ML051170265

Trojan Nuclear Plant/Isfsi, Termination of the Planned Acquisition of Common Stock of Portland General Electric Company by Oregon Electric Utility Company. LLC

ML051170265
Person / Time
Site:	Trojan  File:Portland General Electric icon.png
Issue date:	04/20/2005
From:	Quennoz S Portland General Electric Co
To:	Document Control Desk, NRC/NMSS/SFPO
References
VPN-016-2005
Download: ML051170265 (3)

Text

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/ NPG Portland General Electric Company Trojan Nuclear Plant 71760 Columbia River Hwvy Rainier,OR 97048

_ (503) 556-3713 April 20, 2005 VPN-016-2005 Trojan Nuclear Plant/ISFSI Docket Nos. 50-344/72-17 License Nos. NPF-1/SNM-2509 10 CFR § 50.80 10 CFR § 72.50 ATTN: Document Control Desk U. S. Nuclear Regulatory Commission Washington, DC 20555-0001 ATTN: Document Control Desk Director, Spent Fuel Project Office Office of Nuclear Material Safety and Safeguards U. S. Nuclear Regulatory Commission Washington, DC 20555-0001 Termination of the Planned Acquisition of Common Stock of Portland General Electric Comiany by Oregon Electric Utility Company. LLC The purpose of this letter is to formally notify the Nuclear Regulatory Commission

("NRC") that the Stock Purchase Agreement between Enron Corp. ("Enron") and Oregon Electric Utility Company, LLC ("OEUC"), has been terminated. That agreement provided for the transfer Qf the outstanding common stock of PGE from its parent company, Enron, to OEUC.

By PGE Letter No. VPN-020-2004 dated June 14, 2004, as supplemented by PGE Letter Nos. VPN-044-2004 dated September 29, 2004, and VPN-070-2004 dated December 9, 2004, PGE requested on its own behalf and that of OEUC that the NRC approve, pursuant to Connecting People, Power and Possibilities

- VPN-016-2005 April 20,2005 Page 2 of 3 10 CFR 50.80 and 10 CFR 72.50, the indirect transfer of the Tiojan Nuclear Plant Facility Operating (Possession Only) License and the Trojan Independent Spent Fuel Storage Installation (ISFSI) Materials License to the extent held by PGE. The indirect transfer would have resulted from the proposed purchase of all issued and outstanding common stock of PGE from its parent, Enron, by OEUC, an Oregon limited liability company backed by Texas Pacific Group and formed for the sole purpose of holding the common stock ownership of PGE.

By letter dated February 14,2005, the NRC issued an Order granting approval of the indirect transfer of the Trojan Nuclear Plant and Trojan ISFSI licenses to OEUC. Since issuance of the NRC's Order, the Oregon Public Utility Commission ("OPUC") has denied the application made to the OPUC requesting its approval of the proposed purchase of PGE's outstanding common stock by OEUC. The OPUC denial has led to the execution of a mutual agreement between Enron and OEUC on April 6,2005, to terminate the Stock Purchase Agreement. With the execution of the Termination Agreement, the indirect transfer of the Trojan Nuclear Plant and Trojan ISFSI licenses approved by the NRC Order on February 14,2005, will not occur.

If you have any questions regarding this correspondence, please contact Mr. Douglas R. Nichols, General Counsel, Portland General Electric Company, Suite 1700, 121 SW Salmon St., Portland, OR 97204 (phone number 503-464-8402).

Sincerely, Stephen M. Quennoz Vice President, Generation c: J. T. Buckley, NRC, NMSS A. F. McKeigney, NRC, NRR S. R. Hom, NRC, NRR C. M. Regan, NRC, NMSS, SFPO Director, DNMS, NRC Region IV David Stewart-Smith, ODOE Richard A. Ekleberry, TPG Partners III, L.P.

V PN-016-2005 April 20, 2005 Page 3 of 3 Mitch Taylor, Enron Corp.

David Koogler, Enron Corp.

Kenneth D. Beeson, EWEB Owners Committee representatives of BPA, PacifiCorp, and EWEB Larry Cable, Cable Huston Benedict Geoffrey Kronick, BPA Michael L. Ryan, Cleary, Gottlieb, Steen & Hamilton David Leinwand, Cleary, Gottlieb, Steen & Hamilton Brian P. Leitch, Arnold & Porter Jay Tabor, Weil, Gotshal & Manges LLP Michael M. Morgan, Tonkon Torp