[Federal Register Volume 65, Number 114 (Tuesday, June 13, 2000)]
[Notices]
[Pages 37187-37188]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-14818]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27181]


Filings Under the Public Utility Holding Company Act of 1935, As 
Amended (``Act'')

June 6, 2000.
    Notice is hereby given that the following filing(s) has/have been 
made with the Commission pursuant to provisions of the Act and rules 
promulgated under the Act. All interested persons are referred to the 
application(s) and/or declaration(s) for complete statements of the 
proposed transaction(s) summarized below. The application(s) and/or 
declaration(s) and any amendment(s) is/are available for public 
inspection through the Commission's Branch of Public Reference.
    Interested persons wishing to comment or request a hearing on the 
application(s) and/or declaration(s) should submit their views in 
writing by June 27, 2000, to the Secretary, Securities and Exchange 
Commission, Washington, DC 20549-0609, and serve a copy on the relevant 
applicant(s) and/or declarant(s) at the address(es) specified below. 
Proof of service (by affidavit or, in the case of an attorney at law, 
by certificate) should be filed with the request. Any request for 
hearing should identify specifically the issues of facts or law that 
are disputed. A person who so requests will be notified of any hearing, 
if ordered, and will receive a copy of any notice or order issued in 
the matter. After June 27, 2000, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Allegheny Energy, Inc., et al. (70-9677)

    Allegheny Energy, Inc. (``Allegheny''), a registered holding 
company, its subsidiary service company, Allegheny Energy Service 
Corporation (``Service''), one of its electric utility subsidiary 
companies, The Potomac Edison Company, and a nonutility subsidiary 
company, Allegheny Ventures, Inc., all located at 10435 Downsville 
Pike, Hagerstown, Maryland 21740, and Allegheny's other utility 
subsidiary companies, West Penn Power Company, 800 Cabin Hill Drive, 
Greensburg, Pennsylvania 15601, Monongahela Power Company, 1310 
Fairmont Avenue, Fairmont, West Virginia 26554 and Allegheny Energy 
Supply Company, LLC (``Supply'') (together, ``Applicants''), R.R. 12, 
P.O. Box 1000, Roseytown, Pennsylvania 15601 have filed an application-
declaration under sections 6(a), 7, 9(a), 10, 12(b) and 12(f)

[[Page 37188]]

of the Act and rules 45 and 54 under the Act.
    By prior Commission orders dated January 29, 1992, February 28, 
1992, July 14, 1992, November 5, 1993, November 28, 1995, April 18, 
1996, December 23, 1997, May 19, 1999 and October 8, 1999 (HCAR Nos. 
25462, 25481, 25581, 25919, 26418, 26506, 26804, 27030 and 27084) 
(``Money Pool Orders''), among other things, Allegheny and its 
subsidiary companies were authorized to establish and participate in a 
system money pool (``Money Pool'') to be administered by Service. By 
order dated November 12, 1999 (HCAR No. 27101) (``Financing Order''), 
among other things, the Commission authorized, through July 31, 2005, 
Supply to effect short-term borrowings in aggregate outstanding amounts 
of $300 million, consisting of the issuance of up to $100 million of 
notes (``Notes'') to Allegheny and up to $200 million of commercial 
paper (``Paper'') to dealers and Allegheny to enter into credit and 
counterparty support agreements (``Support Agreements'') for the 
benefit of Supply in amounts of up to $150 million.
    The Applicants state that competitive pressures in the industry 
have required that the system expand its generating capacity to a level 
that will allow it to serve a larger customer base. In order to meet 
the additional capital requirements associated with the expansion, the 
Applicants request that the Commission modify the authority granted in 
the Money Pool Orders to include Supply in the Money Pool Additionally, 
it is requested that the authority granted in the Financing Order be 
modified to allow for additional financing authority.
    In particular, Allegheny proposes to: (1) issue and sell up to $135 
million of long-term unsecured notes to banks or other institutions,\1\ 
and (2) enter into Support Agreements for the benefit of Supply in 
amounts increased from $150 million to $250 million. Supply proposes 
to: (1) issue and sell up to $400 million of secured and unsecured 
long-term debt,\2\ and (2) issue and sell Notes and Paper and borrow 
from the Money Pool,\3\ each in aggregate outstanding amounts of up to 
$300 million, provided that its aggregate outstanding short-term debt 
does not exceed $300 million.
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    \1\ See Southern Co., HCAR No. 27134 (February 9, 2000) 
(authorizing electric utility holding company to issue unsecured 
debt and preferred securities).
    \2\ The record notes that the interest rates, fees and expenses 
associated with the long-term debt issued by Allegheny and Supply 
will be comparable to those obtainable by similar utilities issuing 
comparable securities containing the same or similar terms and 
maturities.
    \3\ Supply proposes to lend to and borrow up to $300 million 
from the Money Pool on the same terms and under the same conditions 
that are available to current Money Pool members. Allegheny Energy, 
Inc., Holding Co. Act Release No. 25481 (February 28, 1992).

    For the Commission by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-14818 Filed 6-12-00; 8:45 am]
BILLING CODE 8010-01-M