The U.S. Nuclear Regulatory Commission will announce in the Oct. 4 Federal Register that it has received and is considering approval of an application filed by Susquehanna Nuclear LLC, operator of the 2,600-MW Susquehanna nuclear plant in Pennsylvania, on June 29.
The application seeks NRC approval of the indirect transfer of Susquehanna Nuclear’s interests in Renewed Facility Operating License Nos. NPF-14 and NPF-22 for Susquehanna Steam Electric Station Units 1 and 2 (SSES), respectively, as well as the general license for the SSES Independent Spent Fuel Storage Installation (ISFSI), from the current parent holder, Talen Energy (NYSE: TLN), to Riverstone Holdings LLC.
Comments must be filed within 30 days after Oct. 4. A request for a hearing must be filed within 20 days.
Riverstone’s portfolio companies currently hold 35% in the aggregate of the outstanding common stock of Talen. According to the application for approval filed by Susquehanna Nuclear, acting on behalf of itself and Riverstone, the indirect transfer of control results from a transaction in which Talen, Susquehanna Nuclear’s ultimate parent, will become wholly owned by the portfolio companies of Riverstone. As a result, all of the common stock of Talen will become privately held by affiliates of Riverstone, and Susquehanna Nuclear will become indirectly controlled by Riverstone.
Riverstone would acquire ownership of Susquehanna Nuclear’s 90% interest in SSES. Susquehanna Nuclear will continue to operate the facility and hold the licenses. No physical changes to SSES or operational changes are being proposed in the application.
Talen and Riverstone announced on June 3 this planned takeover of Talen by Riverstone. They said they expected the transaction to be completed by the end of 2016. Talen is a competitive energy and power generation company that owns or controls 16,000 MW of capacity in eight states. Talen has major coal, nuclear and natural gas generating assets that are spread across regions such as PJM Interconnection, New York ISO and the Electric Reliability Council of Texas.