Text

Decommissioning Financial Assurance Reports
	ML050960371
Person / Time
Site:	Oconee, Mcguire, Catawba, McGuire
Issue date:	03/30/2005
From:	Morris J; Duke Energy Corp, Duke Power Co
To:	; Document Control Desk, Office of Nuclear Reactor Regulation
References
	Download: ML050960371 (17)
	v • d • e

JAMES R MORRIS kDue Vice President, Nuclear Support Nuclear Generation Duke Power 526 South Church St.

Charlotte, NC 28202 Mailing Address:

EC07H / P0 Box 1006 March 30, 2005 Charlotte, NC 28201-1006 U. S. Nuclear Regulatory Commission 704 382 6401 Washington, DC 20555-0001 704 382 6056 fax WahngoDC255-01james.

morris@duke-energy. corn Attention: Document Control Desk

Subject:

Duke Energy Corporation Oconee Nuclear Station, Units 1, 2, and 3 Docket Nos. 50-269, 50-270,50-287 McGuire Nuclear Station, Units 1 and 2 Docket Nos. 50-369, 50-370 Catawba Nuclear Station, Units 1 and 2 Docket Nos. 50-413, 50-414 Decommissioning Financial Assurance Reports Enclosed are the required Decommissioning Financial Assurance reports pursuant to 10 CFR 50.75(f)(1) for Oconee, McGuire, and Catawba Nuclear Stations. The report contains the following information for each nuclear plant:

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

(2) Amount accumulated to the end of the calendar year preceding the date of the report.

(3) Schedule of annual amounts remaining to be collected.

(4) Assumptions used regarding rates of escalation in decommissioning costs, rates of earnings on decommissioning funds, and rates of other factors used in funding projections.

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

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

(7) Material changes to trust agreements.

If there are any questions concerning this information, please contact Carl Council at (704) 382-7387.

Very truly yours, J

s R. Morris Attachments www. dukepower. corn

U. S. Nuclear Regulatory Commission March 30, 2005 Page 2 xc:

(w/attachments)

W. D. Travers, Regional Administrator U. S. Nuclear Regulatory Commission Region II Sam Nunn Atlanta Federal Center 61 Forsyth St., SW, Suite 23T85 Atlanta, GA 30303-8931 Michael A. Dusaniwskyj U. S. Nuclear Regulatory Commission Mail Stop 012-D3 Washington, DC 20555-0001 L. N. Olshan (addressee only)

NRC Senior Project Manager (ONS)

U. S. Nuclear Regulatory Commission Mail Stop 0-8 H12 Washington, DC 20555-0001 J. J. Shea (addressee only)

NRC Project Manager (MNS)

U. S. Nuclear Regulatory Commission Mail Stop 0-8 H12 Washington, DC 20555-0001 S. E. Peters (addressee only)

NRC Senior Project Manager (CNS)

U. S. Nuclear Regulatory Commission Mail Stop 0-8 H12 Washington, DC 20555-0001 M. C. Shannon, NRC Senior Resident Inspector Oconee Nuclear Station J. B. Brady, NRC Senior Resident Inspector McGuire Nuclear Station E. F. Guthrie, NRC Senior Resident Inspector Catawba Nuclear Station

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Duke Power Company Oconee Nuclear Station 100% Ownership Unit #1 Oconee Unit 1

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included in 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and Indicates what portion of that estimate Is for Items not Included in 10 CFR 50.75 (b) and (c)).

3. A schedule of the annual amounts remaining to be collected; for Items In 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can include Items beyond those required In 10 CFR 50.75 (b) and (c) it the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate is for hems that are not Included In 10 CFR 50.75 (b) and (c).

^ Annual amounts are based on the likelihood that units will be shut down five years prior to the license expiration date.

