[Federal Register Volume 71, Number 155 (Friday, August 11, 2006)]
[Notices]
[Page 46246]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-13126]


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NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-335 and 50-389; License Nos. DPR-67 and NPF-16]


In the Matter of Florida Power And Light Company (St. Lucie 
Nuclear Plant, Unit Nos. 1 and 2); Order Approving Application 
Regarding Proposed Corporate Merger

I

    Florida Power and Light Company (FPL or the licensee) exclusively 
holds Facility Operating License No. DPR-67 and co-holds Facility 
Operating License No. NPF-16, which authorize the possession, use, and 
operation of the St. Lucie Nuclear Plant, Units 1 and 2 (the facility). 
FPL is licensed by the U.S. Nuclear Regulatory Commission (NRC or 
Commission) to operate the facility. The facility is located at the 
licensee's site in St. Lucie County, Florida.

II

    By application dated January 20, 2006 (the application), FPL 
requested that the NRC, pursuant to 10 CFR 50.80, consent to the 
proposed indirect transfer of control of the licenses to the extent 
currently held by FPL. The Orlando Utilities Commission of the City of 
Orlando, Florida, and the Florida Municipal Power Agency collectively 
hold a 14.9 percent ownership interest in St. Lucie Unit 2, but are not 
involved in this action.
    According to the application filed by FPL, St. Lucie Unit 1 is 
wholly owned by FPL and St. Lucie Unit 2 is 85.1 percent owned by FPL.
    As stated in the application, in connection with the proposed 
merger of FPL's parent company, FPL Group, Inc. (FPL Group), and 
Constellation Energy Group, Inc. (CEG, Inc.), FPL Group will become a 
wholly owned subsidiary of CEG, Inc. At the closing of the merger, the 
former shareholders of FPL Group will own approximately 60 percent of 
the outstanding stock of CEG, Inc., and the premerger shareholders of 
CEG, Inc., will own the remaining approximately 40 percent. In 
addition, the CEG, Inc., Board of Directors will be composed of fifteen 
members, nine of whom will be named by FPL Group, and six of whom will 
be named by the current CEG, Inc.
    Approval of the indirect transfer of the facility operating 
licenses was requested by FPL pursuant to 10 CFR 50.80. Notice of the 
request for approval and an opportunity for a hearing was published in 
the Federal Register on February 22, 2006 (71 FR 9171). No comments or 
petitions to intervene were received.
    Pursuant to 10 CFR 50.80, no license, or any right thereunder, 
shall be transferred, directly or indirectly, through transfer of 
control of the license, unless the Commission shall give its consent in 
writing. Upon review of the information in the application by FPL and 
other information before the Commission, the NRC staff concludes that 
the proposed merger and resulting indirect transfer of control of the 
licenses will not affect the qualifications of FPL as holder of the 
facility licenses, and that the indirect transfer of control of the 
licenses as held by FPL, is otherwise consistent with applicable 
provisions of law, regulations, and orders issued by the Commission 
pursuant thereto.
    The findings set forth above are supported by a safety evaluation 
dated August 3, 2006.

III

    Accordingly, pursuant to sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended (the Act), 42 U.S.C. 2201(b), 
2201(i), 2201(o), and 2234; and 10 CFR 50.80, It is hereby ordered that 
the application regarding the proposed merger and indirect license 
transfers is approved, subject to the following conditions:
    (1) FPL shall provide the Director of the Office of Nuclear Reactor 
Regulation a copy of any application, at the time it is filed, to 
transfer (excluding grants of security interests or liens) from FPL 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 FPL's net utility 
plant, as recorded on its books of accounts.
    (2) Should the proposed merger not be completed within one year 
from the date of issuance, this Order shall become null and void, 
provided, however, upon written application and good cause shown, such 
date may, in writing, be extended.
    This Order is effective upon issuance.
    For further details with respect to this Order, see the application 
dated January 20, 2006, and the safety evaluation dated August 3, 2006, 
which are available for public inspection at the Commission's Public 
Document Room (PDR), located at One White Flint North, Public File Area 
01 F21, 11555 Rockville Pike (first floor), Rockville, Maryland and 
accessible electronically from the Agencywide Documents Access and 
Management System (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 3rd day of August 2006.

    For the Nuclear Regulatory Commission.
Catherine Haney,
Director, Division of Operating Reactor Licensing, Office of Nuclear 
Reactor Regulation.
 [FR Doc. E6-13126 Filed 8-10-06; 8:45 am]
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