[Code of Federal Regulations]
[Title 18, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 18CFR35.33]

[Page 292-293]
 
           TITLE 18--CONSERVATION OF POWER AND WATER RESOURCES
 
  CHAPTER I--FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY
 
PART 35_FILING OF RATE SCHEDULES AND TARIFFS--Table of Contents
 
  Subpart E_Regulations Governing Nuclear Plant Decommissioning Trust 
                                  Funds
 
Sec. 35.33  Specific provisions.

    (a) In addition to the general provisions of Sec. 35.32, the 
Trustee must observe the provisions of this section.
    (b) The Trustee may use Fund assets only to:
    (1) Satisfy the liability of a utility for decommissioning costs of 
the nuclear power plant to which the Fund relates as provided by Sec. 
35.32; and
    (2) Pay administrative costs and other incidental expenses, 
including taxes, of the Fund as provided by Sec. 35.32.
    (c) To the extent that the Trustee does not currently require the 
assets of the Fund for the purposes described in paragraphs (b)(1) and 
(b)(2) of this section, the Investment Manager, when investing Fund 
assets, must exercise the same standard of care that a reasonable person 
would exercise in the same circumstances. In this context, a 
``reasonable person'' means a prudent investor as described in 
Restatement of the Law (Third), Trusts Sec. 227, including general 
comments and reporter's notes, pages 8-101. St. Paul, MN: American Law 
Institute Publishers, 1992. ISBN 0-314-84246-2. This incorporation by 
reference was approved by the Director of the Federal Register in 
accordance with 5 U.S.C. 552(a) and 1 CFR part 51. Copies may be 
obtained from the American Law Institute, 4025 Chestnut Street, 
Philadelphia, PA 19104, and are also available in local law libraries. 
Copies may be inspected at the Federal Energy Regulatory Commission's 
Library, Room 95-01, 888 First Street, NE. Washington, DC or at the 
Office of the Federal Register, 800 North Capitol St., NW., Room 700, 
Washington, DC.
    (d) The utility must submit to the Commission by March 31 of each 
year, one original and three conformed copies of the financial report 
furnished to the utility by the Fund's Trustee that shows for the 
previous calendar year:
    (1) Fund assets and liabilities at the beginning of the period;
    (2) Activity of the Fund during the period, including amounts 
received from the utility, purchases and sales of

[[Page 293]]

investments, gains and losses from investment activity, disbursements 
from the Fund for decommissioning activity and payment of Fund expenses, 
including taxes; and
    (3) Fund assets and liabilities at the end of the period. The report 
should not include the liability for decommissioning.
    (e) The utility must also mail a copy of the financial report 
provided to the Commission pursuant to paragraph (d) of this section to 
anyone who requests it.
    (f) If an independent public accountant has expressed an opinion on 
the report or on any portion of the report, then that opinion must 
accompany the report.

[Order 580-A, 62 FR 33348, June 19, 1997]