339,814,205 Qualified Non Qualified 93,913,484 $

88,313,958 Yer 2005 $

2006 $

2007 $

2008 $

2009 $

2010 $

2011 $

2012 $

2013 $

2014 $

2015 $

2016 $

2017 $

2018 $

2019 $

2020 $

2021 $

2022 $

2023 $

2024 $

2025 $

2026 $

2027 $

2028 $

2029 $

2030 $

2031 $

2032 $

2033 $

Qualified 3,104,759 $

3,104,759 S 3,104,759 $

3,104,759 $

S 4

74,514,218 S Non Qualified 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 3,515,472 84,371,324

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used In funding projections;

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

inflation - 4%

qualified rate of return - 5%

non-qualified rate of return - 4.5%

NIA N/A

7. Any material changes to trust agreements.

Sixth Postellective Amendment to the Duke Power Company Master Decommissioning Trust Agreement was executed April 27 2004 allowing for the establishment of the General Nonqualited Fund which consists of contributions by the company for Non-NRC decommissioning of any or all of the plants, plus earnings and appreciation thereon.

Amendment to the Investment management agreement with AllianceBemstein was executed January 30, 2004 which changed the investment mandate from the manager's International Value strategy to its International Style Blend strategy. The International Style Blend strategy is a targeted 50/50 combination of the manager's International Value and Intemational Growth strategies and was selected to reduce the value bias of the qualified trust's international equity portfolio.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Duke Power Company Oconee Nuclear Station 100% Ownership Unit #2 Oconee Unft 2

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for items Included In 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and Indicates what portion of that estimate Is for Items not included in 10 CFR 50.75 (b) and (c)).

339,814,205 Qualified Non Qualified 100,803,325 91,886,598

3. A schedule of the annual amounts remaining to be collected; for Items In 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can Include Items beyond those required In 10 CFR 50.75 (b) and (c) If the cover letter transmitting the report provides a total cost estimate and Indicates what portion of that estimate Is for items that are not Included In 10 CFR 50.75 (b) and (c).

Annual amounts are based on the likelihood that units will be shut down five years prior to the license expiration date.

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections;

5. Any contracts upon which the licensee Is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

2029 2030 2031 2032 2033 Qualified Non Qualified 3,508,726 $

2,483,791 3,508,726 $

2,483,791 S

S S

S 84,209,414 $

59,610,978 Inflation - 4%

qualified rate of return - 5%

non-qualified rate of return - 4.5%

N/A N/A

7. Any material changes to trust agreements.

Sixth Posteffective Amendment to the Duke Power Company Master Decommissioning Trust Agreement was executed April 7, 2004 allowing for the establishment of the General Nonqualifed Fund which consists of contributions by the company for Non-NRC decommissioning of any or all of the plants, plus earnings and appreciation thereon.

Amendment to the Investment management agreement with AllianceBemstein was executed January 30, 2004 which changed the investment mandate from the manager's International Value strategy to its International Style Blend strategy. The International Style Blend strategy is a targeted 50/50 combination of the manager's Intemational Value and International Growth strategies and was selected to reduce the value bias of the qualified trust's International equity portfolio.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Duke Power Company Oconee Nuclear Station 100% Ownership Unit #3 Oconee Unit 3

1. The rninimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included In 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate is for items not Included In 10 CFR 50.75 (b) and (c)).

3. A schedule of the annual amounts remaining to be collected; for Items in 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can include Items beyond those required In 10 CFR 50.75 (b) and (c) if the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate is for items that are not included in 10 CFR 50.75 (b) and (c).

Annual amounts are based on the likelihood that units will be shut down five years prior to the license expiration date.

