Exhibit H
PROPOSED FORM OF FEDERAL REGISTER NOTICE
SECURITIES AND EXCHANGE COMMISSION
(Release No. 35- )
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Filings under the Public Utility Holding Company Act of 1935, as amended
("Act")
October , 2000
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Notice is hereby given that the following filing(s) has/have been made with
the Commission pursuant to provisions of the Act and rules promulgated
thereunder. All interested persons are referred to the application(s) and/or
declaration(s) for complete statements of the proposed transaction(s) summarized
below. The application(s) and/or declaration(s) and any amendments thereto
is/are available for public inspection through the Commission's Office of Public
Reference.
Interested persons wishing to comment or request a hearing on the
application(s) and/or declaration(s) should submit their views in writing by
November , 2000 to the Secretary, Securities and Exchange Commission,
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Washington, D.C. 20549, and serve a copy on the relevant applicant(s) and/or
declarant(s) at the address(es) as specified below. Proof of service (by
affidavit or, in case of an attorney at law, by certificate) should be filed
with the request. Any request for hearing shall identify specifically the issues
of fact or law that are disputed. A person who so requests will be notified of
any hearing, if ordered, and will receive a copy of any notice or order issued
in the matter. After November__, 2000, the application(s) and/or declaration(s),
as filed or as amended, may be granted and/or permitted to become effective.
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NATIONAL FUEL GAS COMPANY, ET AL. (70-9525)
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National Fuel Gas Company ("National"), 10 Lafayette Square, Buffalo, New
York 14203, a public-utility holding company registered under the Act, and its
principal gas-related non-utility subsidiaries, National Fuel Gas Supply
Corporation ("Supply"), National Fuel Resources, Inc. ("Resources"), Seneca
Resources Corporation ("Seneca") and Upstate Energy Inc. ("Upstate Energy")
(collectively, "Applicants") have filed a post-effective amendment to their
Application-Declaration pursuant to Sections 9(a) and 10 of the Act and Rule 54
thereunder, as well as Sections 2(a) and 2(b) of the Gas Related Activities Act
of 1990 ("GRAA").
Through its direct and indirect subsidiaries, National is engaged in all
phases of the natural gas business, namely: exploration, production, purchasing,
gathering, processing, transportation, storage, retail distribution and
wholesale and retail marketing. National owns all of the issued and outstanding
common stock of National Fuel Gas Distribution Corporation ("Distribution"), a
gas-utility company that sells natural gas at retail and provides natural gas
transportation services through a local distribution system to over 733,000
customers in western New York and northwestern Pennsylvania. Supply owns and
operates an approximately 3,065 mile interstate natural gas transportation
system as well as numerous natural gas storage areas. Seneca, directly and
through subsidiaries, engages in exploration and development of natural gas and
oil in the United States and Canada. Resources and Upstate Energy are energy
marketers.
By order dated December 16, 1999 (HCAR No. 27144) (the "1999 Order"), the
Commission authorized National, through Supply, Seneca, Resources and Upstate
Energy (collectively, the "Non-Utility Subsidiaries") to acquire from time to
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time through December 31, 2003 (the "Authorization Period"), in one or more
transactions, the equity and debt securities of one or more companies that are
engaged in or are formed to engage in certain categories of non-utility
gas-related operations in Canada ("Foreign Energy Affiliates"). The Commission
authorized National and the Non-Utility Subsidiaries to invest up to $300
million in the securities of Foreign Energy Affiliates (the "Investment
Limitation"). In addition, the Commission authorized Resources and Upstate
Energy to engage directly in marketing and brokering and related activities in
Canada. In the 1999 Order, the Commission reserved jurisdiction pending
completion of the record over the conduct of any business activities by Foreign
Energy Affiliates outside the United States and Canada.
Pursuant to the 1999 Order, Seneca formed National Fuel Exploration Corp.
("Exploration"), a wholly-owned Alberta corporation. In June 2000, Exploration
completed the acquisition of Tri Link Resources, Ltd. ("Tri Link"), a Calgary,
Alberta-based oil and gas exploration and production company. Tri Link was then
amalgamated with Exploration pursuant to the provisions of the Alberta Business
Corporation Act.
To date, National has invested $231.6 million in the activities of
Exploration, its only Foreign Energy Affiliate. This investment is comprised of
approximately $78.5 million in Exploration's common stock equity and
approximately $153.1 million in long-term intercompany notes payable. Applicants
now request that the Investment Limitation be increased to $800 million. In all
other respects, the transaction heretofore authorizing the Commission in this
docket would remain unchanged.
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There are several reasons for this requested increase in the Investment
Limitation. First, additional funds are required in connection with the
development of Exploration's assets. In particular, Exploration now controls
nearly 1.8 million undeveloped acres in Alberta, Saskatchewan and Manitoba,
Canada. Exploration has adopted an exploration and development program for
fiscal year 2001 which will require additional funding from Seneca, and the
development of these western Canadian assets is critical at this time of concern
over the price and supply of natural gas and oil, especially in the eastern
United States. Second, investment in Canada makes particular sense at this time.
In particular, with the planned October 30, 2000 in service date for the
Alliance Pipeline running from northeastern British Columbia and northwestern
Alberta to Chicago, Illinois, the opportunity to efficiently transport western
Canadian natural gas into the United States and, ultimately, to the National
system should be greatly enhanced. Furthermore, the Independence Pipeline
project in which National indirectly holds a one-third interest has received its
Certificate of Public Convenience and Necessity from the Federal Energy
Regulatory Commission. This proposed 370 mile natural gas pipeline from
Defiance, Ohio to Leidy, Pennsylvania which currently has a planned in service
date of November 1, 2002 should further enhance the transmission of western
Canadian gas to the large eastern markets including the National system. Third,
in addition Seneca's efforts to develop western Canadian gas and the promise
offered by existing pipeline projects, Supply is currently investigating
opportunities to construct additional pipeline facilities which would have a
direct impact in the transportation of Canadian natural gas to the United States
markets.
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