ML020860440

CFR 50.75(f)(1) Decommissioning Fund Status Report

ML020860440
Person / Time
Site:	Vermont Yankee File:NorthStar Vermont Yankee icon.png
Issue date:	03/21/2002
From:	Wiggett B Vermont Yankee
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
BVY 02-19
Download: ML020860440 (22)

Text

VERMONT YANKEE NUCLEAR POWER CORPORATION 185 OLD FERRY ROAD, PO BOX 7002, BRATTLEBORO, VT 05302-7002 (802) 257-5271 March 21, 2002 BVY 02-19 United States Nuclear Regulatory Commission ATTN: Document Control Desk Washington, DC 20555

Subject:

Vermont Yankee Nuclear Power Station License No. DPR-28 (Docket No. 50-271)

Vermont Yankee 10 CFR 50.75(f)(1) Decommissioning Fund Status Report In accordance with the requirements of 10 CFR 50.75(f)(1), attached is the Decommissioning Fund Status Report for Vermont Yankee Nuclear Power Corporation. This report provides a status as of 12/31/01.

If you should have any questions, please call me at (802) 258-4117.

Sincerely.

VERMONT YANKEE NUCLEAR POWER CORPORATION Vice President, Finance an Treasurer Attachment cc: USNRC Region 1 Administrator USNRC Resident Inspector - VYNPS USNRC Project Manager - VYNPS Vermont Department of Public Service

VERMONT YANKEE NUCLEAR POWER CORPORATION BIENNIAL DECOMMISSIONING FUND STATUS REPORT As Required by 10 CFR 50.75(0(1)

Due Date: March 31, 2002

1. Decommissioning Funds Estimated to be Required per 10 CFR 50.75(b) and (c)

Exhibit 1 contains the calculation of the decommissioning funds estimated to be required per 10 CFR 50.75(b) and (c). The calculation, which assumes burial of waste at the Barnwell site with a waste vendor, results in an estimated decommissioning funding requirement of

$371.6 million (in December 2001 dollars).

2. Decommissioning Funds Accumulated as of December 31, 2001 Exhibit 2 provides certified investment summaries for the decommissioning trust accounts.

The summaries indicate the total market value of the decommissioning funds accumulated as of December 31, 2001 to be $297.1 million. Approximately 18.6% or $55.3 million of this amount is set aside for items not covered by 10 CFR 50.75 (b) and (c) as this portion of the total decommissioning estimate is for dismantling non-radiological systems and structures and storage of spent nuclear fuel.

3. Schedule of Remaining Amounts to be Collected for Decommissioning The current schedule of remaining amounts to be collected for decommissioning is shown below. The amounts are from the decommissioning funding schedule included in a settlement that was approved by the Federal Energy Regulatory Commission (FERC) in 2001 for rates effective on July 1, 2001. The schedule was based on a prior decommissioning estimate approved by the FERC in 1994 which assumed that approximately 18.6% of the estimated cost was for items not covered by 10 CFR 50.75 (b) and (c) as this portion of the total decommissioning estimate was for dismantling non-radiological systems and structures and storage of spent nuclear fuel. The settlement allows for collections under the approved schedule to continue until the sooner of the financial closing of any new transaction for the sale of the Vermont Yankee's plant or the effectiveness of superseding rates, which may take place no sooner that January 1, 2003 and not later than January 1, 2005. [Note: The Company has executed a purchase and sale agreement with Entergy Nuclear Vermont Yankee for the sale of the nuclear plant and related assets and liabilities, including the liability to decommission the plant, and the sale is currently in the process of obtaining the required regulatory approvals.] The decommissioning funding schedule includes the following amounts:

Collection Period Annual Collection 2002

$11,218,330 2003-2005

$11,400,000 2006-2010

$23,302,712 2011

$28,693,716 2012

$ 7,173,429

4. Assumptions Used in Decommissioning Funding Projections The annual collections shown above are based on the following assumptions:

- Decommissioning cost (2000 dollars)

$451.9 million*

- Escalation rate for decommissioning costs 4.25%

- Rate of earnings for qualified decommissioning funds 6.2% (pre-tax)

• Approximately 18.6% of these amounts are for items not covered by 10 CFR 50.75 (b) and (c) as this portion of the total decommissioning estimate is for dismantling non-radiological systems and structures and storage of spent nuclear fuel.

