[Federal Register Volume 65, Number 200 (Monday, October 16, 2000)]
[Notices]
[Pages 61202-61203]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-26482]


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NUCLEAR REGULATORY COMMISSION

[Docket Nos. 50-352, 50-353]


In the Matter of PECO Eenergy Company (Limerick Generating 
Station, Units 1 and 2) Order Approving Application Regarding Proposed 
Corporate Restructuring

I

    PECO Energy Company (PECO, the licensee) is the holder of Facility 
Operating Licenses Nos. NPF-39 and NPF-85, which authorize the 
possession, use, and operation of the Limerick Generating Station 
(Limerick), Units 1 and 2 (the facility). The facility is located at 
the licensee's site in Montgomery County, Pennsylvania.

II

    By application dated July 7, 2000, PECO requested approval of the 
proposed indirect transfer of the facility operating licenses to Exelon 
Corporation, to be formed in connection with the proposed merger of 
Unicom Corporation (Unicom), the parent of Commonwealth Edison Company 
and PECO. Supplemental information was provided by submittals dated 
July 13 and September 1, 2000. Hereinafter, the July 7, 2000, 
application and supplemental information will be referred to 
collectively as the ``application.''
    Under the proposed merger, PECO will become a direct or indirect 
subsidiary of Exelon Corporation. The merger was previously the subject 
of an order dated August 3, 2000, by which the U. S. Nuclear Regulatory 
Commission approved the direct transfer of the Limerick licenses to 
Exelon Generation Company, LLC (EGC). EGC will be formed in connection 
with the merger as an indirect subsidiary of Exelon Corporation to 
acquire the generating assets of PECO and Commonwealth Edison Company. 
The August 3, 2000, order effectively allows PECO's Limerick assets to 
be transferred to EGC. According to the application here, the transfer 
of these assets may be delayed beyond the closing of the merger. During 
this interim period, Exelon Corporation would be the direct parent of 
PECO as PECO continues to hold the Limerick and other generating assets 
pending the receipt of necessary approvals to allow the generating 
assets to be transferred to EGC. Specifically, PECO would continue to 
be the sole owner and operator of Limerick, Units 1 and 2.
    By a separate application dated July 7, 2000, Commonwealth Edison 
Company requested approval of the indirect transfer of the facility 
operating licenses that it holds to Exelon Corporation, which would 
occur under circumstances similar to the above for PECO. That 
application is being addressed separately.
    Approval of the indirect transfer of the facility operating 
licenses was requested by PECO pursuant to 10 CFR 50.80. Notice of the 
request for approval and an opportunity for a hearing was published in 
the Federal Register on August 31, 2000 (65 FR 53045). The Commission 
received no comments or requests for hearing pursuant to such notice.
    Under 10 CFR 50.80, no license, or any right thereunder, 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 in the application by PECO, and other 
information before the Commission, the NRC staff has determined that 
the proposed corporate restructuring under which Exelon Corporation 
will become the parent of PECO will not affect the qualifications of 
PECO as holder of the licenses described above, and that the indirect 
transfer of the licenses, to the extent effected by the proposed 
corporate restructuring, is otherwise consistent with applicable 
provisions of law, regulations, and orders issued by the Commission, 
subject to the conditions set forth below.
    The findings set forth above are supported by a safety evaluation 
dated October 5, 2000.

III

    Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the 
Atomic Energy Act of 1954, as amended, 42 USC 2201(b), 2201(i), 
2201(o), and 2234; and 10 CFR 50.80, It Is Hereby Ordered that the 
application regarding the indirect license transfers related to the 
proposed corporate restructuring is approved, subject to the following 
conditions:

    (1) PECO 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 PECO 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 PECO's consolidated net utility 
plant, as recorded on PECO's books of account, provided, however, 
this condition shall apply only for so long as PECO holds a license 
issued pursuant to 10 CFR Part 50.

[[Page 61203]]

    (2) Should the proposed merger and restructuring not be 
completed by October 5, 2001, this Order shall become null and void, 
provided, however, upon written application and for good cause 
shown, such date may in writing be extended.

    This Order is effective upon issuance.
    For further details with respect to this Order, see the initial 
application dated July 7, 2000, and supplemental submittals dated 
July 13 and September 1, 2000, and the safety evaluation dated 
October 5, 2000, which are available for public inspection at the 
Commission's Public Document Room, One White Flint North, 11555 
Rockville Pike (first floor), Rockville, Maryland, and accessible 
electronically through the ADAMS Public Electronic Reading Room link 
at the NRC Web site (http://www.nrc.gov).

    Dated at Rockville, Maryland, this 5th day of October 2000.

    For the Nuclear Regulatory Commission.
Samuel J. Collins,
Director, Office of Nuclear Reactor Regulation.
[FR Doc. 00-26482 Filed 10-13-00; 8:45 am]
BILLING CODE 7590-01-P