File No. 70-8655
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
__________________________________________
FORM U-1
POST-EFFECTIVE AMENDMENT NO. 1
TO APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
__________________________________________
Names of Companies filing this statement and addresses of
principal executive offices:
National Fuel Gas Company
10 Lafayette Square
Buffalo, New York 14203
Leidy Hub, Inc.
10 Lafayette Square
Buffalo, New York 14203
Name of Top Registered Holding Company: NATIONAL FUEL GAS COMPANY
Name and Addresses of Agents for Service:
Walter E. DeForest, President Anna Marie Cellino, Secretary
Leidy Hub, Inc. National Fuel Gas Company
10 Lafayette Square 10 Lafayette Square
Buffalo, New York 14203 Buffalo, New York 14203
It is respectfully requested that the Commission send copies of
all notices, orders, and communications to:
James R. Peterson, Esq.
Suite 1500
10 Lafayette Square
Buffalo, New York 14203
Item 1. Amended to Add the Following:
In addition to the various transactions described in the
original U-1 filing, approved by the Commission in Release No.
35-26365, dated August 31, 1995, National Fuel Gas Company ("NFG")
and Leidy Hub, Inc. ("Leidy") respectfully request the
Commission's approval and/or authorization to extend
interest-bearing loans through Leidy to its subsidiary,
Enerchange, L.L.C. ("Enerchange") at negotiated rates up to a
maximum of $50 million in outstanding loans for a term of ten
years.
Under the terms of the Application-Declaration and the
Release of August 31, 1995, NFG, through Leidy, was authorized to
acquire a 14.5% interest in Enerchange. In addition, Leidy was
further authorized to make loans to Enerchange to compensate for a
defaulting member's failure to make required capital
contributions, as contemplated by the Limited Liability Company
Agreement. The amounts of such potential loans would be based on
the ratio of Leidy's 14.5% interest to the interests of the other
non-defaulting members of Enerchange.
Leidy now requests authorization to extend
interest-bearing loans to Enerchange in circumstances other than
those mentioned in the original Application-Declaration. These
loans would be at rates and terms negotiated and agreed upon
between Leidy and Enerchange, just like loans from the other
owners to Enerchange.
The proposed transactions would allow Enerchange to
borrow money at desirable interest rates with maximum flexibility
of terms. Rule 45 (17 C.F.R. Section 250.45) already authorizes
Leidy to make interest-free loans to Enerchange without
limitation. Applicants seek only the comparable authority for
interest bearing loans.
Loans between Leidy and Enerchange would have a de
minimis effect on the capital structure of the National Fuel
Holding Company System (the "System"). Leidy would not be
obligated to make loans at any rate it considers undesirable.
Furthermore, the proposed transactions would not be detrimental to
the public interest, ratepayers, investors, consumers, or the
proper functioning of the System. There is no danger of the
System exercising excessive control over Enerchange. The System's
interest in and influence of Enerchange is restricted by its
allocable share of 14.5%, which is Leidy's effective voting power
in Enerchange.
SIGNATURES
Pursuant to the requirements of the Public Utility
Holding Company Act of 1935, the undersigned companies have duly
caused this Amendment to be signed on their behalf by the
undersigned thereunto duly authorized.
Dated: August 29, 1996
NATIONAL FUEL GAS COMPANY
By /s/ Anna Marie Cellino
Anna Marie Cellino
Secretary
LEIDY HUB, INC.
By /s/ Walter E. DeForest
Walter E. DeForest
President
