ML19290B977
| ML19290B977 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 12/21/1979 |
| From: | Parr O Office of Nuclear Reactor Regulation |
| To: | Noel M SOUTHERN CALIFORNIA EDISON CO. |
| References | |
| NUDOCS 8001090004 | |
| Download: ML19290B977 (3) | |
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Docket Nos. STN 50-592 and STN 50-593 Mr. Michael L. Noel Treasurer Southern California Edison Company 2244 Walnut Grove Avenue Rosemead, California 91770
Dear Mr. Noel:
SUBJECT:
REQUEST FOR t!ITHHOLDING FINANCIAL INFCR 'UI'P! FprM PUBLIC DISCLOSL'PE By you. letter, dated March 9,1979, which included an af fidavit, you submitted financial schedules and forecasts relating to the Southern California Edison Company's share of the Palo Verde Nuclear Generating Station, Units 4 and 5, and requested that they be withheld from public disclosure pursuant to 10 CF1 2.790.
Your reasons for requesting our withholding of this information were that (1) the information was prepared from data available for internal use or.ly, (2) such data have been and will continue to be held in confidence by your company, and (3) substantial harm may be caused to the concany if the submitted information is made publicly available.
Subsequently, by letter, dated September 7,1979, from E. E. Van Brunt, Jr.,
we were requested that concurrent with the withdrawal of the application for Palo Verde, 4 and 5, we return the above financial information to you.
In compliance with this request, we are returning the subject information since it is no longer necessary for us to make a finding regarding your financial qualifications for the withdrawn application.
Prior to the withdrawal of the application, a meeting was held with your representatives on May 23, 1979 to discuss your reasons for requesting our withholding of the financial information. Since your representatives stated that the concern about releasing the information was the potential harm from a third party action (not the SEC), we agreed to look into this concern before acting on your request. We subsequently met with the Division of Corporation Finance of the SEC to discuss the above concern and would like to provide for your information what we. earned from the SEC. 1730 221 mmko m
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Mr. Michael L. fleel At the meeting held with the SEC, the SEC informed us of t he following:
(1)
It is the opinion of the SEC's Division of corporation finance that disclosure of the projections to a reyu'atory agency such as the f4RC are distinguishable from the tyre of projections presented in a prospectos for the marketing of securit ies.
(2 ) flotwithstanding the above, the SEC is encouraginq the disclosure of projections and forward looking information both in SEC filings and, in general, through its safe harbor role effective July 30, 1979.
(3 ) The SEC stated that it felt that disclosure of financial projections and prediction of dividends would be " deemed not. to be false or misleading under the federal securities la'.ss unless ti.ey were prepared without a reasonable basis or disclosed other than in good faith."
(4 )
Consequently, the SEC felt that there would be no viable liability to an NRC applicant in its projections being Ha<ie public by the NRC.
Please advise us i f you have any questions regarding thi s letter.
Sincerely, c
an D. Pa rr, fYie f Light Water peactors Branch No. 3 Division of Freject l'anagement
Enclosure:
As Stated cc w/o enclosure:
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