ML032400086

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Licensee Guarantee of Payment of Deferred Premium
ML032400086
Person / Time
Site: Palo Verde  Arizona Public Service icon.png
Issue date: 08/15/2003
From: Bauer S
Arizona Public Service Co
To:
Document Control Desk, Office of Nuclear Reactor Regulation
References
102-04987-SAB/TNW/CJJ
Download: ML032400086 (18)
v • d • e


Text

hAM Scott A. Bauer Department Leader 10 CFR 140.21(e)

Regulatory Affairs Tel: 623/393-5978 Mail Station 7636 Palo Verde Nuclear Fax: 623/393-5442 P.O. Box 52034 Generating Station e-mail: sbauer@apsc.com Phoenix, AZ 85072-2034 102-04987-SABITNW/CJJ August 15, 2003 U.S. Nuclear Regulatory Commission ATTN: Document Control Desk Mail Station: P1-37 Washington, DC 20555-0001 Dear Sir

Subject:

Palo Verde Nuclear Generating Station (PVNGS)

Units 1,2, and 3 Docket Nos. STN 50-52815291530 Licensee Guarantee of Payment of Deferred Premium Pursuant to the requirements of 10 CFR 140.21 (e), Arizona Public Service Company (APS), for itself and on behalf of the PVNGS Participants, has enclosed projected cash flow statements for each participant, except Southern California Edison, who submitted their Statement to the NRC in a letter dated 5/20/03.

Please note that the projected cash flow statement for the El Paso Electric Company is considered a confidential document, for which an affidavit is provided. The affidavit sets forth the basis on which the Commission may withhold the information from public disclosure. Accordingly, it is requested that the El Paso Electric Company projected cash flow statement be withheld from public disclosure.

No commitments are being made to the NRC inthis letter. If you have any questions, please contact Thomas N. Weber at (623) 393-5764.

Sincerely, Effluent SAB/TNW/CJJ Enclosure cc: Regional Administrator, NRC Region IV (all w/o enclosure)

J. N. Donohew M. B. Fields N. L. Salgado

Enclosure Cash Flow Statements for:

Arizona Public Service Company Salt River Project Public Service Company of New Mexico Los Angles Department of Water & Power Southern California Public Power Authority El Paso Electric Company-

Id - e Confidential INTERNAL CASHFLOW PROJECTION OF ARIZONA PUBLIC SERVICE COMPANY (Joint Owner Of Palo Verde Nuclear Generating Stations)

($000) 2003 Estimate

1. Net Income After Taxes - Continuing Operations (4)

Less:

2. Non-Cash Extraordinary Charge After Deferred Income Tax
3. Dividends Paid on Preferred Stock (4)
4. Dividends Paid on Common Stock (4)
5. Retained Earnings (4)

Adjustments:

6. Non-Cash Extraordinary Charge After Deferred Income Tax
7. Amortization of Regulatory Assets (1) 86,000 S. Depreciation and Amortization (2) 335,985
9. Deferred Income Taxes (46,191)
10. Deferred TC (Net) (265)
11. Allowance for Funds Used During Construction (Equity & Borrowed) (17,991)
12. Decommissioning (11,444)
13. Deferred Expenses (Direct Access) (4,220)
14. Total Adjustments 341,874
15. Internal Cash Flow (Une 5 + Line 14) (4)
16. Average Quarterly Cash Flow (Une 15/4) (4)

NOTES: I Percentage Ownership In All Nuclear Units:

Unit 1 - 29.1%

Unit 2 - 29.1% (3)

Unit 3-29.1%

(1) Related to 5/99 ACC settlement agreement.

(2) Includes Nuclear Fuel Amortization.

(3) Includes the leased portion of Palo Verde Unit 2.

(4) Company policy prohibits disclosure of financial forecast data which will enable earnings or dividend forecasts by unauthorized persons, unless assured of confidentiality.

I, Donald G. Robinson, Vice President, Finance and Planning of APS, certify that these cashflow calculations utilize the Company's approach to estimating cash flows for internal management reports and planning purposes. The 2003 estimate of cashflows is based on the 2003 Company Budget. The 2003 estimate does not reflect actual results to date, as the Budget is not revised to reflect changing conditions.