5. Contracts Upon Which the Licensee is Relying Pursuant to 10 CRF 50.75(e)(1)(ii)(C)

There have been no changes to these contracts. Vermont Yankee has Power Contracts, dated as of February 1, 1968, as amended, and Additional Power Contracts, dated as of February 1, 1984, with each of its sponsoring utilities which obligate said sponsoring utilities in the aggregate to purchase the output and capacity of the Vermont Yankee plant and to pay therefor 100% of Vermont Yankee's costs, including decommissioning, whether or not its plant is operating. These contracts are valid and enforceable obligations of the parties thereto and have been approved as rates by the FERC. Composite conformed copies of the Power Contracts and Additional Power Contracts were filed with the decommissioning fund status report filed in March 2000. Pursuant to these contracts the obligation of each sponsoring utility to pay its pro rata share of the decommissioning costs is irrevocable and remains in effect until the decommissioning of the Vermont Yankee plant has been completed.

6. Modifications to the Licensee's Method of Providing Financial Assurance since the Last Submitted Report There have been no modifications. Vermont Yankee continues to maintain an external sinking fund within the meaning of 10 CRF 50.75(e)(ii). The Bank of New York serves as Trustee. A composite copy of the Trust was submitted with the decommissioning fund status report submitted in March 1999.

7. Material Changes to Trust Agreements There have been no material changes to trust agreements.

Based upon the current FERC approved decommissioning funding schedule which includes the assumptions listed in item 4 above, the amount available to decommission the plant in March 2012 (the end of the current license life), including future collections from sponsors under the Power Contracts and Additional Power Contracts, anticipated earnings on the amounts deposited and estimated income tax benefits (of approximately $84.2 million) on future decommissioning expenditures, is $721.8 million. Approximately 18.6% or $134.5 million of this amount is set aside for items not covered by 10 CFR 50.75 (b) and (c) as this portion of the total decommissioning estimate is for dismantling non-radiological systems and structures and storage of spent nuclear fuel. This leaves approximately $587.3 million for those items covered by 10 CFR 50.75 (b) and (c).

The current minimum funding amount calculated in accordance with 10 CFR 50.75 (c) and escalated by Vermont Yankee's current approved inflation rate assumption of 4.25% is $569.2 million. This leaves a calculated excess of $18.1 million.

Based on the foregoing and Vermont Yankee's FERC approved billing formula, Vermont Yankee hereby certifies that financial assurance for decommissioning for the Vermont Yankee plant will be provided in an aggregate amount of not less than the inflation adjusted minimum amount required by 10 CFR 50.75(c).

Respectfully submitted, VERMONT YANKEE NUCLEAR POWER CORPORATION March 14, 2002 By:

V"Fn Bruce dWWiggett, Senior Vice fee Finance and Administration, T*reasurer finance\\laser\\ddrive\\decomm\\nrc\\03_2002 assurance.doc

Exhibit 1 2001 VERMONT YANKEE NRC MINIMUM FUNDING CALCULATIONS PER 10 CFR PART 50.75 (C) AND NUREG 1307 REV. 9 (12/31/2000 = lastest available)

[1]

MINIMUM FUNDING FORMULA PER 10 CFR 50.75 c: (1986 dollars)

$104 MILLION + (.009

• 1593 MW THERMAL) =$118.337 milion BASE 1966 NOTE: $104 million and.009 are constants provided by 10 CFR 50.75 and 1593 is VY's thermal output

[2]

ESCALATION FACTORS:

Per 10 CFR 50.75(C)(2) and NUREG 1307, the amount in [11 above will be escalated by the formula below:

Weighted Index 4Q '01 Escalation Weighting Escalation Jan-86 Index Factor Factor Factor L=

130.50 243.05 1.86 0.65 1.21 E=

See P & F below 0.98 0.13 0.13, 1.56 n/a 1 8.19 0.221 1.801 3.14 Factor I

Lx=

Escalation index for Labor (NE regional data) from Bureau of Labor Statistics web site and Decomm Tax Grp info published 3/6/02.

