[Federal Register Volume 62, Number 234 (Friday, December 5, 1997)]
[Notices]
[Page 64407]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-31869]


-----------------------------------------------------------------------

NUCLEAR REGULATORY COMMISSION

[Docket No. 50-410]


New York State Electric & Gas Corporation; Nine Mile Point 
Nuclear Station, Unit No. 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 license for Nine Mile Point Nuclear Station, Unit No. 2 
(NMP2), to the extent held by New York State Electric & Gas Corporation 
(NYSEG). The transfer would be to a holding company, not yet named, to 
be created over NYSEG in accordance with an executed ``Agreement 
Concerning the Competitive Rate and Restructuring Plan of New York 
State Electric & Gas Corporation'' forwarded by letters dated October 
20 and 27, 1997. NYSEG is licensed by the Commission to own and possess 
an 18 percent interest in NMP2.
    By application dated September 18, 1997, NYSEG informed the 
Commission of a proposed corporate restructing under which NYSEG would 
become a subsidiary of a newly formed holding company. The outstanding 
shares of NYSEG's common stock (other than shares for which appraisal 
rights are properly exercised would be exchanged on a share-for-share 
basis for common stock of the holding company, such that the holding 
company will own all of the outstanding common stock of NYSEG. Under 
this restructuring, NYSEG would divest its interest in coal-fired power 
plants, but would continue to be an ``electric utility'' as defined in 
10 CFR 50.2 engaged in the transmission, distribution and, in the case 
of NMP2 and hydroelectric facilities, the generation of electricity. 
NYSEG would retain its ownership interest in NMP2 and continue to be a 
licensee of NMP2. No direct transfer of the operating license or 
ownership interests in NMP2 will result from the proposed 
restructuring. The transaction would not involve any change to either 
the management organization or technical personnel of Niagara Mohawk 
Power Corporation, which is responsible for operating and maintaining 
NMP2.
    Pursuant to 10 CFR 50.80, the Commission may approve the transfer 
of control of a license after notice to interested persons. Such 
approval is contingent upon the Commission's determination that the 
holder of the license following the transfer is qualified to hold the 
license and that the transfer is otherwise consistent with applicable 
provisions of law, regulations, and orders of the Commission.
    For further details with respect to this proposed action, see the 
NYSEG application dated September 8, 1997, as supplemented October 20 
and 27, 1997. 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 26th day of November 1997.

    For the Nuclear Regulatory Commission.
Darl S. Hood,
Senior Project Manager, Project Directorate I-1, Division of Reactor 
Projects--I/II, Office of Nuclear Reactor Regulation.
[FR Doc. 97-31869 Filed 12-4-97; 8:45 am]
BILLING CODE 7590-01-P