ML19209A098

Forwards 790925 Suppl to 790920 Final Prospectus of PSC of Nh Re Series B General & Refunding Mortgage Bonds

ML19209A098
Person / Time
Site:	Seabrook
Issue date:	09/27/1979
From:	Ritsher J ROPES & GRAY
To:	Rubenstein L Office of Nuclear Reactor Regulation
References
NUDOCS 7910020351
Download: ML19209A098 (6)

Text

.s ROPES & GRAY 2 2 5 F RA N P,;.f N ST R E ET BOS TON 04i10 CASLE ADC at ss"RCPGR ALOR

&#C A CCDC 687 423 6100

'C6CA mvwere 94CS 9 September 27, 1979 L. S. Rubenstein, Branch Chief Light Water Reactors, Branch #4 Division of Proj ect Management United States Nuclear Regulatory Commission Washington, D.C.

20555 Re:

Public Service Company of New Hampshire, Docket Hos. 50-443 and 50 444; Staff Request for Additional Financial Information dated July 17, 1979

Dear Mr. Rubenstein:

I enclose twenty-five copies cf a supplement dated September 25, 1979 which is to be attached to the Final Prospectus dated September 20, 1979 of Public Service Company of New Hampshire relating to its Series B General and Refunding Mortgage Bonds which was forwarded on Septem-ber 21, 1979 The closing on this issue was held today.

Also enclosed are twenty-five copies of the NHPUC Order and Report which are referred to in the first paragraph of the supplement.

Very truly yours,i b

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Ritsher JAR:vm1 i

Enclosures cc:

Attached List i136 251 b?p 791002 0 jf 5I/

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P00R01BM Copies to:

E. Tupper Einder, Esqu' ire Alan S. Rosenthal, Chairman As'sistant Attorney General Atomic. Safety and Licensing Environmental Protection Division Appeal Board Office of the Attorney General U.S. Nuc1 car Regulatory Con =ission 208 State House Annex Washington, D.C.

20555

' Concord, New.4ampshire 03301

. Dr. John H. Buck Karin ?. Sheldon, Esquire Atomic Safety and Licensing Sheldon Harmon, Roissan & Weiss Appeal Board Suite 506 U.S. Nuclear Regulatory Commission 1725 I Street, N.W.

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Washington, D.C.

20555 Washington, D.C.

20006 Michael C. Farrar, Esquire Dr. Ernest O. Salo Atomic Safety and Licensing Professor of Fisheries Research Appeal Board Institute U.S. Nuclear Regulatory Commission College of Fisheries Washington, D.C.

20555 University of Washington Seattle, Washington 98195 Ivan W.

Smith, Esquire Atomic Safety and Licensing '

Kenneth A. McColl;m Dr.

Board Panel U.S. Nuclear Regulatory Commission 1107 West Knapp Street Stillwater, Oklahoma 74074 Washington, D.C.

20555 Robert A. Backus, Esquire Joseph F. Tubridy, Esquire O'Neill 3ackus Spielman 410.0 Cathedral Avenue, N.W.

Washington, D.C.

20016 116 Lowell Street Manchester, New Rampshire 0?105 Dr. Marvin M. Mann

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Laurie Burt, Esquire Atomic Safety and Licensing Assistant A'torney General Board Panel

.cne Ashbur P'. ace U.S. Nuclear Regulatory Commission Washington,. D.C.

20555 Boston, Mas-

.setts 0210S Laurence Brenner, Esquire Office of the Executive Legal Director U.S. Nuclear Regulatory Commission Washington, D.C.

20555 1136 252

300ROPJGE1 PUBLIC SERVICE COMPANY OF NEW IIAMPSIIIRE Supplement to Prospectus dated September 20,1979 The following paragraphs report certain developments in the matters discussed under " Problems Facing the Company-Reduction of Construction Program" on pages 4-6 of this Prospectus and

" Construction Program" on pages 710-On September 20,1979, the NIIPUC ordered a hearing on October 18,1979 to update the status of the proposed reduction of the Company's ownership interest in the Seabrook plant, and suspended its approval of the transfer of the 19 interest which Central Vermont Public Service Corporation had already indicated it would not acquire. In a September 24,1979 report supplementing ita September 20 order, the NHPUC stated that it was not reopening the record as to the transfer of the remaining 219 of the Seabrook plant and further stated that the NHPUC "has historically supported the construction of Seabrook", and added that if the Company "is unable to complete the transfer of 227c of Seabrook and is faced with holding an interest slightly larger than 28%, then projections as to needed revenues become increasingly a matter of concern in the forthcoming rate case."

