[Federal Register Volume 66, Number 77 (Friday, April 20, 2001)]
[Notices]
[Page 20343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-9760]



[[Page 20343]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27379]


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

April 13, 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 May 8, 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 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 May 8, 2001, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Maine Yankee Atomic Power Company (70-9715)

    Maine Yankee Atomic Power Company (``Maine Yankee'' or 
``Applicant''), 321 Old Ferry Road, Wiscasset, Maine 04578, an indirect 
subsidiary company of Energy East Corporation (``Energy East''), 
National Grid Group Plc (``National Grid''), National Grid USA and 
Northeast Utilities (``NU''), all registered public utility holding 
companies, has filed with this Commission a declaration under section 
12(c) of the Act and rules 42, 46, and 54 under the Act.
    Maine Yankee proposes to redeem from its stockholders 99% of its 
presently outstanding Common Stock.
    Maine Yankee operated as a pressurized water nuclear-powered 
electric generating plant in Wiscasset, Maine (the ``Plant'') from 1972 
to 1997. In 1997, the Plant was permanently removed from service. The 
Plant is currently being dismantled and decommissioned.
    The following sponsoring utility companies of Maine Yankee are 
subsidiaries of registered public utility holding companies and own 
Common Stock of Maine Yankee in the percentages shown in the 
parenthetical following the name of the utility: (1) Central Maine 
Power Company (38%), an Energy East subsidiary; (2) New England Power 
Company (24%), a subsidiary of National Grid and National Grid USA; (3) 
The Connecticut Light and Power Company (12%), a NU subsidiary; (4) 
Public Service Company of New Hampshire (5%), a NU subsidiary; and (5) 
Western Massachusetts Electric Company (3%), a NU subsidiary.\1\
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    \1\ Bangor Hydro-Electric Company, Maine Public Service Company, 
Cambridge Electric Light Company and Central Vermont Public Service 
Corporation are the remaining sponsoring utilities of Maine Yankee 
and own the remainder of the Common Stock in various amounts.
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    Specifically, Main Yankee proposes to redeem pro rata from its 
stockholders all but 5,000 shares of its presently outstanding Common 
Stock, on the condition that the requirements set forth in section 8 of 
the capital stock provisions of Main Yankee's Articles of 
Incorporation--which are set forth in Exhibit A to the Articles of 
Amendment--are satisfied prior to each such redemption (``Redemption 
Requirements'').\2\ Maine Yankee intends to accomplish this redemption 
in one or more steps over the next eight years, with all redemptions 
completed by October 31, 2008.\3\
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    \2\ The Redemption Requirements are as follows: (a) The common 
stock equity of Maine Yankee, reduced by the total amount to be paid 
for the redemption, shall not be less than thirty percent of its 
total capitalization, (b) no redemption shall reduce the number of 
shares of Common Stock outstanding to less than 5,000 shares, and 
(c) so long as any shares of Maine Yankee's Cumulative Preferred 
Stock are outstanding, no redemption shall be made unless (i) all 
dividends payable on all outstanding shares of its Cumulative 
Preferred Stock on the next succeeding quarterly dividend payment 
date have been paid in full or declared and set apart for payment 
and (ii) all mandatory sinking or purchase fund payments on its 
Cumulative Preferred Stock through the last preceding mandatory 
redemption or purchase date have been made or funds therefore set 
apart for payment. In addition, if prior to the time of a redemption 
Maine Yankee was required to take into consideration its earned 
surplus in determining the permissibility of issuing Cumulative 
Preferred Stock under Section 10 of the capital stock provisions of 
its Articles of Incorporation, then the redemption of the Common 
Stock cannot reduce the Common Stock Equity to an amount less than 
the amount payable on the involuntary liquidation of Maine Yankee 
with respect to all of its outstanding shares of Cumulative 
Preferred Stock and its other stock on parity with the Cumulative 
Preferred Stock.
    \3\ As a single purpose utility corporation, Maine Yankee's 
economic life was primarily keyed to the operating licensed life 
(October 21, 2008) of its plant.
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    The redemption price per share of Common Stock for each redemption 
shall be equal to the amount obtained by dividing (1) the sum of the 
aggregate par value of the Common Stock then outstanding plus the 
capital surplus, including without limitation other paid-in capital 
(less any deficit in earned surplus) immediately prior to the 
redemption by (2) the number of shares of Common Stock outstanding 
immediately prior to the redemption. As of December 31, 2000, Applicant 
states that the sum determined in accordance with clause (1) is 
$66,218,585 and the number of shares determined in accordance with 
clause (2) is 500,000. Therefore, the redemption price would be 
$132.437 per share. After all redemptions are completed, Maine Yankee 
will maintain minimal equity until it ultimately prepares to liquidate 
and wrap up its affairs.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-9760 Filed 4-19-01; 8:45 am]
BILLING CODE 8010-01-M