Ex=

Escalation index for Energy from PPI data published on BLS web site and Decomm Tax Grp info published 3/6/02.

E is comprised of two factors specific to BWR's: E =.54 (P) +.46 (F) Note change per NUREG-1307 R9 Section 3.2. Conflicts with Reg Guide 1.159 section 1.2.

BASE 1986 Dec-01 FACTOR p

114.2 140.1 Dec-01 1.23 F

82.0 56.9 Dec-01 0.69 P = is the National Electric Power Index F = is the "Producer Price Indexes' Fuel Oil Index.

Bx=

Escalation index for Barnwell waste burial costs (with a waste vendor) as published in NUREG-1307-9 (latest available dated December 2000).

SOURCE: Bureau of Labor Statistics and NUREG-1 307 revision 9 dated Dec 2000, Util Decomm Tax Group info published 3/6/02 NOTE: The above escalation indices use 1/1986 as the base year. Thus, the escalation factor in year X is the current year index value (12/01) divided by the Base year index value.

[3]

NRC MINIMUM FUNDING CALCULATION FOR LATEST AVAILABLE DATA IN [2] ABOVE:

1$118.337 MILLION * [65%

• L] + [13%

• E] + [22%

• B2] =

$371.551 million in 2001 dollars j NOTE: The minimum fundina calculation above utilizes the indices noted in section 2. Disoosal at the Bamwell site with a waste vendor is assumed. December 2000 costs are assumed consistent with NUREG 1307-9 (lastest available).

[4]

CURRENT VERMONT YANKEE FERC APPROVED DECOMMISSIONING COST ESTIMATE:

2001 FERC Approved Decomm Cost Estimate:

1 $471.127 million in 2001 dollars Excess over Minimum Funding Requirement =

$99576 million in 2001 dollars :

rr1 CUIlRREllT AND PROJECTED VERMONT YANKEE DECOMMISSIONING TRUST FUND ASSETS:

DECOMM BALANCE year 2012 Dec-01 Trust Fund Market Value

$637.6

$297.1 Section 468A Tax Refunds Receivable

$84.2

$20.5 Total Funding Available

$721.8

$317.6 million NOTE: The trust fund balance assumptions are based on the decommissioning funding schedule included in a settlement approved by FERC in 2001 which assumes a $451.9 million decommissioning cost estimate (2000 $s), and a 4.25% annual cost estimate escalation factor. The tax refund assumption is based on Section 468A of the tax code.

Prepared by:

-419 -

Reviewed by:

Produced by: Controlled reasury Department 08:21 Alvi 14-Mar-uz FILE: finance\\laserkc_drive~d_drive~decommVnrc~nrcmin 2001.wks

ThE BANKOF NEW YORK CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VERMONT YANKEE NDT QUAL-DEL INVEST ADV ACCOUNT NUMBER:

000871896 ANNUAL REPORT /

TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 I

THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executive VicgFPresident

VERMONT YANKEE NUCLEAR POWER CORP.

VERMONT YANKEE NDT QUAL-DEL INVEST ADV ACCOUNT NUMBER 000871896 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 COMPARATIVE INVESTMENT

