10/24/07 N.Y. St. Reg. PSC-43-07-00024-P
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:
Proposed action:
The Public Service Commission is considering whether to approve or reject, in whole or in part, a petition filed by The Brooklyn Union Gas Company d/b/a KeySpan Energy Delivery New York (KEDNY) and KeySpan Gas East Corporation d/b/a KeySpan Energy Delivery Long Island (KEDLI) seeking authority for each to establish a new class of preferred stock.
Statutory authority:
Public Service Law, sections 69 and 108
Subject:
Issuance of securities and amendment of certification of incorporation.
Purpose:
To authorize KEDNY and KEDLI to issue a new class of preferred stock and amend both companies' certificate of incorporation.
Substance of proposed rule:
The Public Service Commission is considering whether to approve or reject, in whole or in part, a petition filed by The Brooklyn Union Gas Company d/b/a KeySpan Energy Delivery New York (KEDNY) and KeySpan Gas East Corporation d/b/a KeySpan Energy Delivery Long Island (KEDLI) seeking authority for each to establish a class of preferred stock having one share, subordinate to any existing preferred stock, and to issue such share of stock (Golden Share) to a party to be determined by the Commission, for the purpose of limiting KEDNY's and KEDLI's right, in the event that National Grid plc, National Grid USA or another National Grid affiliate is in a bankruptcy proceeding, to commence any voluntary bankruptcy, liquidation, receivership, or similar proceedings without the consent of the holder of the Golden Shares. In addition, the Commission is considering who should be designated to hold the Golden Share. This petition was filed in compliance with the Commission's August 23, 2007 “Abbreviated Order Authorizing Acquisition Subject to Conditions and Making Some Revenue Requirement Determinations for KeySpan Energy Delivery New York and KeySpan Energy Delivery Long Island” and the September 17, 2007 “Order Authorizing Acquisition Subject to Conditions and Making Some Revenue Requirement Determinations for KeySpan Energy Delivery New York and Key-Span Delivery Long Island” in Case 06-M-0878.
Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.state.ny.us/f96dir.htm. For questions, contact:
Central Operations, Public Service Commission, Bldg. 3, Empire State Plaza, Albany, NY 12223-1350, (518) 474-2500
Data, views or arguments may be submitted to:
Jaclyn A. Brilling, Secretary, Public Service Commission, Bldg. 3, Empire State Plaza, Albany, NY 12223-1350, (518) 474-6530
Public comment will be received until:
45 days after publication of this notice.
Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement
Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
