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OGC-99-4 1 (1998-10-09)

handle is hein.gao/gaobablwl0001 and id is 1 raw text is: G AO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-281132 October 9, 1998 The Honorable John H. Chafee Chairman The Honorable Max Baucus Ranking Minority Member Committee on Environment and Public Works United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Nuclear Regulatory Commission: Financial Assurance Requirements for Decommissioning Nuclear Power Reactors Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Nuclear Regulatory Commission (Commission), entitled Financial Assurance Requirements for Decommissioning Nuclear Power Reactors (RIN: 3150-AF41). We received the rule on September 24, 1998. It was published in the Federal Register as a final rule on September 22, 1998. 63 Fed. Reg. 50465. These amendments to the Commission's requirements for the financial de- commissioning of nuclear power plants respond to the potential rate deregulation in the power generating industry and allow a broader range of assurance mechanisms for reactor licensees who lose their ability to recover decommissioning costs through regulated rates and fees or other mandatory charges. The amendments also (1) define federal licensee and add several associated definitions, (2) add new reporting requirements pertaining to the use of prepayment and external sinking funds, (3) impose new reporting requirements for power reactor licensees on the status of decommissioning funding, and (4) permit power reactor licensees to take credit for certain earnings on decommissioning trust funds. GAO/OGC-99-4

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