SUMMARY

DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT FIXED INCOME INVESTMENTS CORPORATE BONDS 15,273,670.98 STATE AND LOCAL OBLIGATIONS GOVERNMENT BONDS TOTAL FIXED INCOME INVESTMENTS SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND 13,548,355.04 57,966,093.03 86,788,119.05 993,393.65 993,393.65 87,781,512.70 0.00 0.00 0.00 87,781,512.70 1,408,606.46 89,190,119.16 12,868,281.09 25,273,057.47 55,367,529.94 93,508,868.50 1,718,303.58 1,718,303.58 95,227,172.08 (4,771,569.30) 2,958,517.96 0.00 93,414,120.74 1,332,027.65 94,746,148.39 15,413,406.58 14,221,067.47 61,345,943.29 90,980,417.34 993,393.65 993,393.65 91,973,810.99 0.00 0.00 0.00 91,973,810.99 1,408,606.46 93,382,417.45 12,943,463.11 25,739,017.80 57,989,781.72 96,672,262.63 1,718,303.58 1,718,303.58 98,390,566.21 (4,771,569.30) 2,958,517.96 0.00 96,577,514.87 1,332,027.65 97,909,542.52 THE BANKOF NEW YORK PAGE 1

BANKOF NEW CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VERMONT YANKEE NDT-QUAL DUFF & PHELPS ACCOUNT NUMBER:

000871898 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executive VicePresident

VERMONT YANKEE NUCLEAR POWER CORP.

VERMONT YANKEE NDT-QUAL DUFF & PHELPS ACCOUNT NUMBER 000871898 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 COMPARATIVE INVESTMENT

SUMMARY

DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT FIXED INCOME INVESTMENTS CORPORATE BONDS 15,864,541.76 STATE AND LOCAL OBLIGATIONS GOVERNMENT BONDS TOTAL FIXED INCOME INVESTMENTS SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND 22,520,398.56 50,434,075.82 88,819,016.14 1,862,335.20 1,862,335.20 90,681,351.34 0.00 0.00 0.00 90,681,351.34 986,633.57 91,667,984.91 19,907,624.95 22,058,144.66 50,160,138.05 92,125,907.66 3,016,551.25 3,016,551.25 95,142,458.91 (137,466.33) 136,620.77 0.00 95,141,613.35 1,089,962.41 96,231,575.76 15,795,304.01 22,822,846.81 52,406,092.09 91,024,242.91 1,862,335.20 1,862,335.20 92,886,578.11 0.00 0.00 0.00 92,886,578.11 986,633.57 93,873,211.68 20,300,737.28 22,608,324.90 52,216,676.28 95,125,738.46 3,016,551.25 3,016,551.25 98,142,289.71 (137,466.33) 136,620.77 0.00 98,141,444.15 1,089,962.41 99,231,406.56 THE BANKOF NEW YORK PAGE 1

ThE BANKOF NEW YORK CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VERMONT YANKEE NDT QUAL-MELLON BANK ACCOUNT NUMBER:

000871897 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executive V esident

VERMONT YANKEE NUCLEAR POWER CORP.

VERMONT YANKEE NDT QUAL-MELLON BANK ACCOUNT NUMBER 000871897 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 COMPARATIVE INVESTMENT

SUMMARY

DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT EQUITIES COMMINGLED FUNDS -

EQUITY TOTAL EQUITIES SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND 27,496,678.64 27,496,678.64 5,311.80 5,311.80 27,501,990.44 (168,733.99) 168,733.99 0.00 27,501,990.44 0.00 27,501,990.44 36,158,041.09 36,158,041.09 436,807.50 436,807.50 36,594,848.59 (86,345.77) 86,345.77 0.00 36,594,848.59 39.49 36,594,888.08 55,716,187.02 55,716,187.02 5,311.80 5,311.80 55,721,498.82 (168,733.99) 168,733.99 0.00 55,721,498.82 0.00 55,721,498.82 56,576,843.20 56,576,843.20 436,807.50 436,807.50 57,013,650.70 (86,345.77) 86,345.77 0.00 57,013,650.70 39.49 57,013,690.19 THE BANK OF NEW YORK PAGE 1

BANKOF NEW YORK CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VT YANKEE NDT -

QUALIFIED CLIFTON GROUP ACCOUNT NUMBER:

000871903 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executive VicePresident

VERMONT YANKEE NUCLEAR POWER CORP.

