[Federal Register Volume 65, Number 200 (Monday, October 16, 2000)]
[Notices]
[Page 61194]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-26480]


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NUCLEAR REGULATORY COMMISSION

[Docket No. 50-219]


In the Matter of AmerGen Energy Company, LLC (Oyster Creek 
Nuclear Generating Station); Order Approving Application Regarding 
Proposed Corporate Restructuring

I

    AmerGen Energy Company, LLC (AmerGen, the licensee) is the holder 
of Facility Operating License No. DPR-16, which authorizes AmerGen to 
possess, use, and operate Oyster Creek Nuclear Generating Station 
(Oyster Creek or the facility). The facility is located at the 
licensee's site in Ocean County, New Jersey. British Energy, Inc., and 
PECO Energy Company (PECO) each own 50 percent of AmerGen.

II

    By application dated July 19, 2000, AmerGen requested approval of 
the indirect transfer of the facility operating license to Exelon 
Corporation, to the extent such would occur upon PECO becoming a 
subsidiary of Exelon Corporation, a new 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 a submittal dated September 15, 2000.
    Under the proposed merger, PECO will become a direct or indirect 
subsidiary of Exelon Corporation. The merger was previously the subject 
of an AmerGen application dated February 28, 2000, in which AmerGen 
requested approval of the indirect transfer of the Oyster Creek license 
(and certain other licenses held by AmerGen) that would occur as a 
result of a proposed transfer of PECO's 50 percent interest in AmerGen 
to Exelon Generation Company, LLC (EGC). EGC is to be formed in 
connection with the merger between Unicom and PECO referred to above, 
and will also become a subsidiary of Exelon Corporation. British 
Energy, Inc., is not involved in the merger, and its interest in 
AmerGen will remain unchanged. The February 28, 2000, application is 
still under review.
    According to the July 19, 2000, application, the transfer of PECO's 
50 percent interest in AmerGen to EGC may be delayed beyond the closing 
of the merger. During this interim period, Exelon Corporation would 
become and continue to be the direct parent of PECO pending the receipt 
of necessary approvals to allow PECO's generating assets, including its 
interest in AmerGen, to be transferred to EGC; PECO would continue to 
hold its 50 percent interest in AmerGen, which will continue to be the 
sole owner and operator of Oyster Creek.
    Approval of the indirect transfer of the facility operating license 
that would occur under the immediately preceding circumstances was 
requested by AmerGen 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 53034). 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 July 19, 2000, application by AmerGen, 
the September 15, 2000, supplement, 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 while PECO continues to hold its ownership interest in AmerGen, 
will not affect the qualifications of AmerGen as holder of the license 
described above, and that the indirect transfer of the license, 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 condition 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, and 184 of the Atomic 
Energy Act of 1954, as amended, 42 USC 2201(b), 2201(i), and 2234; and 
10 CFR 50.80, It Is Hereby Ordered that the application regarding the 
indirect license transfer related to the proposed corporate 
restructuring is approved, subject to the following condition:
    (1) 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 application 
dated July 19, 2000, supplemental submittal dated September 15, 2000, 
and the safety evaluation dated October 5, 2000, which are available 
for public inspection at the Commission's Public Document Room, located 
at 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. 00-26480 Filed 10-13-00; 8:45 am]
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