Donald G. Robinson Vice President, Finance and Planning, APS nrc 2003 cash flow proj

INTERNAL CASH FLOW PROJECTION OF SALT RIVER PROJECT (JOINT OWNER OF PALO VERDE NUCLEAR GENERATING STATION)

FOR FISCAL YEARS ENDED APRIL 30,2003 AND 2002

($OO) 2003 2002 ACTUAL ACTUAL Net Income After Taxes $ 46,669 $ 19,796 Less Dividends Paid:

Preferred Dividend Requirements D vidends on common Stock Retained Eam ings 46,669 19,796 Adjustments:

Depreciation and Amortization 435,815 411,915 Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction 16,770 14,398 Cumulative Effect of Change In Accounting Principle 6,728 (11,834)

Total Adjustments 459,313 414,479 Internal Cash Flow 505,982 434,275 Average Quarterly Cash Flow $ 126,496 108,569

- PercentageOwnershipin all Nuclear Units - -

Unit I 17A9% 17.9%

Unit 2 17.49% 17A9%

Unit 3 17A9% 17.49%

1.Scott Farmer, Manager of Corporate Accounting Services of the Salt River Agricultural Improvement and Power District certify that the above figures are based upon our accounting records, and agree, as appropriate with our audited financial statements.

Scott Farmer S:RAance/FlN ACCTiDanIData DocumentslPalo Verde Cash Flow/Palo Verde Cash Fow 2003.xds

4 - 2003 PRO FORMA CASH FLOW STATEMENT FOR PUBLIC SERVICE COMPANY OF NEW MEXICO (EXCLUDING NON-UTILITY SUBSIDIARIES) 2002 Actual 2003 Projected (InThousands) (InThousands)

Net Income After Taxes (1) (1)

Less Dividends Paid (1) (1)

Earnings Retained (1) (1)

Adjustments:

Depreciation & Amortization 114,695 139,200 Deferred Income Taxes & ADITC 46,207 21,300 AFUDC 0 0 Other, Net -162.138 Total Adjustments -1,236 88,500 INTERNAL CASH FLOW (1) (1)

Average Quarterly Cash Flow (1) (1)

(1) Financial Forecast data which will enable earnings or dividend forecasts by unauthorized persons is not provided.

Percentage Entitlement in all Nuclear Units:

Palo Verde Unit I - 10.2%

Palo Verde Unit 2-10.2%

Palo Verde Unit 3 - 10.2%

I, John Loyack, Sr. Vice President and Chief Financial Officer, PNM Resources, Inc., certify that these cash flow calculations utilize the Company's approach to estimating cash flows for internal management reports and planning purposes.

4 -A LOS ANGELES DEPARTMENT OF WATER & POWER 2003 Internal Cash Flow Projection For Palo Verde Nuclear Power Station 200142 200203 in thousands Actual Projection Net Income $ 436,068 151,700 Transfer to the City (179,153) (185,400) 256,915 (33,700)

Adjustments:

Depredation & amortization 302,887 322,700 Allowance for funds used during construction (1,393) (1.800)

Total Adjustments 301,494 320,900 Internal Cash Flow $ 558,409 $ 287,200 M32003 IntemaCashFkwftPVC~ashFlow (2)

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Southern California  :

Public Power Authority Quarterly Combined Financial Statements December 31, 2002 and 2001 (Unaudited)

)

Southern California Public Power Authority Combined Financial Stitnents (Unaudited)

Table of Contents Pages Summary of Financial Condition and Changes In Net Assets ................................. 4-5 Combined Financial Statements:

Combined Statements of Net Assets December 31, 2002 .................................... 6 Combined Statements of Net Assets December 31, 2001 .................................... 7 Combined Statements of Revenues, Expenses and Changes in Fund Net Assets for the Six Months Ended December 31, 2002 .......................................... 8 Combined Statements of Revenues, Expenses and Changes in Fund Net Assets for the Six Months Ended December 31, 2001 .......................................... 9 Combined Statements of Cash Flows for the Six Months Ended December 31, 2002 . ................... 10 Combined Statements of Cash Flows for the Six Months Ended December 31, 2001 ................... 11 2

Using This Financial Repot:

This unaudited financial report was prepared In accordance with Governmental Accounting Standard No. 34 which was adopted by the Southern California Public Power Authority (SCPPA) on July 1, 2001 and should be read In conjunction with the notes to the audited financial statements for the fiscal year ended June 30, 2002.

