[Federal Register Volume 70, Number 215 (Tuesday, November 8, 2005)]
[Pages 67742-67743]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-22198]



[Docket No. 72-17]

Portland General Electric Company, Trojan Nuclear Plant, 
Independent Spent Fuel Storage Installation; Notice Regarding 
Consideration of Approval of Proposed Corporate Restructuring

AGENCY: Nuclear Regulatory Commission.

[[Page 67743]]

ACTION: Notice regarding consideration of approval of proposed 
corporate restructuring.


FOR FURTHER INFORMATION CONTACT: Christopher M. Regan, Senior Project 
Manager, Spent Fuel Project Office, Office of Nuclear Material Safety 
and Safeguards, U.S. Nuclear Regulatory Commission, Washington, DC 
20555. Telephone: (301) 415-1179; fax number: (301) 415-8555; e-mail: 
[email protected].

SUPPLEMENTARY INFORMATION: The U.S. Nuclear Regulatory Commission (the 
Commission or NRC) considered the issuance of an order under 10 CFR 
72.50 for approval of the indirect transfer of Special Nuclear 
Materials (SNM) License No. SNM-2509 for the Trojan Independent Spent 
Fuel Storage Installation (ISFSI). The consent for indirect transfer 
was requested by letter dated July 12, 2005, by Portland General 
Electric Company (PGE) and Stephen Forbes Cooper, LLC. (SFC), as 
Disbursing Agent on behalf of the Reserve for Disputed Claims 
(Reserve), to facilitate implementation of the transfer of 100% of 
PGE's common stock held by the Enron Corporation (Enron) to the 
creditors of Enron. This is to be done by canceling the existing PGE 
common stock held by Enron and by authorizing and issuing to Enron's 
creditors new PGE common stock.
    PGE is a wholly owned subsidiary of Enron. The circumstances of 
PGE's request for consent are that all current PGE stock will be 
cancelled and new PGE stock will be distributed to Enron's creditors as 
partial settlement of claims brought in Enron's bankruptcy proceeding. 
A Reserve will hold the new stock in escrow until it is distributed. 
Voting rights of the new stock will be exercised under direction of the 
Reserve Overseers, who will exercise their business judgment to 
maximize the value of the assets. The Reserve Overseers are bound by 
fiduciary duties in making decisions to vote the stock. The Reserve's 
role is to disburse the assets to creditors as rapidly as possible, and 
it will not seek control of PGE. The stock will be widely distributed 
and no individual will hold more than 5% of the outstanding stock as a 
result of the distribution. The Bankruptcy Court approved the creation 
of the Reserve and the distribution of the stock.
    The effect of the stock distribution is that PGE will become a 
stand-alone, publicly traded Oregon corporation. There will be no 
substantive change in the control or operation of PGE. PGE's name will 
not change and the current management team will remain in charge of 
day-to-day operations. The Oregon Public Utilities Commission will 
continue to exercise oversight of PGE. PGE will remain in control of 
and operate the Trojan ISFSI.
    Under these circumstances, the staff determined that the stock 
distribution is not a transfer of control within the meaning of 10 CFR 
72.50. Therefore, PGE does not require NRC approval for the 
distribution. The issuance of the new PGE common stock will not change 
the status of PGE as NRC licensee of the Trojan ISFSI. Control of the 
10 CFR part 72 license for the Trojan ISFSI, now held by PGE and its 
co-owners, will remain with PGE and the same co-owners, and will not be 
affected by the issuance of the new PGE common stock. Issuance of the 
new PGE common stock will not affect PGE's technical and financial 
qualifications and its ability to continue funding its share of the 
costs of operating, maintaining, and ultimately decommissioning the 
Trojan ISFSI. No physical changes to the Trojan ISFSI or operational 
changes are being proposed in the application.
    Notice of opportunity for hearing and petition for leave to 
intervene regarding this action was published in the Federal Register 
(70 FR 50427) on August 26, 2005. No requests for hearing or petitions 
for leave to intervene were received within the required 20 days from 
the date of publication of the notice and no written comments regarding 
the license transfer application, as provided for in 10 CFR 2.1305, 
were submitted or considered by the staff as part of the decisional 

Further Information

    For further details with respect to this action, see the 
application dated July 12, 2005, available for public inspection at the 
Commission's Public Document Room (PDR), located at One White Flint 
North, Public File Area O-1F21, 11555 Rockville Pike (first floor), 
Rockville, Maryland. Publicly available records will be accessible 
electronically from the Agencywide Documents Access and Management 
System's (ADAMS) Public Electronic Reading Room on the Internet at the 
NRC Web site, http://www.nrc.gov/reading-rm/adams.html. Persons who do 
not have access to ADAMS or who encounter problems in accessing the 
documents located in ADAMS, should contact the NRC PDR Reference staff 
by telephone at 1 (800) 397-4209, (301) 415-4737 or by e-mail to 
[email protected].

    Dated at Rockville, Maryland this 31st day of October 2005.

    For the Nuclear Regulatory Commission.
Christopher M. Regan,
Senior Project Manager, Licensing Section, Spent Fuel Project Office, 
Office of Nuclear Material Safety and Safeguards.
[FR Doc. 05-22198 Filed 11-7-05; 8:45 am]