[Federal Register: August 7, 1998 (Volume 63, Number 152)]
[Notices]
[Page 42471-42472]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07au98-155]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26901]
Filings Under the Public Utility Holding Company Act of 1935, as
amended (``Act'')
July 31, 1998.
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 amendments is/are available for public
inspection through the Commission's Office 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 August 24, 1998, to the Secretary, Securities and Exchange
Commission, Washington, D.C. 20549, 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 case of an attorney at law, by
certificate) should be filed with the request. Any request for hearing
should identify specifically the issues of fact 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 August 24, 1998, the application(s) and/or
declaration(s), as filed or as amended, may be granted and/or permitted
to become effective.
Entergy Corporation et al (70-9305)
Entergy Corporation (``Entergy''), 639 Loyola Avenue, New Orleans,
Louisiana 70113, a registered holding company, and its wholly owned
subsidiary, Entergy Power, Inc. (``EPI''), Parkwood Two Building, 10055
Grogan's Mill Road, Suite 500, The Woodlands, Texas 77380,
(collectively, ``Declarants''), have filed a declaration under section
12(c) and 12(d) of the Act and rules 44, 46 and 54 under the Act.
In accordance with an order dated August 27, 1990 (HCAR No. 25136),
EPI was formed to, among other things, supply electricity at wholesale
to nonassociate companies and to acquire ownership interests in Unit
No. 2 of the Independence Steam Electric Generating Station (``ISES
2'') \1\ and related assets, as well as other utility assets. EPI
presently owns a 21.5% undivided ownership interest in ISES 2, a 10.75%
undivided ownership interest in certain land and common facilities at
the Independence Steam Electric Generating Station (``Independence
Station''), and a 10.75% undivided ownership interest in the
Certificate of Environmental Compatability and Public Need
(``Certificate'') for the Independence Station. EPI also owns a 10.75%
undivided ownership interest in certain leases, mine facilities and
mine equipment located in Wyoming (``Wyoming Property''), all of which
is used to supply coal to the Independence Station.2
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\1\ The Independence Steam Electric Generating Station is a two-
unit, coal-fired electric generating facility located near Newark,
Arkansas.
\2\ By order dated August 2, 1996 (HCAR No. 26549), EPD sold a
portion of its interest in ISES 2 and related property to City Water
& Light Plant of Jonesboro (``City Water & Light'') for a purchase
price of approximately $37.5 million. In the sale, City Water &
Light acquired from EPD (1) a 10% undivided ownership interest in
ISES 2 (equivalent to 84 megawatts of capacity); (2) a 5% undivided
ownership interest in the Certificate; (3) 5% undivided ownership
interest in the land and common facilities at the Independence
Station; and (4) 5% undivided ownership interest in the Wyoming
Property.
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EPI now proposes to sell, prior to December 31, 1999, a portion of
its interest in ISES 2 and related property to East Texas Electric
Cooperative, Inc. (``ETEC''), for a total purchase price of
approximately $30 million, representing an approximation of the present
market value of the assets. Specifically, ETEC will acquire from EPI
(1) a 7.13% undivided ownership interest in ISES 2 (equivalent to 60
megawatts of capacity); (2) a 3.56% undivided ownership interest in the
land and
[[Page 42472]]
common facilities at the Independence Station; (4) a 3.56% undivided
ownership interest in certain assets of the Wyoming Property; and (5) a
5.49% undivided ownership interest in the other assets of the Wyoming
Property. ETEC, an electric cooperative, presently purchases 70
megawatts of base load capacity from ISES 2 and wishes to replace a
portion of this purchased power with an ownership interest in ISES
2.3
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\3\ In addition, EPI will assign to ETEC rights and obligations
under agreements among the owners of ISES 2 relating to the
ownership and operation of ISES 2, in proportion to the percentage
of the ownership interests of ISES 2 transferred to ETEC.
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EPI intends to use the proceeds from the sale for general cooperate
purposes, including a reduction in its operating and maintenance
expenses and for other working capital needs. EPI further proposes,
from time to time through December 31, 1999, to pay dividends to
Entergy out of the unused proceeds from the proposed sale.
For the Commission, by the Division of Investment Management,
under delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-21169 Filed 8-6-98; 8:45 am]
BILLING CODE 8010-01-M