The adoption of Statement No. 34 had no significant effect on the basic financial statements except for the change from the indirect method to the direct method of reporting cash flows and the reclassification of costs recoverable, deferred credits and funds due to participants to net assets in accordance with the Statement. The unaudited financial statements for the quarter ended December 31, 2001 were reclassified to conform to the adoption of Statement No. 34.

This unaudited financial report consists of a series of financial statements and reflects the self-supporting activities of SCPPA that are funded primarily through the sale of energy and transmission services to member agencies under project specific "take or pay" contracts that require each member agency to pay its proportionate share of operating and maintenance expenses and debt service with respect to such projects.

Combined Statements of Net Assets, Combined Statements of Revenues, Expenses and Changes In Fund Net Assets, and Combined Statements of Cash Rows The Combined Financial Statements provide an indication of the Authority's financial health.

The Combined Statements of Net Assets Includes all of the Authority's assets and liabilities, using an accrual basis of accounting, as well as an indication about which assets can be utilized for general purposes and which assets are restricted as a result of bond covenants and other commitments. The Combined Statements of Revenues,- Expenses and Changes in Fund Net Assets reports all of the revenues and expenses during the time periods indicated. The Combined Statements of Cash Flows reports the cash provided and used by operating activities, as well as other cash sources such as investment Income and cash payments for principal and interest on debt, capital additions and betterments.

The following table summarizes the financial condition and changes to fund net assets of the Authority as of and for the six months ended December 31, 2002 and 2001 (amounts In thousands):

3

Summary of financialcondition and changes In net assets December 31, 2002 2001 Assets Utility plant $ 844,798 $ 913,370 Investments 1,149,981 1,059,606 Cash 97,663 110,011 Other 92,537 89,930

$ 2,184,979 $ 2,172,917 Liabilities and Fund Net Assets Long-term debt $ 2,099,993 $ 2,141,429 Derivative commitments 133,936.00 63,020.00 Current liabilities 204,183 204,750

$ 2,438,112 $ 2,409,199 Net assets:

Invested In capital assets, net of related debt (1,081,645) (1,051,592)

Restricted assets 812,103 795,001 Unrestricted assets 16,409 20,309 Total net assets $ (253,133) $ (236,282)

$ 2,184,979 $ 2,172,917 Revenues, Expenses and Changes In Net Assets Operating revenues $ 177,308 $ 160,291 Operating expenses (88,070) (88,791)

Net operating Income 89,238 71,500 Investment Income 68,738 66,132 Debt expenses (78,128) (81,497)

Unrealized loss on derivative commitment. (34,240)

Extraordinary loss on debt refunding (965) -(735)

Increase (decrease) In net assets 44,643

  • 55,400 Beginning balance of net assets (285,632) (272,197)

Net withdrawals by participants (12,144) (19,485)

Ending balance of net assets $ (253,133) $ (236,282) 4

The net assets of the Authority decreased by $16.8 million largely due to an increase in the assets of $12.1 million offsetby an increase in liabilities of $28.9. The increase in the assets is mainly due to the continued Contributions to the Deposit Installment Escrow Fund and increase contributions to the Decommissioning fund of the Palo Verde Project. The increase in liabilities is primarily caused by the Increase in the fair market value on derivative commitments related to interest rate swap agreements.

The increased in operating revenues of $17 million was largely due to increased billings to participants of the San Juan Unit 3 Project to pay for the coal contract buyout made in December 2002.

The increase in Unrealized loss on derivative commitment Is mainly because quarterly valuation of the swap agreements became effective this fiscal year. Last year valuation of the swaps was done annually. The following table shows the fair market value of the swap agreements as of December 31, 2002, September 30, 2002 and June 30, 2002:

Estrrded Fair Value

- MLU n,h ousands)

Dember 31, Septen 30, June 30, 2002 2002 2002 20009 $ (26,074) $ (27,148) $ (18,976) 20D1 AW (12,728) (13,525) (4,296) 1991 amp (95,134) ( J 4)

$ (133,936) $ (136,138) $ (99,69 5

Southern California Public Power Authority Combined Statements of Net Assets (Amounts In thousands)

December 31.2002 Souter Hoover I Projew~

PaloVrd Tron msbn Uprating Mead-Phoenk MeadAdelanto Multple San Juan Stabltzallon Project System Project Project Protect Project Project Fund Protect Fund Total ASSETS Noncurrent assets Utility plant Production

