[Federal Register Volume 66, Number 23 (Friday, February 2, 2001)]
[Notices]
[Pages 8816-8817]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-2813]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27340]


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

January 26, 2001.
    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 February 20, 2001, to the Secretary, Securities and Exchange 
Commission, Washington, DC 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

[[Page 8817]]

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 February 20, 2001, the 
application(s) and/or declaration(s), as filed or as amended, may be 
granted and/or permitted to become effective.

National Grid USA, et al. (70-9089)

    National Grid USA (``Grid''), a registered public utility holding 
company, and its electric public utility subsidiary companies, 
Massachusetts Electric Company (``Mass Electric''), The Narragansett 
Electric Company (``Narragansett''), New England Electric Transmission 
Corporation, New England Hydro-Transmission Electric Company, Inc., New 
England Hydro-Transmission Corporation, New England Power Company, New 
England Energy Incorporated, and National Grid USA Service Company, 
Inc. (``Service Company''), all located at 25 Research Drive, 
Westborough, Massachusetts 01582, and Granite State Electric Company, 
407 Miracle Mile, Suite 1, Lebanon, New Hampshire 03766, Nantucket 
Electric Company (``Nantucket''), 25 Fairgrounds Road, Nantucket, 
Massachusetts 02554, and The Narragansett Electric Company, 280 Melrose 
Street, Providence, Rhode Island 02901 (collectively, ``Applicants'') 
have filed a post-effective amendment to their application-declaration 
under sections 6(a), 7, 9(a), 10, and 12 of the Act and rules 43, 45 
and 54 under the Act.
    By order dated October 29, 1997 (HCAR No. 26768) and supplemented 
June 2, 1998 (HCAR No. 26881), the Commission authorized, through 
October 31, 2001, among other things: (1) the issuance of short-term 
bank notes by Mass Electric, Nantucket, Narragansett, and Service 
Company; (2) the issuance and sale of commercial paper by Mass Electric 
and Narragansett; and (3) the establishment of an intrasystem money 
pool (``Money Pool'') for the New England Electric System (now Grid) 
\1\ and participation in the Money Pool by Mass Electric, Nantucket, 
Narragansett, and Service Company.
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    \1\ National Grid Group plc acquired the New England Electric 
System and formed National Grid USA by Commission order dated March 
15, 2000 (HCAR No. 27154).
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    In other orders dated April 15, 1997 (HCAR No. 26704) and 
supplemented March 20, 1998 (HCAR No. 26875) in SEC File No. 70-8966, 
Eastern Utilities Associates (``EUA'') and certain of its subsidiaries 
were authorized to enter into certain borrowing arrangements through 
July 31, 2002.\2\
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    \2\ By Commission order dated April 14, 2000 (HCAR No. 27166), 
Grid was authorized to acquire all of the outstanding common shares 
of EUA, with Grid as the surviving entity. Several of EUA's 
subsidiaries merged into Grid's subsidiaries.
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    Applicants now request that the Commission orders be amended to 
authorize commercial paper, bank borrowings, and Money Pool borrowings 
in the following increased amounts, through May 31, 2003.\3\
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    \3\ By Commission order dated March 15, 2000 (HCAR No. 27154), 
Applicants' financing authority was extended to May 31, 2003. 
Companies listed in parentheses are former EUA entities which have 
merged into the Grid company whose name appears above it.

------------------------------------------------------------------------
                                             Borrowing authority
         Borrowing company         -------------------------------------
                                           Old             Requested
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Mass Electric.....................       $150,000,000       $275,000,000
(Eastern Edison)..................         75,000,000  .................
Nantucket.........................          5,000,000          6,000,000
Narragansett......................        100,000,000        145,000,000
(Blacksone).......................         20,000,000  .................
(Newport).........................         25,000,000  .................
Service Company...................         12,000,000         60,000,000
(EUA Service).....................         15,000,000  .................
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    Applicants request proposed increases because the consolidation of 
the NEES and EUA subsidiaries into Grid subsidiaries as a result of the 
mergers have resulted in greater borrowing needs, and cash requirements 
for general corporate purposes. The commercial paper will be in the 
form of the unsecured promissory notes in denominations of not less 
than $50,000 and will mature within 270 days. The proposed borrowings 
from banks would not exceed 10.5% per year based on the current base 
lending rate of 9.5% and the federal funds rates. The terms of the 
Money Pool will remain unchanged.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-2813 Filed 2-1-01; 8:45 am]
BILLING CODE 8010-01-M