SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: October 21, 1999
NEW ENGLAND ELECTRIC SYSTEM
(exact name of registrant as specified in charter)
Massachusetts 1-3446 04-1663060
(state or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification No.)
incorporation)
25 Research Drive, Westborough, Massachusetts 01582
(Address of principal executive offices)
(508) 389-2000
(Registrant's telephone number, including area code)
Item 5. Other Events
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As previously reported, in connection with the merger of
New England Electric System (NEES) and The National Grid Group
plc (National Grid), NEES and National Grid filed for merger
approval with the Nuclear Regulatory Commission (NRC) associated
with the minority ownership interests of a NEES subsidiary in six
nuclear plants. On July 20, 1999, three subsidiaries of
Northeast Utilities (the lead owner of two of the nuclear plants)
filed a request for hearing with the NRC raising issues with
respect to foreign ownership and whether the NEES subsidiary will
continue to meet financial qualifications standards under the
Atomic Energy Act.
On October 21, 1999, the NRC granted the request for a
hearing on these two issues and directed NEES, National Grid, and
the Northeast Utilities subsidiaries to confer promptly on
whether this proceeding could be settled without the need for a
hearing. In the event the parties do not reach a settlement
satisfactory to the NRC, the hearing is scheduled for January 12,
2000. If a hearing is held, the NRC stated it expects to issue a
final order on the merits by April 3, 2000. NEES and National
Grid believe that they can satisfy the NRC as to the two issues
raised for hearing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Current Report on
Form 8-K to be signed on its behalf by the undersigned thereunto
duly authorized.
NEW ENGLAND ELECTRIC SYSTEM
s/Michael E. Jesanis
By
Michael E. Jesanis
Senior Vice President and
Chief Financial Officer
Date: October 22, 1999
The name "New England Electric System" means the trustee or
trustees for the time being (as trustee or trustees but not
personally) under an agreement and declaration of trust dated
January 2, 1926, as amended, which is hereby referred to, and a
copy of which as amended has been filed with the Secretary of The
Commonwealth of Massachusetts. Any agreement, obligation or
liability made, entered into or incurred by or on behalf of New
England Electric System binds only its trust estate, and no
shareholder, director, trustee, officer or agent thereof assumes
or shall be held to any liability therefor.