ML17298C014
| ML17298C014 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 03/25/1985 |
| From: | Van Brunt E ARIZONA PUBLIC SERVICE CO. (FORMERLY ARIZONA NUCLEAR |
| To: | Martin J NRC OFFICE OF INSPECTION & ENFORCEMENT (IE REGION V) |
| References | |
| ANPP-32210-EEVB, NUDOCS 8504080350 | |
| Download: ML17298C014 (7) | |
Text
RRB[ipjr R.";L REGION) V I l"".'rizona Nuclear Power Project P.o. 8OX 52034 4
PHOENIX, ARIZONA85072-2034 58S QPi 28 NI ff: 2 I ANPP-32210-EEVB/WFQ March 25, 1985 Mr. John B. Martin, Regional Administrator Office of Inspection and Enforcement U.S. Nuclear Regulatory Commission Region V
1450 Maria Lane, Suite 210 Walnut Creek, CA,
'4596-5368
Subject:
Palo Verde Nuclear Generating Station (PVNGS)
Units 1, 2,'and 3
Docket Nos.
STN 50-528(License No. NPF-34)/529/530 Arizona Public Service Company Proposed Corporate Restructure File: 85-001-731.01
Dear Mr. Martin:
As discussed with Mr. Lou Miller on March 15,
- 1985, the Board of Directors of Arizona Public Service Company will be proposing a Corporate Restructure of our company subject to the stockholders approval in April 1985.
Attached is the News Release made on March 15, 1985 along with a proposed restructure organization chart.
If you have any questions, please contact me.
Very truly yours, eau E. E.
Van Brunt, Jr.
ANPP Executive Vice President ANPP Project Director EEVB/SRF/mb Attachment cc:
R. P.
Zimmerman w/a A. C. Gehr w/a E. A. Licitra w/a 8504080350 850325 PDR ADOCK 05000528 H
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NEWS RELEASE For Release:
Contact:
After 10: 00 a.m.
March 15, 1985 Corporate Media Relations 271-2316 Arizona Public Service Company o P. O. Boa. 21666 o Phoenix, Arizona 85036 The Board of Directors of the Arizona Public Service Company will present a plan for corporate restructuring to its stockholders at their Annual Meeting on April 18, 1985, which includes the formation of a holding company, AZP,Group, Inc.,
APS Chairman Keith L. Turley announced today.
According to Turley, "APS will become a wholly owned subsidiary of the holding company.
APS will continue to remain' regulated utility under the jurisdiction of the Arizona Corporation Commission and the Federal Energy Regulatory Commission.
The day-to-day opera-tion of APS would not be affected in any way," Turley said, "and the Board of the holding company will also continue to serve as the Board for APS."
Turley said that in addition to APS, three other existing companies become subsidiaries of the holding company.
They are Energy Development
- Company, El Dorado Investment Company ahd Malapai Resources Company.
Turley said the restructuring will provide the flexibility h
'or AZP Group, Inc. to allow for future involvement in alternative energy sources and other areas without exposing the APS utility consumers to any financial risks.
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"At this time we have no specific plans, but we firmly believe that the proposed restructuring will provide the best corporate
'rganization to meet the challenges of the years ahead,"
he said.
The proposed corporate structure will follow the holding company
'pattern which has now become common within the utility industry.
Under the proposed restructuring, APS common stockholders would become owners of the holding company by receiving one share of common stock in the newly formed company for each share of APS common stock owned, although an exchange of certificates would not be required.
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EXISTING APS STRUCTURE APS APS Fuels Company APS Finance Company N.V.
Bixco, Inc.
El Dorado Investment Company Energy Development Company Malapai Resources Company PROPOSED CORPORATE STRUCTURE Holding Company (AZP Group, Inc.)
, El Dorado Investment Company Energy Development Company Malapai Resources Company APS Fuels Company APS Finance Company N.V.
Bixco, Inc.
l.
APS Fuels Co.
Inc. established for the purpose of financing the purchase o
nuclear fuel at the lowest possible rates.
2.
APS Finance Co.,
N.V. established for the purpose of obtain-ing financing in the European market.
3.
Bixco Inc. established for the purpose of discovering new sources of fuel.
4.
El Dorado Investment Co. established for the purpose of investing in nuclear fuel-'related ventures and other emerging technologies.
5.
Ener Develo men't Co.
Inc. established to administer and develop properties not'required for utility operations.
6.
Mala ai Resources Co. established to locate and develop fuel reserves in other states.
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