ML031560727

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Biennial Decommissioning Funding Status Report
ML031560727
Person / Time
Site: Crystal River Duke Energy icon.png
Issue date: 05/30/2003
From: Holt J
Progress Energy Co
To:
Document Control Desk, Office of Nuclear Reactor Regulation
References
PE&RAS-03-060
Download: ML031560727 (11)
v • d • e


Text

Progress Energy 10 CFR 50.75(f)(1)

, Progress Energy PO Box 1551 411 Fayelteville Street Mall Raleigh NC 27602 Serial: PE&RAS-03-060 May 30, 2003 United States Nuclear Regulatory Commission ATTENTION: Document Control Desk Washington, DC 20555 CRYSTAL RIVER UNIT 3 NUCLEAR GENERATING PLANT DOCKET NO. 50-302 / LICENSE NO. DPR-72 BIENNIAL DECOMMISSIONING FUNDING STATUS REPORT Ladies and Gentlemen:

As requested by the NRC, Progress Energy Florida, Inc. (PEF) (also known as Florida Power Corporation) submits this status report for funding the decommissioning of the Crystal River Unit 3 Nuclear Generating Plant (CR3). PEF had last submitted this report on March 28, 2002 and, pursuant to 10 CFR 50.75(f)(1), had not intended to submit this biennial report again until 2004. As a result of this requested submittal, PEF now plans to submit the next report prior to March 31, 2005.

As of December 31, 2002, the total PEF assets in the trust funds, qualified and non-qualified, were approximately allocated as 58%, 28%, and 14% for Domestic Fixed Income, Domestic Equity, and International Equity, respectively.

This document contains no new regulatory commitment.

The status report from each CR3 Participant is enclosed as a convenience to the NRC. However, none of the Participants assumes any responsibility for the information contained in any other Participants report.

Please contact me at (919) 546-6901 if you need additional information concerning this report.

Sin erely, Omes W. Holt Manager - Performance Evaluation & Regulatory Affairs HAS

Attachment:

Status of Financial Assurance Mechanism, Crystal River Unit 3 Nuclear Generating Plant fNdl

United States Nuclear Regulatory Commission PE&RAS-03-060 Page 2

Enclosures:

  • City of Alachua Status Report for Decommissioning Financial Assurance
  • City of Bushnell Status Report for Decommissioning Financial Assurance
  • City of Gainesville Status Report for Decommissioning Financial Assurance
  • City of Kissimmee Status Report for Decommissioning Financial Assurance
  • City of Leesburg Status Report for Decommissioning Financial Assurance
  • City of New Smyrna Beach Status Report for Decommissioning Financial Assurance
  • City of Ocala Status Report for Decommissioning Financial Assurance
  • Orlando Utilities Commission Status Report for Decommissioning Financial Assurance
  • Seminole Electric Cooperative, Inc. Status Report for Decommissioning Financial Assurance c: L. A. Reyes, Regional Administrator - Region II J. S. Stewart, USNRC Senior Resident Inspector - CR3 B. L. Mozafari, NRR Project Manager - CR3 E. L. Jacobs, Jr., Florida Public Service Commission

United States Nuclear Regulatory Commission PE&RAS-03-060 Page 3 Attachment Progress Energy Florida, Inc.

Status of Financial Assurance Mechanism Crystal River Unit 3 Nuclear Generating Plant Docket No. 50-302 / License No. DPR-72

  • Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c)

$326,444,217 at expiration of current license, December 3, 2016 Progress Energy Florida, Inc. share (91.7806%) = $299,612,461

  • Amount of decommissioning funds accumulated as of December 31, 2002

$299,612,461 (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration.)

  • Schedule of the annual amounts remaining to be collected None
  • Assumptions used regarding rates of escalation in decommissioning costs, rates of earnings on decommissioning funds, and rates of other factors used in funding projections Rate of escalation in decommissioning costs = 0%

Rate of earnings on decommissioning funds = 2%

None

  • Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report None
  • Material changes to trust agreements None

CITY OF ALACHUA Status of Financial Assurance Mechanism Crystal River Plant -- Docket No. 50-302 / License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

City of Alachua share (0.07779%) = $254,300.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$254,300 (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected:

None

4) Assumptions:

The assumed Cost Escalation Rate is 5.3%.

