[Federal Register Volume 66, Number 9 (Friday, January 12, 2001)]
[Notices]
[Pages 2944-2946]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-1007]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27335]


Filings Under the Public Utility Holding Company Act of 1935, as 
Amended (``Act'')

January 5, 2001.
    Notice is hereby given that the following filing(s) has/have been 
made with the Commission pursuant to provisions of the Act and rules 
promulgated under the Act. All interested persons are referred to the 
application(s) and/or declaration(s) for complete statements of the 
proposed transaction(s) summarized below. The application(s) and/or 
declaration(s) and any amendment(s) is/are available for public 
inspection through the Commission's Branch of Public Reference.
    Interested persons wishing to comment or request a hearing on the 
application(s) and/or declaration(s) should submit their views in 
writing by January 30, 2001, to the Secretary, Securities and Exchange 
Commission, Washington, DC 20549-0609, and serve a copy on the relevant 
applicant(s) and/or declarant(s) at the address(es) specified below. 
Proof of service (by affidavit or, in the case of an attorney at law, 
by certificate) should be filed with the request. Any request for 
hearing should identify specifically the issues of facts or law that 
are disputed. A person who so requests will be notified of any hearing, 
if ordered, and will receive a copy of any notice or order issued in 
the matter. After January 30, 2001, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Alliant Energy Corporation, et al. (70-9455)

    Alliant Energy Corporation (``Alliant Energy''), a registered 
holding company, its wholly owned nonutility subsidiary, Alliant Energy 
Resources, Inc. (``AER''), both of 222 West Washington Avenue,

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Madison, Wisconsin 53703, have filed with this Commission a post-
effective amendment under sections 6(a), 7, 9(a), 10, 12(b) and 32(h) 
of the Act and rules 45, 53 and 54 to an application-declaration 
previously filed under the Act.
    Alliant Energy's public utility subsidiaries are Wisconsin Power 
and Light Company, South Beloit Water, Gas & Electric Company, 
Interstate Power Company and IES Utilities Inc. Together, these 
companies provide public utility service to approximately 919,000 
electric and 393,000 retail gas customers in parts of Wisconsin, Iowa, 
Minnesota and Illinois. AER serves as the holding company for most of 
Alliant Energy's nonutility subsidiaries and investments.
    By order dated August 26, 1999 in this proceeding (HCAR No. 27069) 
(``Financing Order''), Alliant Energy and AER were authorized to engage 
in a program of external and intrasystem financing and other related 
transactions for the period through December 31, 2001 (``Authorization 
Period'').\1\ Among other specific approvals granted under the 
Financing Order, the Commission authorized Alliant Energy to enter into 
guarantees, obtain letters of credit, enter into expense agreements or 
otherwise provide credit support (collectively, ``Guarantees'') with 
respect to the obligations of any of its utility or nonutility 
subsidiaries (collectively, ``Subsidiaries'') as may be appropriate to 
enable any Subsidiary to carry on in the ordinary course of business, 
in an aggregate amount not to exceed $600 million outstanding at any 
one time.\2\
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    \1\ On February 4, 2000, the Commission issued a supplemental 
order clarifying the terms of the Financing Order as it relates to 
the determination of the interest rate on notes issued or guaranteed 
by Alliant Energy. See Alliant Energy Corp., et al., Holding Co. Act 
Release No. 27130.
    \2\ The Guarantees authorized in this proceeding are separate 
from and in addition to guarantees provided by Alliant Energy in 
accordance with terms of the Commission's order dated December 18, 
1998 (Holding Co. Act Release No. 26956) in SEC File No. 70-9317, 
which primarily support AER's commercial paper program.
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    The Commission also authorized AER or any present or future 
nonutility subsidiary (``Nonutility Subsidiary'') of AER to acquire or 
construct in one or more transactions nonutility energy assets in the 
United States, including natural gas production, gathering, processing, 
storage and transportation facilities and equipment, liquid oil 
reserves and storage facilities and associated facilities 
(collectively, ``Energy Assets''), that would be incidental to the oil 
and gas exploration and production and energy marketing, brokering and 
trading operations of AER's subsidiaries. Nonutility Subsidiaries were 
authorized to invest up to $125 million in Energy Assets during the 
Authorization Period or in the equity securities of existing or new 
companies substantially all of whose physical properties consist or 
would consist of Energy Assets.
    Also in the Financing Order, the Commission authorized Alliant 
Energy and any of its Nonutility Subsidiaries, including AER, to 
acquire the equity securities of one or more entities (``Financing 
Subsidiaries'') organized specifically for the purpose of facilitating 
the financing of the activities of the Nonutility Subsidiaries, but 
reserved jurisdiction over the transfer of the proceeds of any 
financing by a Financing Subsidiary to Alliant Energy, pending 
completion of the record.
    Alliant Energy and AER, on behalf of itself and its respective 
direct and indirect Nonutility Subsidiaries (many of which are held by 
AER), request (1) an increase from $600 million to $1 billion in the 
amount of Guarantees Alliant Energy may issue at any one time, (2) 
authority to invest an additional $220 million in Energy Assets, 
including gas and oil exploration and production properties in Canada 
as well as the United States, and (3) a release of jurisdiction 
previously reserved over the transfer of proceeds of financing by any 
Financing Subsidiary to Alliant Energy.
    Alliant Energy states that it has provided Guarantees for 
obligations of Subsidiaries in an aggregate principal amount of $291.8 
million. Applicants state that as Alliant Energy's nonutility 
operations continued to expand, Alliant Energy projects the need to 
provide Guarantees in an aggregate principal amount up to $1 billion at 
any time outstanding. Alliant Energy asserts that, because of the 
temporary nature of the Guarantees and the low likelihood that it would 
be called upon to pay significant amounts under the Guarantees, it does 
not believe that the requested increase will expose it or its 
Subsidiaries to improper risks.
    AER states that two indirect wholly owned subsidiaries of AER, 
Whiting Petroleum Corporation (``Whiting Petroleum'') and Alliant 
Energy Industrial Services, Inc., have invested an aggregate of $106.3 
million in Energy Assets. AER anticipates that this level of investment 
activity in Energy Assets, particularly by Whiting Petroleum's 
acquisition of oil and gas production properties, will continue for the 
foreseeable future. Accordingly, during the remainder of the 
Authorization Period, AER requests authorization to invest, through 
Nonutility Subsidiaries, an additional $220 million in Energy Assets or 
in the equity securities of existing or new companies substantially all 
of whose physical properties consist or would consist of Energy Assets, 
including oil and gas exploration and production operations in Canada.