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections;

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

339,814,205 Qualified Non Qualified S

132,789,564 $

92,537.753 Year 2005 $

2006 $

2007 $

2008 $

2009 $

2010 $

2011 $

2012 $

2013 $

2014 $

2015 $

2016 S 2017 $

2018 $

2019 $

2020 $

2021 $

2022 $

2023 $

2024 $

2025 $

2026 $

2027 $

2028 $

2029 $

2030 $

2031 $

2032 $

2033 S 2034 S Qualified 4,937,465 $

4,937,465 $

4,937,465 4,937,465 $

4,937,465 $

4,937,465 S 4,937,465 $

4,937,465 $

4,937,465 5 4,937,465 $

4,937,465 $

123,436,618 $

Non Qualified 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 i

4,024,208 4,024,208 i

4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 4,024,208 100,605,208 inflation - 4%

qualified rate of return - 5%

non-qualified rate of return -4.5%

N/A N/A

7. Any material changes to trust agreements.

Sixth Posteffective Amendment to the Duke Power Company Master Decommissioning Trust Agreement was executed April 27, 2004 allowing for the establishment of the General Nonqualifed Fund which consists of contributions by the company for Non-NRC decomrissioning of any or all of the plants, plus earnings and appreciation thereon.

Amendment to the investment management agreement with AllianceBemstein was executed January 30, 2004 which changed the investment mandate from the manager's Intemational Value strategy to its Intemational Style Blend strategy. The Intemational Style Blend strategy is a targeted 50/50 combination of the manager's Intemational Value and International Growth strategies and was selected to reduce the value bias of the qualified trusts international equity portfolio.

NRC DecomrnissIoning Funding Status Report Report Date March 31, 2005 Duke Power Company McGuire Nuclear Station 100%/ Ownership Unit #1 McGutre Unit 1

1. The minimum decommissioning fund estimate.

pursuant to 10 CFR 50.75 (b) and (C).

2. The amount accumulated at the end of the calendar year preceding the date of the report for Items Included In 10 CFR 50.75 (b) and (c). (Altematfvely, the total amount accumnlated at the end of the calendar year preceding the date of the report can be reported here If the cover letter transmitting the report provides the total estimate and Indicates what portion of that estimate Is for Hems not Included In 10 CFR 50.75 (b) and (c)).

S 370,066,200 Oualified Non Oualified 136,797,219 $

48,763,822

3. A schedule of the annual amounts remaining to be collected; for Hems in 10 CFR 50.75 (b) and (c). (Altematively. the annual amounts remaining to be collected can Include items beyond those required in 10 CFR 50.75 (b) and (c) I the cover letter transmitting the report provides a total cost estimate and Indicates what portion of that estimate Is for Items that are not Included in 10 CFR 50.75 (b) and (c).

Annual amounts are based on the likelihood that units will be shut down five years prior to the license expiration date.

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; ye2r 2005 S 2007 S 2007 S 2008 S 2009 S 2010 $

2011 S 2012 S 2013 $

2014 $

2015 S 2016 S 2017 $

2018 S 2019 $

2020 $

2021 $

2022 S 2023 $

2024 $

2025 S 2026 S 2027 S 2028 S 2029 S 2030 S 2031 $

2032 $

2033 S 2034 S 2035 S 2036 $

2037 S 2038 S 2039 S 2040 S 2041 S S

infilation -4%

Qualified 7,799,571 7,799571 S

7,799,571 S 7,799.571 S

7,799,571 1 7,799,571 1

7,799,571 S

7,799,571 3 7,799,571 S 7,799,571 S 7,799,571 S

7,799,571 S

7,799,571 S 7,799,571 S 7,799,571 S 7,799.571 S

7,799,571 S 7,799,571 S 7,799,571 1

7,799,571 1 7,799,571 7,799,571 S 7,799,571 1 7.799,571 7,799,571 7,799,571 1 7,799,571 7,799,571 1 7,799,571 S 7,799.571 S

7,799.571 7,799,571 S 2

8 S

-1S 249,586,277 1

Non Oualified 1,327,020 1,327,020 1,327.020 1,327,020 1,327.020 1,327,020 1,327,020 1,327,020 1,327,020 1,327,020 1,327,020 1,327,020 1,327,020 1,327,020 1,327020 1,327,020 1,327.020 1,327,020 1,327,020 1,327,020 1.327.020 1,327,020 1,327,020 1,327,020 1,327,020 1.327,020 1,327,020 1 327,020 S

1,327,020 1,327,020 1,327,020 1,327,020 42,464.649 qualified rate Of retum - 5%

non-qualified rate of retum - 4.5%

5. Any contracts upon which the licensee Is relying pursuant to 10 CFR 50.75(a)(1)(v).

6. Any modifications to a Ikensee's current method providing financial assurance occurring since the last submitted report.

