Central Maine Power Company; Millstone Nuclear Power Station, Unit 3, Notice of Consideration of Issuance of an Order Regarding Restructuring of Central Maine Power Company

NUCLEAR REGULATORY COMMISSION

[Docket No. 50-423]

Central Maine Power Company; Millstone Nuclear Power Station,

Unit 3, Notice of Consideration of Issuance of an Order Regarding

Restructuring of Central Maine Power Company

Notice is hereby given that the U.S. Nuclear Regulatory Commission

(the Commission) is considering the issuance of an Order approving,

under Title 10 of the Code of Federal Regulations (10 CFR) Section

50.80, an application regarding the proposed corporate restructuring of

Central Maine Power Company (CMP), which holds a partial ownership

interest in Millstone Nuclear Power Station, Unit 3. By application

dated March 4,1998, CMP, by and through its counsel, Morgan, Lewis, and

Bockius, informed the Commission that it is proposing to become a

wholly owned subsidiary of a newly created holding company, HoldCo,

which will be renamed later. Northeast Nuclear Energy Company will

remain the licensed operator of Millstone Unit 3 and is not involved in

the transaction. No direct transfer of the license or any interest

therein will occur. Under the restructuring, the holders of CMP common

stock will become the holders of the common stock of the holding

company. After the restructuring, CMP will continue to be a public

utility providing the same utility services as it did immediately prior

to the restructuring, and will continue to be an ``electric utility''

under Commission regulations. According to the application, there will

be no effect on the management, or sources of funds for operation,

maintenance, or decommissioning, of

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Millstone Unit 3 as a result of the corporate restructuring.

Pursuant to 10 CFR 50.80, the Commission may approve the transfer

of control of a license after notice to interested persons. Such

approval is contingent upon the Commission's determination that the

holder of the license following the transfer is qualified to hold the

license and that the transfer is otherwise consistent with applicable

provisions of law, regulations, and orders of the Commission.

For further details with respect to this proposed action, see the

application dated March 4, 1998. This document 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 Learning Resources Center, Three Rivers

Community-Technical College, 574 New London Turnpike, Norwich,

Connecticut, and at the Waterford Library, ATTN: Vince Juliano, 49 Rope

Ferry Road, Waterford, Connecticut.

Dated at Rockville, Maryland, this 20th day of April 1998.

For the Nuclear Regulatory Commission.

Phillip F. McKee,

Deputy Director for Licensing, Special Projects Office, Office of

Nuclear Reactor Regulation.

[FR Doc. 98-10926 Filed 4-23-98; 8:45 am]

BILLING CODE 7590-01-M