  • 022,366 8 $ .S $ . $ - $ 175,139 S - S 797,605 Transmisslon 14.062 87460t 60.770 172.318 . G91175 General 1 2674 18.911 21 2.W4 473 - 8.018 ------ 32 737 6130.102 693.i17 21 e3,410 172.791 . 183,167 - 1.741,98 Les - Accumulated depreciation 471.304 321.910 19 9,922 30,610 * - 9e,573 - 930.021 16.7.711 371,6099 2 43.4es 142.2S1 - 8,584 . 8611.672 Consrcton workin prgress 16.149 721 - 16,870 Nuclear bdl. at amortized cost 18.250 _ - _ 16.256 Net utility plant 200.123 371599 142S251 - _ 7.305 844.798 Special funds Restrced Investments Escrow accounts 3Xi.870 16.i13 - 371.19 Decommis loning iund 111,06t 111.066 Ober hunds 132.6S19 1.144 242.250 29.019 .162.476 852.tl3 26.067 28.087 699.633 76,462 1.124 7.043 242250 29.019 162.476 1.13,104 Nonrestricted Investments 14,402 _ _ _ _ _ 365 __ ____ ___

Other inds - 14.797 Total special funds 614.035 . 8l4!2 2.003 2,,08 242.260 29.019 152.476 1,149,981 Other noncurrent Assets Advance to IPA - restricted 11.650 Advances for capacity and energy.

net - restricted - . ~~~20.793 20,793 Unamoritzed debt expenses 3.W8 8,951 524 609 ,,.,sj 3.085 196e Total other noncuirent assets Wo 0Al 21aiL on 2.651 - a -e Total noncurrent ets 817.62 48,7 23.320 61.040 171.219 24.6 19.369 162,47e 2.047.000 Curent Assets Special bnds:

Cash and cash equivalents - restricted 41.024 13.3 626 3,354 4,033 U11.437 12.162 87.072 Cash and cash equivalents - nonrestricted 7.702 45 ~99B 167 201 - 1.488 - 10.91 Interst receivable 1,971 26 7 - 345 909 8.6"2 76 6685 12.546 Accounts receivable 1,337 85B e 4 26 2.307 - 4.647 Due rom other project- resticted - 5,482 9.576 - 13.057 Materials and supplies 6.929 - 3237 - 10.tOB Total current assets 6e,963 14,474 14,743 mm29 18.544 13.447 13r.979 Total aets 87n789 43.048 Z6.1li , Z28 185.962 250.879 137.9 i 165.923 2.14.979 LIABILITIES Noncurrent tbabites Long-tarm debt - 5.39 797.747 19.323 e4.e29 29S.493 216.104 209.600 2.09993 Other noncurrent iBabiultes:

Oermtive commitments - - 133P3 133.936 Corrnitments and contingencies Total other noncurrent ilabliltes _______ 133.936 133.93e Total noncurrent ilabfles 5M0 3,8 1ss323 e4.02s 1.190~~~~~~~~

208,493 216.104 209.608 - 2.233.929 Current abluties:

Debt due within one year 49.190 30,035 1 ,tso , 7.100 1,600 - 9,t16 Accrued inlerest 7.208 0.265 265 1.944 6,11e 7,442 6.492 36.732 Accounts payable and accruals 52.392 331 19 1,045 5.408 e1.675 Accrued property tax 1.6i7 729 671  : 417 - 3.704 Coal contracts buyout Oue to other projects 13.057 13-057 Total current kabilitles 110.477 40,160 1,7es 3,192 e,032 27.6a9 12.s17 Total labilities , 697,16 971.863 e119 7-221 214,525 243703 2m2.2S 2,43112 NET ASSETS Invested In capital assets n related debt and deferred credits (432.253) (447,220) 2 (19.r3s) (61.362) . (121.063) - (1,01.645)

Restricted 594236 (40.628) 2,990 12.80 34.487 7.176 35.030 16t.23 612`103 Unrestricted 17,640 -MO 1.004 (1.0B4 .. .es) 1.437 1 - at.409 Total net sset S 179.623 I (A408,17) S 4.056 II t7.9 S tCASl S 7.17 s (4.592) $ 165.923 s (253.133 These unaudited financial statements should be read Inconjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2002.