N/A NIA

7. Any material changes to trust agreements.

Sixth Posleftective Amendment to the Duke Power Company Master Decommissioning Trust Agreement was executed April 27, 2004 allowing for the establishment of the General Nonqualifed Fund which consists of contributions by the company for Non-NRC decommissioning of any or all of the plants. plus earnings and appreciation thereon.

Amendment to the Investment management agreement with AllianceBernstein was executed January 30, 2004 which changed the Investment mandate from the manager's Intemational Value strategy to Its intemational Style Blend strategy. The Intemational Style Blend strategy Is a targeted 50/50 combination of the manager's Intemational Value and International Growth strategies and was selected to reduce the value bias of the qualified trusts international equity portfolio.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Duke PowerCompany McGuire Nuclear Station 100% Ownership Unit #2 McGulre Unit 2

1. The minimum decommissioning fund estimate.

pursuant to iO CFR 50.75 (b) and (c).

370,068,200

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included ki 10 CFR 50.75 (b) and (c). (Alternatively; the total amount accumulated at the end of the calendar year preceding the date ot the report can be reported here it the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate is for items not included In 10 CFR 50.75 (b) and (c)).

3. A schedule of the annual amounts remaining to be collected; for hems in 10 CFR 50.75 (b) end (c). (Alternatively the annual amounts remaining to be collected can include items beyond those required In 10 CFR 50.75 (b) and (c) It the cover letter transmitting the report provides a total cost estimnate and indicates what portion of that estimate Is for items that are not inciuded in 10 CFR 50.75 (b) and (c).

Annual amounts are based on the bkelihood that units will be shut down five years prior to the icense expiration date.

4. The assumptions used regarding escalation In decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in tunding proqections; ouased Non Cualified 155,240,512 $

27,459,773 2006 $

2006 $

2007 S 2008 $

2009 $

2010 $

2011$

2012 $

2013 $

2014 $

2015 $

2016 S 2017 $

2018 $

2019 $

2020 S 2021 $

2022 $

2023 S 2024 $

2025 $

2026 $

2D27 S 2028 $

2029 $

2030 S 2031 $

2032 S 2033 S 2034 S 2035 $

2036 $

2037 5 2038 S 20S9 $

2040 $

2041 $

2042 S 2043 $

S Qualfied 11,527171 5

11,527,171 11,527,171 S 11,527,171 S 11,527,171 5

11,527,171 $

11,527,171 5 11,527,171 S

11,527171 5 11,527,171 5 11,527,171 S

11,527,171 S 11,527,171 S 11,527,171 5

11,527,171 S

11,527,171 S 11,527,171 S

11,527,171 5

11,527,171 5 11,527,171 5 11,527,171 S 11.527.171 S

11,527,171 5 11,527,171 S

11,527,171 S 11,527,171 S

11,527,171 S

11.527,171 S

11,527,171 S 11,527,171 S 11,527,171 S 11527171 5

11.527,171 5 11527,171 S

-5

-5S S

-5S 391,923.818 B Non CuaMfed t

2866068 286,068 28i,068 t

26.068 i

286,068 2B86068 286,068 285,068 286.068 286,068 286,068 28068 286,068 t

286,068 286,0i8 266.068 288,068 286.068 286,068 288,068 286,068 i

2866068 286.068 286,068 286,068 i

286,068 286,068 286,068 288,068 286,068 2B56068 288,068 2868068 28,068 5

9,7268306 inflation -4%

quatfied rate of return -5%

non-qualified rate of return - 4.5%

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a iicensee s current method providing financial assurance occurring since the lest submtlted report.

