[Federal Register: March 19, 1999 (Volume 64, Number 53)]
[Notices]               
[Page 13619]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19mr99-128]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-26990]

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

March 12, 1999.
    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 
applications(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 April 5, 1999, to the Secretary, Securities and Exchange 
Commission, Washington, DC 20549, and serve a copy on the relevant 
applicant(s) and/or declarants(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 April 5, 1999, the application(s) and/or declaration(s), 
as filed or as amended, may be granted and/or permitted to become 
effective.

Eastern Edison Company (70-9453)

    Eastern Edison Company (``EEC''), 110 Mulberry Street, Brockton, 
Massachusetts 02403, an electric utility subsidiary company of Eastern 
Utilities Associates, a registered holding company, has filed a 
declaration under section 12(b) of the Act and rules 45 and 54 under 
the Act.
    EEC's electric utility subsidiary company, Montaup Electric Company 
(``MEC''), has entered into settlement agreements (``Agreements'') 
with, among others, its state retail rate regulators, Massachusetts and 
Rhode Island.\1\ Under the Agreements, MEC is divesting its generating 
assets and existing power purchase agreements (``Existing Power 
Contracts'').
---------------------------------------------------------------------------

    \1\ The Agreements were approved by the Federal Energy 
Regulatory Commission by orders dated August 8, 1997 in Docket Nos. 
ER97-2800-000, ER97-3127-000 and ER97-2338-000.
---------------------------------------------------------------------------

    In conjunction with this divestiture, MEC has agreed to sell to 
Constellation Power Source, Inc. (``CPS''), a nonassociate company, 
under a Power Purchase and Sale Agreement (``Sale Agreement''), the 
economic benefits and performance obligations associaed with certain 
Existing Power Contracts, subject to MEC's continuing obligation to 
make certain payments under those Existing Power Contracts. In 
accordance with the Sale Agreement, EEC proposes to guarantee MEC's 
performance, and to pay CPS' expenses for enforcing its rights, under 
the Sale Agreement (``Guaranty'').
    EEC may be relieved of its obligations under the Guaranty if MEC 
either provides CPS with certain collateral or demonstrates that it 
meets certain creditworthiness criteria.
    The Guaranty could be reinstated if MEC has not provided the 
collateral and fails to continue to meet the prescribed criteria.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-6787 Filed 3-18-99; 8:45 am]
BILLING CODE 8010-01-M