VT YANKEE NDT QUALIFIED CLIFTON GROUP ACCOUNT NUMBER 000871903 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 COMPARATIVE INVESTMENT

SUMMARY

DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT EQUITIES COMMON STOCK TOTAL EQUITIES SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND (100,635.00)

(100,635.00) 103,244.37 103,244.37 2,609.37 0.00 0.00 0.00 2,609.37 455.97 3,065.34 3,711,240.00 3,711,240.00 (292.01)

(292.01) 3,710,947.99 0.00 0.00 0.00 3,710,947.99 0.00 3,710,947.99 3,564,022.80 3,564,022.80 103,244.37 103,244.37 3,667,267.17 0.00 0.00 0.00 3,667,267.17 455.97 3,667,723.14 5,397,280.00 5,397,280.00 (292.01)

(292.01) 5,396,987.99 0.00 0.00 0.00 5,396,987.99 0.00 5,396,987.99 THE BANKOF NEW YORK PAGE 1

7hE BANKOF NEW YORK CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VERMONT YANKEE NDT -

NQ MELLON ACCOUNT NUMBER:

000871910 ANNUAL REPORT / TRADE DATE BASIS MAY 01, 2001 DECEMBER 31, 2001 THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executiv Vi@~esident

VERMONT YANKEE NUCLEAR POWER CORP.

VERMONT YANKEE NDT -

NQ MELLON ACCOUNT NUMBER 000871910 ANNUAL REPORT / TRADE DATE BASIS MAY 01, 2001 -

DECEMBER 31, 2001 THE BANKOF NEW COMPARATIVE INVESTMENT

SUMMARY

Y)RK DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT EQUITIES COMMINGLED FUNDS -

EQUITY TOTAL EQUITIES TOTAL OTHER ASSETS SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,521,073.56 7,521,073.56 15,934,315.17 7,168.60 7,168.60 23,462,557.33 (96,679.56) 96,679.56 0.00 23,462,557.33 8.04 23,462,565.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,044,663.93 7,044,663.93 15,691,606.91 7,168.60 7,168.60 22,743,439.44 (96,679.56) 96,679.56 0.00 22,743,439.44 8.04 22,743,447.48 PAGE 1

BANKOF NEW YORK CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VERMONT YANKEE NDT -

NQ DELAWARE FIXED ACCOUNT NUMBER:

000871911 ANNUAL REPORT / TRADE DATE BASIS MAY 01, 2001 DECEMBER 31, 2001 THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executive V esident

VERMONT YANKEE NUCLEAR POWER CORP.

VERMONT YANKEE NDT -

NQ DELAWARE FIXED ACCOUNT NUMBER 000871911 ANNUAL REPORT /

TRADE DATE BASIS MAY 01, 2001 -

DECEMBER 31, 2001 COMPARATIVE INVESTMENT

SUMMARY

DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT FIXED INCOME INVESTMENTS STATE AND LOCAL OBLIGATIONS GOVERNMENT BONDS TOTAL FIXED INCOME INVESTMENTS SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10,521,746.31 1,790,985.28 12,312,731.59 737,284.31 737,284.31 13,050,015.90 (539,800.83) 0.00 0.00 12,510,215.07 160,560.33 12,670,775.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10,554,722.25 1,857,734.38 12,412,456.63 737,284.31 737,284.31 13,149,740.94 (539,800.83) 0.00 0.00 12,609,940.11 160,560.33 12,770,500.44 THE BANK OF NEW YORK PAGE

BANKOF NEW YORK CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VT.

YANKEE NDT -

NON-QUAL CLIFTON GROUP ACCOUNT NUMBER:

000871904 ANNUAL REPORT /

TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executive Vic3FPresident

VERMONT YANKEE NUCLEAR POWER CORP.

VT.