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Southern California Public Power Authority Statements of Net Assets (Amounts In thousands)

December 31. 2001 (Restated)

Southern Hoover iMead- Ued- Multiple Projects' PaloVerde Transmission Uprating Phoenix Adelanto Project San Juan Stabilizaton Project System Project Project Project Project Fund Project Fund Total ASSETS Noncurrent assets Utulty plant Production S 20,720 S. * . I S - S

  • 175,531 t - S 796,258 Transmission 14,152 e74.0 i 50,770 172.319 - 911,847 General 2 ,582 21 2.640 473 8,053 - 32.880 637.469 893.517 21 53.410 172,792 163.684 - 1.740,783 Less Accumulated depreciation 434.135 302 280 16 8.518 2e 009- 84112 - 055.078 203,324 391,228 8 -44,894 .148,783 99.472 885.707 Construction work In progress 10,359 938 - 11297 Nuclsar fuel. at amortized cost 10.388 - 1e.3eo Net utility plant 230.049 391.228 8 - 44894 148,783 _ _ 100A10 913.370 Special funds Restricted investments Escrow accounts 268.885 21 ,8 289,931 Decommissioning fund 97,839 - 97.839 Other funds 122 128 65,73 1,813 9107 28702 24e.1e2 - 5,042 17e285 0853,602 488.832 88,729 1,013 9.107 28.702 246,1 82 5.942 178,285 1,041.372 Mon restricted Investments Other funds 17 680 *1 54 - - 18.234 Total special funds 50.512 86729 2.187 9.107 - 6,942 17S,285 t 059 eo5 Other noncurrent assets Advance to IPA - restricted 1 1,650 - ' - 11,550 Advances for capacity and energy.

net - restricted - 21,724 - 21.724 Unamortized debt expenses 4 189 .,8.496 383 881 2.135 1.142 Total other noncurrent assets 4,189 20 045 22.0t7 881 3.079 2,135 52.416 Total noncurrent essets 740.750 498.002 24.280 54,882 178.se4 248.182 108.4s7 178285 2.025392 Currant Asset Special funds:

Cash and cash equivalents - restricted 43,185 23,637 841 2,064 3.555 18 15,431 9.831 98,81 3,s16 Cash end cash equivalents nonrestricted 1,86 4.32 1 ee1 17 4.527 - 11.450 Interest receivable 2,922 120 45 338 905 9.047 565 14,020 Accounts receivable 1,401 26 1.868 Due from other project -restricted 3,166 8,077 9,053 - 11.832 Materials and supplies 6799 3.189

  • 9988 Total current assets 56.193 28.278 1.387 5.574 13.210 23.418 110-4i 147.525 Total assets 79e.943 62e.280 e 252Z e.0J5r 1Z97eo 55225 31905 18O 701 2 172 917 LIABILITIES Noncurrent liabilities Long-term debt 621.319 819.140 20.030 03.413 204.570 222.625 190.132
  • 2.141.429 Other noncurrent liabilities:

Coal contracts buyout - *.-80 9.580 Derivative commitmenta 03.020 e3.020 Commitments end contingencies 03,020 Total othernoncurrent liabilltles 63.020 - - - 9580o 72.600 Total noncurrent liabilities 621.319 602.180o 20.030 83.413 204.870 -222.525 1199712 2214.029 Current iabilittes:

Debt due within one year 47,395 29,715 905 - - 0.800 7,480 92,090 Accrued interest 8,117 10.441 1 1,945 0,11e 7,889 5,271 39.650 Accounts payable and accruals 41.780 1.727 182 374 728 3.068 47.859 Accrued property tax 1.968 348 so7 6e 3,734 Due to other projects * ~ ~ , 32 _ t1-1132 Total current liabilities 99.248 41.083 1.178 2.885 7.711 20.101 16.384 195,170 Total liabilities 720.se7 J24043 21.208 86e078 212.581 248.620 216,098 2.409.199 NET ASSETS Invested in capital assets net of related debt and deferred credits (434,821) (449.143) 8 (17,638) (55.012) (95.164) (1.051.692)

Restricted 490,048 48,774 3,350 12,719 33.784 6,599 0.28 188.701 795,001 Unrestricted 14.451 . 2 1.08 063 (7031 (1.6731 4.4e5 20,309 Total net assets S 7e,378 s 1397.783) S 4.419 S (5.0221 S (22.8011 e sss S 84.1911 S 186,701 S (238.282)

These unaudited financial statements should be read In conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2002.