4,A N/A

7. Any material changes to trust agreements.

Sixth Posteffective Amendment to the Duke Power Company Master Decommissioning Trust Agreement was executed April 27, 2004 allowing for the establishment of the General Nonqualifed Fund which consists of contrbutions by the company for Non-NRC decommissioning of any or all of the plants, plus earrmgs and appreciation thereon.

Amendment to the investment management agreement with AiiianceBernstein was executed January 30, 2004 which changed the investment mandate from the manager's International Value strategy to its International Styb Blnd strategy. The international Style Blend strategy is a targeted 50/50 combination of the manager's International Value and International Growth strategies and was selected to reduce the value bias of the qualified trusrs international equity portfolio.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Duke Power Company Catawba Nuclear Station 12.5% Ownership Unit #1 Catawba Unit I

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for ilems hIcluded hi 10 CFR 50.75 (b) and (c). (Atternatlvely, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate Is for Items not included in 10 CFR 50.75 (b) and (c)).

3. A schedule of the annual amounts remalirg to be collected; for Items hI 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can Include Items beyond those required hI 10 CFR 50.75 (b) and (c) I the cover letter transmitting the report provides a total cost estimate and Indicates what portion of that estimnate Is for Items that are not included In 10 CFR 50.75 (b) and (c).

Annual amounts are based on the ikelihood that units will be shut down five years prior to the license expiration date.

4. The assumptions used regarding escalation hi decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in fundng projections;

5. Any contracts upon which the licensee Is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a Icensee's current method providing financial assurance occurring since the lest submitted report.

45,698,101 Oualified Non Qualified 20,760,571 729,154 Year Quaifed Non Qualiied 2005 $

1,035,813 $

88,621 2006 $

1,035.813 S 88,621 2007 $

1,035,813 $

88,821 2008 $

1,035,813 $

88.621 2009 $

1,035,813 $

88,621 2010 $

1,035,813 S 88,621 2011 $

1,035,813 $

88,621 2012 $

1,035,813 S 88,621 2013 $

1,035,813 $

88,621 2014 $

1,035,813 $

88,621 2015 $

1.035,813 S 88.621 2018 $

1.035,813 $

88,621 2017 $

1,035,813 $

68,621 2018 S 1,035,813 $

88,621 2019 S 1,035,813 $

88,621 2020 $

1.035,813 $

88.621 2021 $

1,035,813 $

68,621 2022 $

1,035,813 $

88,621 2023 $

1,035,813 $

88,621 2024 $

1,035,813 $

88,621 2025 $

1,035,813 $

88,621 2026 S 1,035,813 $

88,621 2027 $

1,035,813 $

88,621 2028 $

1,035.813 S 88,621 2029 S 1,035,813 $

88,621 2030 $

1,035,813 $

88,621 2031 $

1,035.813 S 88,B21 2032 $

1,035,813 S 88,621 2033 $

1,035,813 S 88,621 2034 $

1,035,813 $

88,621 2035 S 1,035,813 S 88,621 2036 $

1,035,813 $

88,621 2037 S 1,035,813 S 88.821 2038 $

1,035,813 $

88,621

2039$S S

2040 S 2041S S

2042 S S

2043 $

35,217,633 $

3,013.100 hiflation - 4%

quatfied rate of return - 5%

non-qualified rate of return -4.5%

NWA NIA

7. Any material changes to trust agreements.

Sixth Posteflectwe Amendment to the Duke Power Company Master Decommissioning Trust Agreement was executed April 27, 2004 allowing for the establishment of the General Nonquallfed Fund which consists of contributions by the company for Non-NRC decommissioning od any or at of the plants, plus earnigs and appreciation thereon.

