to this Order, see the initial 
application dated January 13, 2000, the supplement thereto dated 
January 20, 2000, and the safety evaluation dated July 27, 2000, 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 Web site (http://www.nrc.gov).

    Dated at Rockville, Maryland, this 27th day of July 2000.
    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. 00-19575 Filed 8-1-00; 8:45 am]
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