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Southern California Public Power Authority Combined Statements of Revenues, Expenses and Changes In Fund Net Assets (Amounts In thousands)

ISix Months December 31, 2002 Southern Hoover Mead- Mead- Multiple Projects' Palo Verde Transmission Uprating Phoenix Adelanto Project San Juan Stabilization Project System Project Project Project Project Fund Project Fund Total Operating revenues:

Sales of electric energy $ 89,406 $ - $ 1.259S - $ S $ 38,164 $ - $ 128,829 Sales of transmission services 40,798 - 1,993 588 - _ 48,479 Total operating revenues 89,406 40,798 1.259 1,993 5.688 38,164

  • 177,308 Operating expenses:

Operations and maintenance 13.529 7,136 1,243 443 506 22665 - 45,522 Depreciation 13,310 9,815 - 1 702 2,250 5,033 - 31,111 Amortization of nuclear fuel 4.431 4,431 Decommissioning 5,450 1.556

  • 7,006 Total operating expenses 36.720 16,551 ,244 _ 1,145 2,756 29 254 - 88.070 Operating Income (loss) 52,686 23,847 15 848 2.932 8,910 89238 Non operating revenues (expenses)

Investment Income 51,220 2,661 42 352 930 8,603 648 4,282 68.738 Debt expense 23,822) (31.545) (163) (2291) (7,044) (7,782) (5,481) - (78,128)

Unrealized loss on derivative commitment - (34240)_4_ ._ - a a (34.240)

Net Non operating revenues (expenses) 27.398 . (63,124) (121) (1,939) (6,114) 821 (4,833) 4,282 (43,630)

Income loss before extraordinary Items 80,084 13977) 1106) 11,091) 13,182) 821 4,077 4,282 45,608 Loss on refunding - (892) - ... 2_73 _ - (965)

Net Increase (decrease) Innet assets 80,084 (40.169) (106) (1091) (3.182) 821 4,004 4,282 44,843 Net assets - beginning of year 99.539 1448.6481 4,182 (6.848) (25,381) 6,355 (88.596) 173785 (285,632)

Net withdrawals by participants * - (12,144) (12,144)

Net assets - end of year S 179,623 $ (488,8171 $ 4,056 $ (7,939) 28,563 $ 7,176 S(84,592) S 165.923 S (253,133)

These unaudited financial statements should be read In conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2002.

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Southern California Public Power Authority Combined Statements of Revenues, Expenses and Changes In Fund Net Assets (Amounts In thousands)  :

S MSths Ended December 31, 2001 (Restad)

Southern Hoer Mead- Mead- Mltple Prjecs!

PaloVerde Transisslon aing Phoenix Pdelanto Prt4ect SanJuan StabIzaton Profec SystemF~ed Project Projed Poed Fund Prcqed Fund Total Operating revenues:

Sales of eledcl energy $ 87,549 $ - 1,098 $ - - - - $21,948 $ 110,595 Sales of transnisslon services 41,919 _ 2,076 5,701 - 49,696 Total operating revenues 87,549 41.19 1.098 2,076 5,701 _ 21.948 - 160,291 Operating epenses:

Operations and ntrdance 12,770 8,763 1,037 462 550 - 22282 - 45,864 Depredatlon 13.415 9,819 1 703 2,251 - 5,031 - 31,220 Amrtization of mdear uel 3.072 - 3.972 Decordssloning 6.179 - l - 1.556 7,735 Total cpeating _penses 3$336 ' 18582 1,038 1,165- 2,801 28,869 88,791 Operating hcome fcss) 51,213 23.337 60 911 900 (6,921) _ 716500 Non operating revenues (expenses)

Investnernt kicome 46.152 3,202 158 360 972 9,047 405 5,836 66,132 Debt epense {26,986} 131.08 (498 (28 t7,03) (8,009) (5, 79- (81,497)

Net non operalng revenues (expenses) 19,166 (27,896) (340) (1,929) (6,066) 1.038 (5.174) 51.36 (15.365)

Income Ooss) before efronary Ri 70,379 _ 4.559) (015O) (1,018) (3.168) 1.038 Oz,05 5,836 56.135 Loss on reudng Net Increase (decrease) hInet assets 70.379 44.559) -(1.015) (1,18I) 1 (3,166) 1,038 (12095) 5836 55,400 Net assets -begining of year 5,997 0393,24 6,434 - 4 64 (19.635) 5,561 {72096) 200,350 Net ulthdrawals by partidpants (19485

- 1c485)

Netassets -end of year S 76.376 $ (397,763) 4419 S(5,622) $ 22,801) $ 6,599 $(84,191) $ 186,701 These unaudited financial'statements should be read in conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2002.

