[Federal Register Volume 65, Number 200 (Monday, October 16, 2000)]
[Notices]
[Page 61199]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-26479]
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NUCLEAR REGULATORY COMMISSION
[Docket Nos. 50-254, 50-265]
In the Matter of Commonwealth Edison Company (Quad Cities Nuclear
Power Station, Units 1 and 2); Order Approving Application Regarding
Proposed Corporate Restructuring
I
Commonwealth Edison Company (ComEd, the licensee) owns 75 percent
of the Quad Cities Nuclear Power Station, Units 1 and 2 ( the facility)
and is the licensed operator of both stations. MidAmerican Energy
Company (MidAmerican) owns the remaining interest. Facility Operating
Licenses Nos. DPR-29 and DPR-30 authorize ComEd, acting for itself and
as agent for MidAmerican to possess, use, and operate the facility. The
facility is located at ComEd's site in Rock Island County, Illinois.
II
By application dated July 7, 2000, ComEd requested approval of the
proposed indirect transfer of the facility operating licenses to the
extent now held by ComEd to Exelon Corporation, to be formed in
connection with the proposed merger of Unicom Corporation (Unicom), the
parent of ComEd, and PECO Energy Company (PECO). Supplemental
information was provided by submittals dated July 13 and September 1,
2000. Hereinafter, the July 7, 2000, application and supplemental
information will be referred to collectively as the ``application.''
Under the proposed merger, ComEd will become a direct or indirect
subsidiary of Exelon Corporation. The merger was previously the subject
of an order dated August 3, 2000, by which the U. S. Nuclear Regulatory
Commission approved the transfer of the Quad Cities licenses, to the
extent now held by ComEd, to Exelon Generation Company, LLC (EGC). EGC
will be formed in connection with the merger as an indirect subsidiary
of Exelon Corporation to acquire the generating assets of PECO and
ComEd. The August 3, 2000, order effectively allows ComEd's Quad Cities
assets to be transferred to EGC. According to the application here, the
transfer of these assets may be delayed beyond the closing of the
merger. During this interim period, Exelon Corporation would be the
direct parent of ComEd as ComEd continues to hold its interest in the
Quad Cities and other generating assets pending the receipt of
necessary approvals to allow the generating assets to be transferred to
EGC. Specifically, ComEd would continue to hold a partial ownership
interest in Quad Cities, Units 1 and 2, and would continue to be the
sole operator of Quad Cities, Units 1 and 2. The application does not
involve any change with respect to the non-operating ownership interest
held by MidAmerican.
By a separate application dated July 7, 2000, PECO requested
approval of the indirect transfer of the facility operating licenses
that it holds to Exelon Corporation, which would occur under
circumstances similar to the above for ComEd. That application is being
addressed separately.
Approval of the indirect transfer of the facility operating
licenses was requested by ComEd 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 August 31, 2000 (65 FR 53040). The Commission
received no comments or requests for hearing pursuant to such notice.
Under 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 ComEd, and other
information before the Commission, the NRC staff has determined that
the proposed corporate restructuring under which Exelon Corporation
will become the parent of ComEd will not affect the qualifications of
ComEd as holder of the licenses described above, and that the indirect
transfer of the licenses, to the extent effected by the proposed
corporate restructuring, is otherwise consistent with applicable
provisions of law, regulations, and orders issued by the Commission,
subject to the conditions set forth below.
The findings set forth above, are supported by a safety evaluation
dated October 5, 2000.
III
Accordingly, pursuant to sections 161b, 161i, 161o, and 184 of the
Atomic Energy Act of 1954, as amended, 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 indirect license transfers related to the
proposed corporate restructuring is approved, subject to the following
conditions:
(1) ComEd 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
ComEd 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 ComEd's consolidated net utility plant, as recorded on ComEd's
books of account, provided, however, this condition shall apply only
for so long as ComEd holds a license issued pursuant to 10 CFR Part 50.
(2) Should the proposed merger and restructuring not be completed
by October 5, 2001, this Order shall become null and void, provided,
however, upon written application and for 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 initial
application dated July 7, 2000, and supplemental submittals dated July
13 and September 1, 2000, and the safety evaluation dated October 5,
2000, which are available for public inspection at the Commission's
Public Document Room located at One White Flint North, 11555 Rockville
Pike (first floor), Rockville, Maryland, 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 5th day of October 2000.
For the Nuclear Regulatory Commission.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 00-26479 Filed 10-13-00; 8:45 am]
BILLING CODE 7590-01-P