SCANA Corporation, et al. (70-9533)

    SCANA Corporation (``SCANA''), a registered holding company, 
SCANA's public utility subsidiary companies, Public Service Company of 
North Carolina, Inc. (``PSNC''), South Carolina Electric and Gas 
Company, South Carolina Generating Company, Inc., and SCANA's 
nonutility subsidiary companies, South Carolina Pipeline Corporation, 
SCANA Energy Marketing Inc., SCANA Energy Trading, LLC, SCANA Propane 
Gas, Inc., SCANA Propane Storage, Inc., Servicecare Inc., Primesouth, 
Inc., Palmark, Inc., Palmetto Lyme, LLC, SCANA Resources, Inc., SCANA 
Development Corp., SCANA Petroleum Resources, Inc., SCANA Services, 
Inc., South Carolina Fuel Company, Inc., SCANA Public Service Company 
LLC, Cardinal Pipeline Company, LLC and Pine Needle LNG Company, LLC, 
all located at 1426 Main Street, Columbia, South Carolina 29201 
(collectively, ``Applicants'') have filed a post-effective amendment 
under sections 6(a), 7, 9(a), 10, and 12 of the Act and rules 43, 45, 
53 and 54 under the Act. The Commission issued a notice of the original 
application-declaration on August 31, 1999 (HCAR No. 27071).
    By order dated February 14, 2000 (HCAR No. 27137) (``Financing 
Order''), among other things, the Commission authorized SCANA through 
February 11, 2003 (the ``Authorization Period''), to issue and sell 
common stock and long-term debt up to an aggregate amount of $1.935 
billion and PSNC to issue and sell commercial paper and short-term debt 
up to an aggregate amount of $125 million.
    Applicants now propose to increase: (i) the amount of common stock 
with no par value (other than for employee benefit plans or stock 
purchase and dividend reinvestment plans) and long-term debt issued by 
SCANA in an aggregate principal amount not to exceed $2.45 billion and 
(ii) the amount of commercial paper and short-term debt that PSNC is 
authorized to issue an aggregate amount not to exceed $200 million.\3\
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    \3\ The increase in short-term debt is required to meet PSNC's 
winter heating season requirements.
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    In addition, PSNC proposes to issue $150 million in long-term debt 
through the Authorization Period. The long-term

[[Page 2946]]

debt securities issued by PSNC would be comprised of medium-term notes 
under an indenture or institutional debt. Any long-term debt security 
would have the designation, aggregate principal amount, maturity and 
interest rate(s) or methods of determining the same, terms of payment 
of interest, redemption provisions, sinking fund terms and other terms 
and conditions as PSNC may determine at the time of issuance. PSNC 
states it will not issue any new long-term debt, unless its outstanding 
long-term debt is rated ``investment grade'' by at least one nationally 
recognized statistical rating agency.
    The requested increases will remain subject to the safeguard 
parameters set forth in the Financing Order and the order approving the 
merger between SCANA and PSNC on February 9, 2000 (HCAR No. 27133) 
(``Merger Order''), which include these limitations: (i) The effective 
cost of money on long-term debt securities will not exceed 300 basis 
points over comparable term U.S. Treasury securities and the effective 
cost of money on short-term securities will not exceed 300 basis point 
over comparable term London Interbank Offered Rate; (ii) maturity of 
indebtedness will not exceed 50 years; (iii) the underwriting fees, 
commissions, or similar remuneration paid in connection with the issue, 
sale or distribution of a security will not exceed 5% of the principal 
amount of the financing; and (iv) at all times during the Authorization 
Period, SCANA's common equity will be at least 30% of its consolidated 
capitalization.
    The proceeds from the sale of securities in external financing 
transactions will be used for general corporate purposes including: (i) 
The financing, in part, of the capital expenditures of the SCANA 
system; (ii) the financing of working capital requirements of the SCANA 
system; (iii) the acquisition, retirement or redemption under rule 42 
of securities previously issued by SCANA or its subsidiaries without 
the need for prior Commission approval; and (iv) other lawful purposes, 
including direct or indirect investment in companies authorized under 
the Merger Order and in companies, the acquisition of which are 
permitted by rule 58 under the Act and exempt telecommunication 
companies as defined in section 34 of the Act.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-1007 Filed 1-12-01; 8:45 am]
BILLING CODE 8010-01-M