YANKEE NDT -

NON-QUAL CLIFTON GROUP ACCOUNT NUMBER 000871904 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 COMPARATIVE INVESTMENT

SUMMARY

DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT EQUITIES COMMON STOCK TOTAL EQUITIES SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND (34,135.00)

(34,135.00) 34,926.85 34,926.85 791.85 0.00 0.00 0.00 791.85 154.25 946.10 1,323,270.00 1,323,270.00 (132.71)

(132.71) 1,323,137.29 0.00 0.00 0.00 1,323,137.29 0.00 1,323,137.29 1,204,677.30 1,204,677.30 34,926.85 34,926.85 1,239,604.15 0.00 0.00 0.00 1,239,604.15 154.25 1,239,758.40 1,924,440.00 1,924,440.00 (132.71)

(132.71) 1,924,307.29 0.00 0.00 0.00 1,924,307.29 0.00 1,924,307.29 THE BANKOF NEW YORK PAGE 1

ThE BANKOF NEW YORK CHURCH STREET STATION PO BOX 11214 NEW YORK, NY 10286-1214 PEGGY MADDEN LCG ASSOCIATES INC.

400 GALLERIA PARKWAY SUITE 1800

ATLANTA, GA 30339 VERMONT YANKEE NDT-CASH RECEIPTS NON-Q ACCOUNT NUMBER:

000871894 ANNUAL REPORT /

TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 THE BANK OF NEW YORK HEREBY CERTIFIES THIS STATEMENT AND ACCOMPANYING SCHEDULES ARE COMPLETE AND ACCURATE.

Executie VcPesident

VERMONT YANKEE NUCLEAR POWER CORP.

VERMONT YANKEE NDT-CASH RECEIPTS NON-Q ACCOUNT NUMBER 000871894 ANNUAL REPORT / TRADE DATE BASIS JANUARY 01, 2001 -

DECEMBER 31, 2001 COMPARATIVE INVESTMENT

SUMMARY

DESCRIPTION BOOK VALUE BOOK VALUE MARKET VALUE MARKET VALUE PRIOR CURRENT PRIOR CURRENT SHORT TERM INVESTMENTS POOLED FUNDS & MUTUAL FUNDS TOTAL SHORT TERM INVESTMENTS TOTAL INVESTMENTS PAYABLES RECEIVABLES CASH SUBTOTAL ACCRUED INCOME TOTAL FUND 12,358,519.45 12,358,519.45 12,358,519.45 0.00 0.00 0.00 12,358,519.45 52,800.20 12,411,319.65 69,004.82 69,004.82 69,004.82 0.00 0.00 0.00 69,004.82 549.83 69,554.65 12,358,519.45 12,358,519.45 12,358,519.45 0.00 0.00 0.00 12,358,519.45 52,800.20 12,411,319.65 THE BANK OF NEW YORK 69,004.82 69,004.82 69,004.82 0.00 0.00 0.00 69,004.82 549.83 69,554.65 PAGE 1

Momaney, Cyrena From:

Houle, Mona Sent:

Thursday, March 21, 2002 10:32 AM To:

_VY (All users)

Subject:

Location of Procedures and Controlled Document Files

All, This message is being sent to clarify the location of "Controlled" procedures and documents.

Controlled Documents are located at: VYENGBDC\\Shared\\Controlled Doc. Library. There is also a short-cut located in this folder that will take you to the Procedures PDF files which is the controlling set. Weekends, holidays or off-hours, check with the Control Room to ensure you are using the most current version of a procedure.

When looking up a procedure, check the PDF files first for the most current version. If you need a form, you may retrieve it from the "working" WORD files (which are also word searchable) which is located at: VYPLANTBDCXShared\\Plant Procedures Program.

Please note! WORD files are updated "after" the PDF files are updated (which is done after every procedure change is processed and hard copies distributed). There may be a day or two lag time between the WORD files and the PDF files.

If, when retrieving a form from the WORD files, you note that the revision is not the same as noted in the PDF file, please contact the TSS Controlled Document Specialist (or myself) and we will forward a current copy to you.

If you keep procedural forms in your personal area, please verify that you are using the most current form before using the form again (even if its only been a few hours or a day...procedures change continually!). It is not recommended that you keep satellite form files due to Human Performance issues. If you have any questions, please feel free to call me at X-3136 or e-mail me.

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