[Federal Register Volume 62, Number 24 (Wednesday, February 5, 1997)]
[Notices]
[Page 5492]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-2813]


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NUCLEAR REGULATORY COMMISSION
[Docket No. 50-443 (License No. NPF-86)]


North Atlantic Energy Service Corporation and Great Bay Power 
Corporation, (Seabrook Station, Unit 1); Order Approving Application 
Regarding the Corporate Restructuring of Great Bay Power Corporation by 
Establishment of a Holding Company

I

    Great Bay Power Corporation (Great Bay) is the holder of a 12.1324-
percent ownership share in Seabrook Station, Unit No. 1. Its interest 
in Seabrook Station, Unit 1, is governed by License No. NPF-86 issued 
by the U.S. Nuclear Regulatory Commission (NRC), pursuant to Part 50 of 
Title 10 of the Code of Federal Regulations (10 CFR Part 50), on March 
15, 1990, in Docket No. 50-443. Under this license, only North Atlantic 
Energy Service Corporation (North Atlantic), acting as agent and 
representative of 11 joint owners listed in the license, has the 
authority to operate Seabrook Station, Unit 1. Seabrook Station, Unit 
1, is located in Rockingham County, New Hampshire.

II

    By letter dated May 8, 1996, North Atlantic informed the Commission 
that Great Bay was in the process of implementing a corporate 
restructuring that will result in the creation of a holding company 
under the name ``Great Bay Holdings Corporation,'' of which Great Bay 
would become a subsidiary. Under the restructuring, the holders of 
Great Bay common stock will become holders of common stock of Great Bay 
Holdings Corporation. North Atlantic requested the Commission's 
approval of the corporate restructuring pursuant to 10 CFR 50.80. 
Notice of this application for approval was published in the Federal 
Register on November 26, 1996 (61 FR 60121), and an Environmental 
Assessment and Finding of No Significant Impact was published in the 
Federal Register on January 22, 1997 (62 FR 3317). Additional 
information related to this proposed restructuring was submitted by 
Great Bay through its counsel Shaw, Pittman, Potts & Trowbridge, by 
letters dated October 18 and December 9, 1996.
    Under 10 CFR 50.80, no license shall be transferred, directly or 
indirectly, through transfer of control of the license, unless the 
Commission shall give its consent in writing. Upon review of the 
information submitted in the letters of May 8 and October 18, 1996, and 
other information before the Commission, the NRC staff has determined 
that the restructuring of Great Bay will not affect the qualifications 
of Great Bay as a holder of the license, and that the transfer of 
control of the Seabrook license, to the extent effected by the 
restructuring of Great Bay, is otherwise consistent with applicable 
provisions of law, regulations, and orders issued by the Commission, 
subject to the conditions set forth herein. These findings are 
supported by a Safety Evaluation dated January 22, 1997.

III

    Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended; 42 U.S.C. 2201(b), 2201(i), 
2201(o) and 2234; and 10 CFR 50.80, it is hereby ordered that the 
Commission approves the application regarding the restructuring of 
Great Bay subject to the following: (1) Great Bay shall provide the 
Director of the Office of Nuclear Reactor Regulation a copy of any 
application, at the time it is filed, to transfer (excluding grants of 
security interests or liens) from Great Bay to its proposed parent or 
to any other affiliated company, facilities for the production, 
transmission, or distribution of electric energy having a depreciated 
book value exceeding ten percent (10%) of Great Bay's consolidated net 
utility plant, as recorded on Great Bay's books of account; and (2) 
should the restructuring of Great Bay not be completed by June 30, 
1997, this Order shall become null and void, provided, however, on 
application and for good cause shown, such date may be extended.
    This order is effective upon issuance.

IV

    By February 21, 1997, any person adversely affected by this Order 
may file a request for a hearing with respect to issuance of the Order. 
Any person requesting a hearing shall set forth with particularity how 
that interest is adversely affected by this Order and shall address the 
criteria set forth in 10 CFR 2.714(d).
    If a hearing is to be held, the Commission will issue an Order 
designating the time and place of such hearing.
    The issue to be considered at any such hearing shall be whether 
this Order should be sustained.
    Any request for a hearing must be filed with the Secretary of the 
Commission, U.S. Nuclear Regulatory Commission, Washington, DC 20555-
0001, Attention: Docketing and Services Branch, or may be delivered to 
11555 Rockville Pike, Rockville, Maryland, between 7:45 a.m. and 4:15 
p.m. Federal workdays, by the above date. Copies should be also sent to 
the Office of the General Counsel, and to the Director, Office of 
Nuclear Reactor Regulation, U.S. Nuclear Regulatory Commission, 
Washington, DC 20555-0001, and to Lillian M. Cuoco, Esquire, Northeast 
Utilities Service Company, Post Office Box 270, Hartford CT 06141-0270, 
attorney for the licensee.
    For further details with respect to this Order, see the application 
for approval of the corporate restructuring dated May 8, 1996, and 
supplement dated October 18, 1996, and December 9, 1996, which are 
available for public inspection at the Commission's Public Document 
Room, the Gelman Building, 2120 L Street, NW., Washington, DC, and at 
the local public document room located at Exeter Public Library, 
Founders Park, Exeter, NH 03833.

    Dated at Rockville, Maryland, this 22nd day of January 1997.

    For the Nuclear Regulatory Commission.
Frank J. Miraglia,
Acting Director, Office of Nuclear Reactor Regulation.
[FR Doc. 97-2813 Filed 2-4-97; 8:45 am]
BILLING CODE 7590-01-P