Amendment to the investment management agreement with AllianceBernstein was executed January 30, 2004 which changed the Investment mandate from the managers International Value strategy to Its International Style Blend strategy. The International Style Blend strategy Is a targeted 5at50 combination of the manager's International Value and International Growth strategies and was setected to reduce the value bias of the qualified trust`s Intemational equity portfolio.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Duke Power Company Catawba Nuclear Station 12.5% Ownership Unit r2 Catawba UnIt 2

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for items Included In 10 CFR 50.75 (b) artd (c). (Aftematively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here If the cover letter transmitting the report provides the total estimate and Indicates what portion of that estimate is for items not included In 10 CFR 50.75 lb) and (c)).

3. A schedule of the arnual amounts remaining to be collected; for items in 10 CFR 50.75 ib) and (c). (Alternatively, the annual amounts remaining to be collected can include Items beyond those required in 10 CFR 50.75 (b) and (c) If the cover letter transmitting the report provides a total cost estirnate and Indicates what portion of that estimate is for Items that are not Included in 10 CFR 50.75 (b) and (c).

Annual amounts are based on the ikelihood that units will be shut down five years prior to the icense expiration date.

4. The assumptions used regarding escalation In decommissioning cost, rates of eamings on decommissioning funds, and rates of other factors used In funding projections;

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a iicensee's current method providing financial assurance occurring since the last submitted report.

45,698,101 Quarif Non Qualified 21,698,121 $

599,462 Year Qualifled Non Ouasdifd 2005 1 1,453,517 $

2006 $

1,453,517 $

2007 $

1,453,517 $

2006 $

1,453,517 $

2009 $

1,453,517 $

2010 $

1,453,517 $

2011 $

1,453,517 S 2012 S 1,453,517 $

2013 $

1,453.517 2014 $

1,453,517 $

2015 S 1,453,517 $

2016 $

1,453,517 $

2017 $

1,453.517 $

2018 $

1.453,517 S 2019 S 1,453,517 $

2020 S 1,453,517 $

2021 $

1,453,517 S 2022 S 1,453,517 $

2023 $

1.453,517 $

2024 $

1,453,517 $

2025 $

1,453.517 $

2026 $

1,453.517 S 2027 $

1,453,517 $

2028 $

1,453,517 $

2029 $

1,453,517 $

2030 $

1,453,517 $

2031 $

1.453.517 2032 $

1,453,517 $

2033 $

1,453.517 S 2034 $

1,453,517 S 2035 $

1,453,517 $

2038 $

1,453,517 $

2037 S 1,453,517 S 2038 $

1,453,517 $

2039 $

2040S 2041$

2042$

2043$

S$

49,419,572 $

inflation - 4%

qualified rate of return - 5%

non-qualified rate of return -4.5%

NUA NIA

7. Any material changes to trust agreements.

Sixth Posteffective Amendment to the Duke Power Company Master Decommissioning Trust Agreement was executed April 27, 2004 allowing for the establishment of the General Nonqualifed Fund which consists of contributions by the company for Non-NRC decommissioning of any or all of the plants, plus earnings and appreciation thereon.

Amendment to the investment management agreement with AllianceBernstein was executed January 30, 2004 which changed the investment mandate from the managerls international Value strategy to Its International Style Blend strategy. The International Style Blend strategy is a targeted 50i50 combination of the manager's International Value and Intemational Growth strategles and was selected to reduce the value bias of the qualified trusts International equity portfolio.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Saluda River Electric Cooperative Catawba Nuclear Station 9.375% Ownership Unit #1

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

34,273,575

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included in 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate is for items not included in 10 CFR 50.75 (b) and (c)).

27,228,988

3. A schedule of the annual amounts remaining to be collected; for items in 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can include items beyond those required in 10 CFR 50.75 (b) and (c) if the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate is for items that are not included in 10 CFR 50.75 (b) and (c).

Year 2005 2006 2007 2008 Amount

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; inflation -4.5%

rate of return - 6.5%

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

n/a

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

n/a

7. Any material changes to trust agreements.

n/a

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Saluda River Electric Cooperative Catawba Nuclear Station 9.375% Ownership Unit #2

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included in 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate is for items not included in 10 CFR 50.75 (b) and (c)).

