[Federal Register Volume 59, Number 224 (Tuesday, November 22, 1994)] [Unknown Section] [Page 0] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 94-28809] [[Page Unknown]] [Federal Register: November 22, 1994] ----------------------------------------------------------------------- DEPARTMENT OF ENERGY [Docket No. ER94-1384-000] Morgan Stanley Capital Group, Inc.; Issuance of Order November 16, 1994. On June 21, 1994, as supplemented on September 9, 1994, Morgan Stanley Capital Group, Inc. (MS Capital) filed an application requesting Commission approval to sell electricity at market-based rates. MS Capital is a wholly-owned subsidiary of Morgan Stanley Group Inc. (Morgan Stanley), a large, international investment banking company.\1\ In its application, MS Capital sought waiver of certain of the Commission's regulations. In particular, MS Capital requested that the Commission grant blanket approval under 18 CFR Part 34 of all future issuances of securities and assumptions of liabilities by MS Capital. On November 8, 1994, the Commission issued an Order Accepting Market-Based Rate Schedule For Filing, Granting And Denying Requests For Waivers And Authorizations, And Addressing Marketers' Annual Charge Obligations (order), in the above-docketed proceeding. --------------------------------------------------------------------------- \1\Morgan Stanley operates in seven business lines (investment banking, equity products, fixed income products, merchant banking, asset management, foreign exchange trading, and commodities activities), many of which involve dealings with public utilities. Morgan Stanley acts as a securities underwriter, sometimes for utility securities, and as a market-maker in stocks and bonds, including utility stocks and bonds. Morgan Stanley also acts as an investment banker, advising utility clients on financial and capital matters. Morgan Stanley also holds securities of utilities for the accounts of its clients. Various subsidiaries provide merchant banking functions and own interests in electric power generation facilities such as qualifying facilities (OFs). --------------------------------------------------------------------------- The Commission's November 8, 1994 Order granted the request for blanket approval under 18 CFR Part 34, subject to the following conditions found in Ordering Paragraphs (C), (D), and (F): (C) Within 30 days of the date of this order, any person desiring to be heard or to protest the Commission's blanket approval of issuances of securities or assumptions of liabilities by MS Capital should file a motion to intervene or protest with the Federal Energy Regulatory Commission, 825 North Capitol Street, NE., Washington, DC 20426, in accordance with Rules 211 and 214 of the Commission's Rules of Practice and Procedure, 18 CFR 385.211 and 385.214 (1994). (D) Absent a request to be heard within the period set forth in Ordering Paragraph (C) above, MS Capital is hereby authorized, pursuant to section 204 of the Federal Power Act, to issue securities and assume obligations or liabilities as guarantor, endorser, surety, or otherwise in respect of any security of another person; provided that such issue or assumption is for some lawful object within the corporate purposes of MS Capital, compatible with the public interest, and reasonably necessary or appropriate for such purposes. (F) The Commission reserves the right to modify this order and to require a further showing that neither public or private interests will be adversely affected by continued Commission approval of MS Capital's issuances of securities or assumptions of liabilities, or by the continued holding of any affected interlocks. Notice is hereby given that the deadline for filing motions to intervene or protests, as set forth above, is December 8, 1994. Copies of the full text of the order are available from the Commission's Public Reference Branch, room 3308, 941 North Capitol Street, NE., Washington, DC 20426. Linwood A. Watson, Jr., Acting Secretary. [FR Doc. 94-28809 Filed 11-21-94; 8:45 am] BILLING CODE 6717-01-M