ML20151S703
| ML20151S703 | |
| Person / Time | |
|---|---|
| Site: | Nine Mile Point  |
| Issue date: | 08/31/1998 |
| From: | Hood D NRC (Affiliation Not Assigned) |
| To: | |
| Shared Package | |
| ML20151S697 | List: |
| References | |
| NUDOCS 9809090014 | |
| Download: ML20151S703 (2) | |
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- 7590-01-P :
.h UNITED STATES NUCLEAR REGULATORY CO""lSSION NIAGARA MOHAWK POWER CORPORATION -
DOCKET NOS. 50-220 AND 50-410 NINE MILE POINT NUCLEAR STATION. UNIT NOS.1 AND 2 Notice is hereby given that the U.S. Nuclear Regulatory Commission (the Commission) is considering the issuance of an Order approving, under 10 CFR 50.80, an application regarding an indirect transfer of the operating licenses for Nine Mile Point Nuclear Station, Unit Nos.1 and 2 (NMP1 and NMP2, or collectively, the facility), to the extent held by Niagara Mohawk Power Corporation (NMPC). The transfer would be to a New York corporation, Niagara Mohawk Holdings, Inc., to be created as a holding company over NMPC in accordance with a Settlement Agreement reached with the New York Public Service Commission (PSC Case Nos. 94-E-00E4 and 94-E-0099), dated October 10,1997, and revised March 19,1998. NMPC is licensed by the I Commission to possess, maintain, and operate both NMP1 and NMP2. NMPC fully owns NMP1 ;
i and is a 41-percent co-owner of NMP2. The facility is located in Scriba, New York.
By application transmitted under cover of a letter dated July 21,1998, NMPC informed ;
the Commission of a proposed corporate restructuring under which NMPC would become a subsidiary of the newly formed holding company. Each share of NMPC's common stock would be exchanged for one share of common stock of the holding company. NMPC's outstanding preferred stock would not be exchanged. Under this restructuring, NMPC would divest all of its hydro and fossil generation assets by suction, but would retain its nuclear assets, and would continue to be an " electric utility" as defined in 10 CFR 50.2 engaged iri the transmission, distribution and, through NMP1 and NMP2, the generation of electricity. NMPC would continue to be the owner of NMP1 and a co-owner of NMP2 and would continue to operate both NMP1 and NMP2. No direct transfer of the operating licenses or ownership interests in the facility would result from the proposed restructuring. The transaction would not involve any change 9809090014 980831 '
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9' in the responsibility for nuclear operations within NMPC Officer responsibilities at the holding company level would be primarily administrative and financial in nature and would not involve operational matters related to NMP1 or NMP2. No NMPC nuclear management positions would f.
be changed as a result of the corporate restructuring.
Pursuant to 10 CFR 50.80, the Commission may approve the transfer of control of a license after notice to interested persons. Such approvalis contingent upon the Commission's determination that the holder of the license following the transferis qualified to hold the license and that the transfer is othenvise consistent with applicable provisions of law, regulations, and orders of the Commission.
For further details with respect to this proposed action, see NMPC's application transmitted under a cover letter dated July 21,1998. These documents are available for public inspection at the Commission's Public Document Room, the Gelman Building,2120 L Street, N.W., Washington, DC, and at the local public document room located at the Penfield Library, State University of New York, Oswego, New York 13126.
Dated at Rockville, Maryland this 31st day of August,1998.
FOR THE NUCLEAR REGULATORY COMMISSION DJun(
Darl S. Hood, Senior Project Manager Project Directorate 1-1 Division of Reactor Projects - 1/11 Office of Nuclear Reactor Regulation
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