The assumed eamings rate is 7.422% for the portion invested at a guaranteed fixed rate through 2016 (guaranteed by a forward delivery agreement) and 5.50%

for the rest.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

CITY OF BUSHNELL Status of Financial Assurance Mechanism Crystal River Plant - Docket No. 50-302 I License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

City of Bushnell share (0.03880%) = $126,660.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$126,660. (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected:

None

4) Assumptions:

The assumed Cost Escalation Rate is 5.3%.

The assumed eamings rate is 7.422% for the portion invested at a guaranteed fixed rate through 2016 (guaranteed by a forward delivery agreement) and 5.50%

for the rest.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

CITY OF GAINESVILLE Status of Financial Assurance Mechanism Crystal River Plant -- Docket No. 50-302 License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

City of Gainesville share (1.04079%) = $4,596,008.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$4,596,008 (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected:

None

4) Assumptions:

The assumed Cost Escalation Rate is 5.3%.

The assumed eamings rate is 7.422% for the portion invested at a guaranteed fixed rate through 2016 (guaranteed by a forward delivery agreement) and 5.50%

for the rest.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

CITY OF KISSIMMEE Status of Financial Assurance Mechanism Crystal River Plant -- Docket No. 50-302 1 License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

City of Kissimmee share (0.6754%) = $2,204,804.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$2,204,804. (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected:

None

4) Assumptions:

The assumed Cost Escalation Rate is 5.3%.

The assumed earnings rate is 7.422% for the portion invested at a guaranteed fixed rate through 2016 (guaranteed by a forward delivery agreement) and 5.50%

for the rest.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

CITY OF LEESBURG Status of Financial Assurance Mechanism Crystal River Plant - Docket No. 50-3021 License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

City of Leesburg share (0.8244%) = $2,691,206.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$2,691,206 (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected:

None

4) Assumptions:

The assumed Cost Escalation Rate is 5.3%.

The assumed eamings rate is 7.422% for the portion invested at a guaranteed fixed rate through 2016 (guaranteed by a forward delivery agreement) and 5.50%

for the rest.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

CITY OF NEW SMYRNA BEACH Status of Financial Assurance Mechanism Crystal River Plant -- Docket No. 50-302 License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

City of New Smyma Beach share (0.5608 %) = $1,830,699.17.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$1,895,961 (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected:

None

4) Assumptions:

The assumed cost escalation rate is 4.00%.

The assumed earnings rate is 3.75%.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

ORLANDO UTILITIES COMMISSION Status of Financial Assurance Mechanism Crystal River Plant -- Docket No. 50-302 1 License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

Orlando Utilities Commission share (1.6020%) = $5,229,636.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$5,229,636. (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected:

None

4) Assumptions:

The assumed cost escalation rate is 5.0%.

The assumed eamings rate is 5.5%.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

SEMINOLE ELECTRIC COOPERATIVE, INC.

Status of Financial Assurance Mechanism Crystal River Plant - Docket No. 50-302 / License No. DPR-72

1) Amount of decommissioning funds estimated to be required pursuant to 10 CFR 50.75(b) and (c) and NUREG-1307, Rev. 10.

$326,444,217 at expiration of current license on December 3, 2016.

Seminole Electric Cooperative, Inc. share (1.6994%) = $5,547,593.

2) Fund Balance for the amount of funds accumulated in the decommissioning trust fund at the end of December 31, 2002:

$4,740,732 (This amount does not include additional funds collected for non-decommissioning activities, such as site restoration)

3) Annual amounts remaining to be collected (in 2000 $):

2003 $62,067 2004 $62,.067 2005 $62 067 2006 $62.067 2007 $62,067 2008 $62,067 2009 $62,067 2010 $62.,067 2011 $62,067 2012 $62 067 2013 $62,067 2014 $62,067 2015 $62,067 2016 $0

4) Assumptions:

The assumed cost escalation rate is 5.27%.

The assumed eamings rate is 8.00%.

5) Contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v):

None

6) Modifications occurring to a licensee's current method of providing financial assurance since the last submitted report:

None

7) Material changes to trust agreements:

None

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