[Federal Register Volume 65, Number 167 (Monday, August 28, 2000)]
[Notices]
[Pages 52138-52139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-21882]


-----------------------------------------------------------------------

NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-003 and 50-247]


In the Matter of Consolidated Edison Company of New York, Inc. 
(Indian Point Nuclear Generating Units 1 and 2); Order Approving 
Application Regarding Corporate Merger of Consolidated Edison, Inc., 
and Northeast Utilities

I

    Consolidated Edison Company of New York, Inc. (CEI of NY), a 
subsidiary of Consolidated Edison, Inc. (CEI), holds 100-percent 
ownership interest in Indian Point Nuclear Generating Units 1 and 2 
(Indian Point Units 1 and 2). CEI of NY holds the facility Operating 
Licenses Nos. DPR-5 and DPR-26 issued by the U.S. Atomic Energy 
Commission pursuant to Part 50 of Title 10 of the Code of Federal 
Regulations (10 CFR Part 50) on March 26, 1962, for Indian Point Unit 1 
and September 28, 1973, for Indian Point Unit 2, respectively. Under 
these licenses, CEI of NY has the authority to possess and operate 
Indian Point Units 1 and 2, which are located in Westchester County, 
New York.

II

    Pursuant to Section 184 of the Atomic Energy Act of 1954 (the Act), 
as amended, and 10 CFR 50.80, CEI of NY and North Atlantic Energy 
Service Corporation and Northeast Nuclear Energy Company, subsidiaries 
of Northeast Utilities (NU), jointly filed an application dated January 
13, 2000, as supplemented by a letter dated May 2, 2000 (collectively 
herein referred to as the application), requesting the Commission's 
approval of the indirect transfer of the licenses for the Indian Point 
units in connection with the proposed corporate mergers involving CEI 
and NU. The applicants informed the Commission that CEI and NU were in 
the process of implementing a corporate merger in which CEI and NU will 
be combined through two simultaneous mergers: the merger of CEI into 
New CEI, a Delaware corporation, and the merger of an indirect, wholly 
owned subsidiary of New CEI with NU. New CEI would become the parent 
corporation to, and sole owner of, CEI of NY and NU. CEI of NY would 
continue to remain a 100-percent owner and possession licensee as well 
as the operator of Indian Point Units 1 and 2. The NU indirect 
interests in the Millstone Nuclear Power Station Units 1, 2, and 3 and 
the Seabrook Station Unit 1 will be the subject of separate orders. CEI 
of NY would remain an ``electric utility''as defined in 10 CFR 50.2 
engaged in the generation, transmission, and distribution of electric 
energy for wholesale and retail sale. No physical changes to the 
facilities or operational changes are being proposed in the 
application. Notice of this request for approval was published in the 
Federal Register on April 7, 2000 (65 FR 18378). No hearing requests 
were received concerning Indian Point Units 1 and 2.
    Under 10 CFR 50.80, no license 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 
submitted in the application and other information before the 
Commission, the NRC staff has determined that the corporate merger will 
not affect the qualifications of CEI of NY as the holder of the Indian 
Point Units 1 and 2 licenses referenced above, and that the indirect 
transfer of the licenses, to the extent effected by the merger, 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 
August 22, 2000.

III

    Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended, 42 USC Secs. 2201(b), 2201(i), 
2201(o), and 2234; and 10 CFR 50.80, It Is Hereby

[[Page 52139]]

Ordered, That the application regarding the indirect license transfers 
referenced above is approved subject to the following conditions: (1) 
CEI of NY 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 CEI of 
NY to its proposed 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 CEI of NY's consolidated net utility plant, as recorded on CEI 
of NY's books of accounts, and (2) should the corporate merger of CEI 
and NU not be completed by December 31, 2001, this Order shall become 
null and void, provided, however, on application and for good cause 
shown, such date may be extended.
    For further details with respect to this action, see the initial 
application dated January 13, 2000, the supplemental letter dated May 
2, 2000, and the Safety Evaluation dated August 22, 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 22nd day of August 2000.

    For the Nuclear Regulatory Commission.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 00-21882 Filed 8-25-00; 8:45 am]
BILLING CODE 7590-01-P