[Federal Register Volume 62, Number 171 (Thursday, September 4, 1997)] [Notices] [Pages 46779-46780] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 97-23472] ----------------------------------------------------------------------- NUCLEAR REGULATORY COMMISSION [Docket No. 50-331] Order Approving Application Regarding Merger Agreement Between IES Industries Inc., WPL Holdings, Inc., and Interstate Power Corporation In the Matter of IES Utilities Inc. (Duane Arnold Energy Center). I IES Utilities Inc. (IESU) is a wholly owned subsidiary of IES Industries Inc. (IESI). IESU is the operator and a 70-percent owner of the Duane Arnold Energy Center (DAEC). IESU and the minority owners, Central Iowa Power Cooperative and Corn Belt Power Cooperative, hold Facility Operating License DPR-49 issued by the U.S. Atomic Energy Commission pursuant to part 50 of Title 10 of the Code of Federal Regulations (10 CFR part 50) on February 22, 1974. IESU has authority to possess, use, and operate the facility, and the minority owners have the authority to possess the facility. DAEC is located in Linn County, Iowa. II By letter dated September 27, 1996, IESU informed the U.S. Nuclear Regulatory Commission (the Commission) of a proposed merger of IESI, WPL Holdings, Inc. (WPLH), and Interstate Power Corporation (IPC). Under the merger agreement, IESI will merge with and into WPLH, of which IESU would become a wholly owned subsidiary, and IPC will become a subsidiary of WPLH. In addition, WPLH will be renamed Interstate Energy Corporation (IEC). IESU will remain the holder of its license for DAEC. Furthermore, current stockholders of IESI and IPC will become stockholders of IEC, in addition to current WPLH stockholders, pursuant to a formula stipulated in the merger agreement. IESU requested the Commission's approval, pursuant to 10 CFR 50.80, [[Page 46780]] regarding the proposed transactions to the extent they effect an indirect transfer of control of the DAEC license. On February 26, 1997, a notice of consideration of approval of application regarding corporate restructuring was published in the Federal Register (62 FR 8783). An Environmental Assessment and Finding of No Significant Impact was published in the Federal Register on May 5, 1997 (62 FR 24515). Under 10 CFR 50.80, no license shall be transferred, directly or indirectly, through transfer of control of the license, unless the Commission gives its consent in writing. Upon review of the information submitted in the letter of September 27, 1996, and other information before the Commission, the NRC staff has determined that the proposed merger will not affect the qualifications of IESU as a holder of the license, and that the transfer of control of the license, to the extent effected by the proposed merger, is otherwise consistent with applicable provisions of law, regulations, and orders issued by the Commission, subject to the conditions set forth herein. These findings are supported by a Safety Evaluation dated August 28, 1997. III Accordingly, pursuant to Sections 161b, 161i, 161o, and 184 of the Atomic Energy Act of 1954, as amended, 42 U.S.C. 2201(b), 2201(i), 2201(o), and 2234, and 10 CFR 50.80, it is hereby ordered that the Commission approves the application regarding the merger agreement between IESI, WPLH, and IPC subject to the following: (1) IESU 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 IESU to its parent or to any other affiliated company, facilities for the production, transmission, or distribution of electric energy having a depreciated book value exceeding 10 percent of IESU's consolidated net utility plant, as recorded on IESU's books of account; and (2) should the merger not be completed by June 30, 1998, this Order shall become null and void unless, upon application and for good cause shown, this date is extended. This Order is effective upon issuance. IV By October 6, 1997, any person adversely affected by this Order may file a request for a hearing with respect to issuance of the Order. Any person requesting a hearing shall set forth with particularity how such person's interest is adversely affected by this Order and shall address the criteria set forth in 10 CFR 2.714(d). If a hearing is to be held, the Commission will issue an order designating the time and place of such hearing. The issue to be considered at any such hearing shall be whether this Order should be sustained. Any request for a hearing must be filed with the Secretary of the Commission, U.S. Nuclear Regulatory Commission, Washington, DC 20555- 0001, Attention: Rulemakings and Adjudications Staff, or may be delivered to the Commission's Public Document Room, the Gelman Building, 2120 L Street, NW., Washington, DC, by the above date. Copies also should be sent to the Office of the General Counsel and to the Director, Office of Nuclear Reactor Regulation, U.S. Nuclear Regulatory Commission, Washington, DC 20555-0001, and to Alvin H. Gutterman, Morgan, Lewis and Bockius LLP, 1800 M Street, NW., Washington, DC 20036-5869, attorney for IESU. For further details with respect to this action, see the application dated September 27, 1996, which is available for public inspection at the Commission's Public Document Room, the Gelman Building, 2120 L Street, NW., Washington, DC, and at the local public document room located at the Cedar Rapids Public Library, 500 First Street, SE, Cedar Rapids, IA 52401. Dated at Rockville, Maryland, this 28th day of August, 1997. For the Nuclear Regulatory Commission. Samuel J. Collins, Director, Office of Nuclear Reactor Regulation. [FR Doc. 97-23472 Filed 9-3-97; 8:45 am] BILLING CODE 7590-01-P