9

I .6 .

Southern California Public Power Authority Combined Statements of Cash Flows (Amounts In thousands)

Six Months Ended December 31, 2002 Southern Hoover Mead- Mead- Mutple Projects' Palo Verde Transmission Uprating Phoenb Adelanto Project San Juan Stabilization Project System Project Project Project Project Fund Project Fund Total Cash flows from operating activities:

Receipts from participants S 95,677 32,734 $ 1,293 5 2,051 $ 5,620 $ 35,359 - 172,734 Payments to operating managers (12,443) (7,690) (166) (588) (475) - (30.395) - (51,757)

Other receipts (payments) - - 7 . I - - - 7 Net cash flow from operating activities 63.234 25,044 1,134 1,463 5,145 - 4,964 120,984 Cash flows from noncapital financing actvities:

Advances from participants _______ - - - _ - - _ (12,143) (12,143)

Cash flows from capital and related financing activities Additions to plant, net (9.392) (24) (9,416)

Debt Interest payments (17,982) (20,857) (547) (1,045) (6,116) (7,69) (1,976) (57,092)

Proceeds ftrom sale of bonds 41,908 80,750 122658 Transfer of funds from escrow - 6,545 - 0545 Payment far defeasance of revenue bonds - (48.498) - (72,344) - (120,642)

Principal payments on debt (47,395)' (26.695) (905) - - o(6,600) - (81.595)

Payment for bond Issue costs - _ 71n - - * ~~~(1,132 _ (1.69)

Net cash used for capital and related financing actvifes (74769) 8,31) ,(1452) (11945) (8,11) (14269) 5.274 - (141.591)

Cash flows trom Investing activites:

Interest received on nvestments 4,918 2.633 50 348 925 8.934 559 4,298 22,63 Purchases of Investments (218.041) (20.761) (2.005) (179) (2,134) (12,936) (50,390) (306,445)

Proceeds from sale/maturity of investments 193,235 Z1,447 3,970 1,745 2,520 5,334 a-_ 56.127_ 284,378 Net cash provided by (used for)

Investing activities (10,888) 3e319 2,015 1.912 ,311 ,14,288 t23761 10,035 598 Net Increase (decrease) In cash and cash equivalents (11,423) (19,951) 1,697 1,430 340 (1) (2138) (2,108) (32,154)

Cash and cash equivalents at beginning of year 60,149 133,32 127 2,081 3,e94 1 15.063 14,970 129,817 Cash and cash equivalents at end of year $ 48,726 $ 13,581 1,824 $ 3,511 $ 4,234 - S 12,925 $ 12.852 S 97,63 Reconciliation of operating Income to net cash provided by operating activities:

Operating income oss) $ 62,686 S 23,847 S 15 S 648 S 2,932 S - S 8.910 S 89,238 Adjustments to reconcile operating Income to net cash provided (used) by operating activities:

Depreciation 13,311 9,815 2 703 2,251 - 5,033 31,115 Decommissioning 6,450 - 1,56 7,006 Advances for capacity and energy 1,042 1,042 Amortization of nuclear fuel 4,431 4,431 Changes in assets and Iabiltes:

Accounts receivable (93) (868) {6) (4) (25) - (2,098) _ (3,094)

Accounts payable and accruals 7,572 (7,752) -87 (81) (1 1) (8,293) (8,478)

Other (123) 2 (6) (3) l2) (144) _ (276)

Net cash provided by operating activities S 63.234 $ 25,044 S 1,134 1,483 S 6.145 - S 4,9S4 ,, - 120,984 These unaudited financial statements should be read In conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2002.