On September 24,1979, 3DIWEC officials informed the Company that responses to its recom-mended purchase commitments have been received from all except three manicipal electric departments and arIirmative responses have been received for approximately 5.7Src as compared to the 13.87446Tc which 3DiWEC criginally agreed to take. If affirmative responses are received from the remaining three departments, 3DIWEC would take a maximum percentage increase in Seabrook of approxi.

mately 8.879 On the basis of present information, it appears that, if all regulatory approsals are obtained, the maximum reduction in the Company's ownership interest in the Seabrook plant which could be accomplished under the present proposal is approximately 15%, absent further sales as discussed below. The Company believes it can finance about a 35fc ownership interrst in the Seabrook plant assuming that the completion of Unit m2, currently scheduled for 1985, is deferred four years. Assuming such deferral and a 35Fe ownership interest in the plant, the Company estimates that its total adjusted construction budget for the period la" '85 would be approximately $667,600,000 instesd of the

$598,300,000 set forth in the Prospectut 2 der " Construction Program" The Company is currently discussing with other utilities, from which expressions of interest have been received, the possibility of further sales of ownership interests in the Seabrook plant to replace a substantial part of any portion of the 227c reduction not taken by 3DIWEC or the Vermont utilities.

September 25,1979

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l136 253

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(l DF 79-100-6205

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rusuc srmcz catdAlt? 0F EDT EMSHRE - '

s.2drook Transfer P00R.OR8<NAL

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.e 1 E E E~I.E S $ P.,y L 3 K p g 1 A L j E g g g g O_. 13,829

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== ion is.. aware of statements in the media that LwAS,. the r' - 4 the CentralTermont Public Service Company is not going to increase its '.

percentage ownership in Seabroot by 1 ; and.

WERE).S. the. Coc=.ission approved such a transfer in its order:,,

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c No.13,759 dated July 27, 1979 ; and'.

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VdEEr.&S, the CoWaion also is aware of statements in the print,

nodia that PKw'EC is not able to satisfy 13.87466% interest approved" in the ComLission's Order Nos. 13,759, 13,780; and WEREAS, the Coextis'sion has a statutory duty to keep informed

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pursuant to RSA 374 4; and WEERZAS, the Concrf maion also has the right af ter no ice and i

hearina' to alter, a=end, suspend, 's=nul or set aside or otherwise modify any order made by it; mnd

..-l WEREAS, the record in this proceeding and 'the orders based:en - -

that record c.my no longer reflect reality; it is hereby..

03m " m, that Locket No. DF 79-100-6205 is reopened for further j

evidence as to any and all changed circumstances. involving the Seabrook.

transfer; and it is r w tea UEDEEED, that the Public Service Cocptny zppeer before,

the Co==ission at ten o' clock in the foresoon on ithe eightee=th day October. 1979, to t:pdate the comtazion es to any new factore affectin2.

the transfer of the 22: interest in seabrook; and it is 1136 254

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P00RORGNAL 1-

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FURTtIEE ODRERED. that the permission to transfer the 1% interest in

$cabrook to Central Vermont Public Service Cocpany is hereby suspended.

By order of the Public Utilities Co =.ission of New Hampshire this 1:ventieth day of Septccher,1979.

j fs/

Viticent J.

acopino F.xecutiv Director and Secretary i.

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...f, P'JBL1C S!kVICE C0K3AST OF S'E*,' FAv?SF. RE i

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'j Seabrook Tranoter f

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?00R DEM d

IIPORT E

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The Comissien en Septe=ber 20, 1979 issued an order reopening' 1:

j Dociet So. DT 73-100-6205, the Sr.abr.cok Trancier. The Cc m ission did sop l

4 or two basic reasons. Tirst, it desired to set up a procedure whereby f

i' the Cer.ission would receive any additicoal relevent information as to A

5 changed circumstances as they ocevr. Secend, to cenform our order te

[1the recent rejecties by Central Veracct ?nblic Service Cenpany to receive f kan additional 1:ll of Seabrook.

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fi Ihe Ccenission, which has historically s.7erted the construction t

I-l jio! Seabrook, recogni:es : hat !! Public Service Cenpany is unable to couplete f

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jl:hetransferof22: of Seabrect and is faced vi:h holding an interest c

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[islightly larger than 23, thco projeerfoos as to needed revenue becese lincreasingly a t.4::er of cencern in the fort *nec=dng rate c4:4.

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Nothing in our otder dated Septe=ber 20, 1979 shocid be construed f

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j.has recpening the record as to the ::ansfer cf 211 interest in Seabrock -

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n F.to various Fev England con;anies. ?.ather w r order is lisited to a l

!'clarifics:fon of the 11 transf er to central Terno..t inblic Service C.capey tend to se: up a p:ocedure dereby the Cc=fssien can c= ply vich its i

I:L atstutory s.anda:c, n:sely, to keep f nfer=ed.

I This reper: is to be incorporated vich eur gr>

d4 tp Septe=ber 20, 1979.

J. Mi:hsel 1. ve i

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Chair an C ncur:ing:

September 24' 1979 7

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