17898 Federal Register / Vol. 62, No. 70 / Friday, April 11, 1997 / Notices

1As discussed below, such subsidiaries include

certain current and future intermediate subsidiaries,

energy-related companies, and special purpose

subsidiaries.

2These include companies all of which revenue

comes from the ownership and/or operation of the

following types of businesses: (a) ‘‘qualifying

facilities’’, as defined in the Public Utility

Regulatory Policies Act of 1978, as amended,

(‘‘QFs’’); (b) production, conversion or distribution

of steam; (c) the brokering and marketing of energy

commodities, and (d) other energy-related

businesses to the extent the acquisition of interests

in such businesses are exempt under a rule

subsequently adopted by the Commission. Such a

rule was adopted by the Commission on February

14, 1997 (HCAR No.. 26667), and became effective

on March 24, 1997.

3These included companies all of whose revenue

comes from the ownership and/or operation of QFs

or the production, conversion or distribution of

steam.

4See Holding Co. Act Rel. Nos. 26488 (March 12,

1996), 26486 (March 8, 1996) and 26477 (Feb. 23,

1996).

5 Defined in rule 53 (a)(1)(ii).

6The Midlands Project Parents, formed in

connection with Cinergy’s acquisition of a 50%

interest in Midlands Electricity plc in a joint

venture with GPU, Inc. in 1996, consist of Cinergy

UK, Inc., Avon Energy Partners Holdings and Avon

Energy Partners Plc.

(‘‘Mobile’’), Southern Energy, Inc.

(‘‘Energy’’), Southern Energy

International, Inc., Southern Energy

North America, Inc. (‘‘SENA’’), and SEI

Europe, Inc., each at 900 Ashwood

Parkway, Atlanta, Georgia 30338, and

certain of Holdings nonutility

subsidiaries 1 (collectively,

‘‘Subsidiaries’’), have filed a posteffective amendment under sections

6(a), 7, 9(a), 10, 12(c) and 12(f) of the

Act and rules 43, 46, and 54 thereunder

to an application-declaration filed

pursuant to sections 6(a), 7, 9(a), 10,

12(b), 12(f), 13(b). 32 and 33 of the Act

and rules 43, 45 and 54 thereunder.

By orders dated February 2, 1996

(HCAR No. 26468) (the ‘‘Original

Order’’) and September 26, 1996 (HCAR

No. 26581), Holdings was authorized to

organize and/or acquire, inter alia,

certain non-utility businesses (defined

in the Original Order as ‘‘Energy-Related

Companies’’).2 The Commission also

authorized in the Original Order the

issuance and sale by Mobile to Holdings

of one or more series of preferred stock

and the contribution of that stock

ultimately to SENA (‘‘Stock

Transactions’’), in connection with a

proposed transfer of stock of Energy and

certain of its subsidiaries to Holdings

and certain of its subsidiaries.

By supplemental order dated July 17,

1996 (HCAR No. 26543) (the

‘‘Supplemental Order’’), the

Commission authorized Holdings,

certain Energy Related Companies 3 and

other subsidiaries described in the order

to pay dividends to their parent

companies from time to time through

June 30, 1997, out of capital and

unearned surplus (including revaluation

reserve), to the extent permitted under

applicable law. In that order, the

Commission also extended the date by

which the Stock Transactions could be

consummated, until not later than June

30, 1997. The Commission reserved

jurisdiction in the Supplemental Order

over the payment of dividends out of

capital surplus or unearned surplus by

any other type of Energy Related

Company.

The applicants now request a

modification and extension of their

current authority to pay dividends out

of capital and unearned surplus.

Specifically, Holding, on its own behalf

and on behalf of each of its current and

future subsidiaries, requests authority to

pay dividends out of capital and

unearned surplus (including revaluation

reserve) to their parent companies from

time to time through June 30, 2000, to

the extent permitted under applicable

law; provided, however, that Holdings

requests that the Commission reserve

jurisdiction over any such dividend

payments by any subsidiary of Holdings

that derives any material part of its

revenues from the sale of goods,

services, electricity or natural gas to any

of Southern’s five domestic electric

utility subsidiaries or to Southern

Company Services, Inc.

In addition, Holdings and Mobile

state that the Stock Transactions have

not been consummated and may not be

consummated prior to June 30, 1997.

Accordingly, they now request that the

Commission extend until June 30, 1998,

the date by which such transactions

may be consummated.

Cinergy Corp. et al. (70–9023)

Cinergy Corp. (‘‘Cinergy’’), a

registered holding company, and its

nonutility subsidiary, Cinergy

Investments, Inc. (‘‘Investments’’), both

of 139 East Fourth Street, Cincinnati,

Ohio 45202, have filed a declaration

under section 12(c) of the Act and rules

46 and 54 thereunder.

By previous order orders,4 Cinergy is

authorized to invest the proceeds of

issuances of short-term notes and

common stock to acquire interests in

exempt wholesale generators (‘‘EWGs’’)

and foreign utility companies

(‘‘FUCOs’’) (EWGs and FUCOs together,

‘‘Exempt Projects’’), as defined in

sections 32 and 33 of the Act,

respectively, in an amount not to exceed

50% of Cinergy’s ‘‘consolidated retained

earnings’’.5 To effect such investment,

Cinergy, together with Investments, is

authorized to form one or more direct or

indirect special purpose subsidiaries

(‘‘Project Parents’’) to acquire and own

or operate Exempt Projects.

The applicants request authorization

for Investments, three Existing Project

Parents (‘‘Midlands Project Parents’’) 6

and all future Project Parents (together,

with the Midlands Project Parents,

‘‘Applicable Project Parents’’) to pay

dividends out of capital or unearned

surplus to their respective parent

companies through December 31, 2002

to the extent permitted under applicable

corporate law. The applicants represent

that Investments will pay dividends

only to the extent that the dividend is

based upon (a) a corresponding

dividend paid to Investments out of

capital or unearned surplus by an

Applicable Project Parent that is a direct

subsidiary of Investments or (b)

Investments’ direct or indirect

ownership of an Exempt Project.

For the Commission, by the Division of

Investment management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–9313 Filed 4–10–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Sunshine Act Meeting

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: (62 FR 15212, March

31, 1997).

STATUS: Closed Meeting.

PLACE: 450 Fifth Street, N.W.,

Washington, D.C.

DATE PREVIOUSLY ANNOUNCED: March 31,

1997.

CHANGE IN THE MEETING: Deletion.

The following item was not

considered at the closed meeting

scheduled for Thursday, April 3, 1997:

Settlement of injunctive action.

Commissioner Hunt, as duty officer,

determined that Commission business

required the above change and that no

earlier notice thereof was possible.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact:

The Office of the Secretary (202) 942–

7070.

April 9, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–9538 Filed 4–9–97; 11:24 am]

BILLING CODE 8010–01–M