10

Southern California Public Power Authority Combined Statements of Cash Flows (Amounts In thousands)

Si- Months Ended December 31 2001 (Restated)

Southern Hoover Mead- Mead- Multiple Projects Palo Verde Transmission Uprating Phoenix Adelanto Project San Juan Stablikation

. Project System Project Project Project Prolect Fund Project Fund Total Cash flows trom operating activities:

Receipts from participants S 9184 $ 40.047 S 1.266 I 1 8 S 56192 S - 23324 $ 163.151

- Payments to operating managers (11.235) (10.072) (166) (120) (547) (22.140)

Other receipts (payments) _ _ _ _. e 122.522) 122.516}

Net cash flow from operating activities 80,619 29,975 1,106 1.348 4.645 - t02 118.495 Cash flows rom noncapital financing activities Advances from participants -- - -_ - -_______ - (19.485) 119485)

Cash flows from capital and related financing activities:

Additions to plant, net (8.613) 78 3 (48) - (8.880).

Debt interest payments (19,646) (23.080) (737) (2.002) (8.247) (7.878) (6,271) - (84.881)

Proceeds orom sale of bonds 25,338 - 25.338 Payment for defeasance of revenue bonds (28.875) - (28.875)

Principal payments on debt (45.105) (19.210) (650) (1i710) (3.i95) (e.200) (76,770)

Premium received on swap option agreement Decommissioning fund (6.690) - * (6*890)

Payment of expenses for release of Debt Service Reserve Fund Payment for bond Issue costs (298) ~=- (298 Net cash used for capital and related financing activities (80.054) (42290 222) (3.64 (10.139) (14.078 (5319) * (160.7361 Cash tows from hvesting activities:

Interest received on investments 3.735 2.509 207 387 1.041 9,224 499 5.609 23,391 Purchases of Investments (¶62.524) (13,151) (6.237) (5.458) (4.369) (4,531) (10.985) (34942) (241.195)

Proceeds tom saleimaturity of inestments 123.010 2e eo3 8354 6,127 _ 5 t21 9.383 17,207 40.958 237 463 Net cash provided by (used for) investing activities (35779) 15961 3 324 1.038 t,493 114078 11S25 19.659 Net increase (decrease) In cash 2.4 and cash equivalents - (35214) 3.641 (792) (1.248) (3,001) (2) (7 Ot0) (42o7)

Cash and cash equivalents at beginning of year 80.285 L24 512 2.114 3 329 66575 18 17,754 17491 152078 Cash and cash equivalents at end of year $ 45,071 S 28158 S 1.322 S 2081 S 3574 S 1e6 S 19.958 $ i.831 $ 110011 Reconciliation of operating income to net cash provided by operating activities:

Cash tows from operating activities Operating Income (es) $ 51212 23,337 S 59 S 911 $ 2,899 S - $ (921 $ - 71.497 Adjustments to reconcile operating Income o net cash provided (used) by operating ctivities:

Depreciation 13,416 9.819 2 703 2.251 5.031 - 31,222 Decommissioning 6,179 - 1557 77736 Advances for capacty and energy 896 - 89e Amortization of nucear fuel 3,072 - 3,972 Changes In assets and liabilities:

Accounts receivable (110) 32 371 1,112 1,405 Accounts payable and accruals 6,041 (3,181) 124 (286) (873) (31) - 1814 Other (91 13) 544 Net cash provided by operating activities S 80,819 S 29075 S 1.106 $ 1 348 S 4,545 $ 802 S

  • 118.495 These unaudited financial statements should be read In conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2002.

11

To: Nuclear Regulatory Commission Application regarding NRC Regulation 10 C.F.R. Section 140.21 (e)

El Paso Electric Company hereby applies for withholding from public disclosure the following document:

"El Paso Electric Company 2003 Cash Flow Projection" Affidavit:

I, Steven P. Busser, Treasurer of El Paso Electric Company, in my capacity as an officer of El Paso Electric Company, hereby represent, affirm, and request that the above-mentioned document, "El Paso Electric Company 2003 Cash Flow Projection" be withheld from public disclosure for the following reasons:

1. This information has not been released publicly;
2. This information is customarily held in confidence by El Paso Electric Company;
3. This information has not yet been transmitted to the NRC, but will be transmitted in a confidential matter,
4. This information cannot be constructed from any other source; and
5. Disclosure of this information may cause substantial harm to the El Paso Electric Company's competitive position and would give parties who have access to this information inside knowledge of El Paso Electric Company's projected operations that is not available to the general public.

Signed: __

Steven P. Bussbr Treasurer El Paso Electric Company Subscribed and sworn to before me on this _____ day of ab ss 2003.

} u Iotary stESIONEES Public

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