34,273,575 26,809,238

3. A schedule of the annual amounts remaining to be collected; for items in 10 CFR 50.75 (b) and (c). (Altematively, the annual amounts remaining to be collected can include items beyond those required in 10 CFR 50.75 (b) and (c) if the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate is for items that are not included in 10 CFR 50.75 (b) and (c).

Year 2005 2006 2007 2008 Amount TV TV

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; inflation -4.5%

rate of return - 6.5%

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

n/a n/a

7. Any material changes to trust agreements.

n/a

NRC Decommissioning Funding Status Report Report Date March 31, 2005 North Carolina Municipal Electric Membership Corporation Catawba Nuclear Station 28.125% Ownership Unit #1

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included in 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate is for items not included in 10 CFR 50.75 (b) and (c)).

102,820,725 37,830,558

3. A schedule of the annual amounts remaining to be collected; for items in 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can include items beyond those required in 10 CFR 50.75 (b) and (c) if the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate is for items that are not included in 10 CFR 50.75 (b) and (c).

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total Amount 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 64,990,178

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; inflation -

rate of return -

2.46 %

4.85 %

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

NA None None

7. Any material changes to trust agreements.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 North Carolina Municipal Electric Membership Corporation Catawba Nuclear Station 28.125% Ownership Unit #2

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

102,820,725

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included in 10 CFR 50.75 (b) and (c). (Altematively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here If the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate Is for Items not Included In 10 CFR 50.75 (b) and (c)).

37,830,558

3. A schedule of the annual amounts remaining to be collected; for Items In 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can include Items beyond those required In 10 CFR 50.75 (b) and (c) I the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate Is for items that are not included In 10 CFR 50.75 (b) and (c).

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total Amount 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 2,954,099 64,990,178

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; Inflation -

rate of return -

2.46 %

4.85 %

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

NA None None

7. Any material changes to trust agreements.

NRC Decommissioning Funding Status Report Report Date March 31, 2005 North Carolina Municipal Power Agency 1 Catawba Nuclear Station 37.5% Ownership Unit #1

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

137,166,750

2. The amount accumulated at the end of the calendar year preceding the date of the report for items Included in 10 CFR 50.75 (b) and (c). (Altematively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate Is for hems not included In 10 CFR 50.75 (b) and (c)).

81,262,254

3. A schedule of the annual amounts remaining to be collected; for items in 10 CFR 50.75 (b) and (c). (Altematively, the annual amounts remaining to be collected can include items beyond those required In 10 CFR 50.75 (b) and (c) If the cover letter transmitting the report provides a total cost estimate and Indicates what portion of that estimate Is for items that are not included In 10 CFR 50.75 (b) and (c).

2032 is the last year of the current Participant Project Power Sales Agreement.

Year Amount 2005 437,500 2006 437,500 2007 437,500 2008 437,500 2009 437,500 2010 437,500 2011 437,500 2012 437,500 2013 437,500 2014 437,500 2015 437,500 2016 437,500 2017 437,500 2018 437,500 2019 437,500 2020 437,500 2021 S

437,500 2022 437,500 2023 437,500 2024 437,500 2025 437,500 2026 437,500 2027 437,500 2028 437.500 2029 437,500 2030 437,500 2031 437,500 2032^

437,500 Amount Remaining

$12,250,000

years to collect 28

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; escalation - 4.0 rate of return - 6.0

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

N/A NIA

7. Any material changes to trust agreements.

N/A

NRC Decommissioning Funding Status Report Report Date March 31, 2005 North Carolina Municipal Power Agency 1 Catawba Nuclear Station 37.5% Ownership Unit #2

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

137,166,750

2. The amount accumulated at the end of the calendar year preceding the date of the report for items Included in 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and Indicates what portion of that estimate Is for Items not included in 10 CFR 50.75 (b) and (c)).

3. A schedule of the annual amounts remaining to be collected; for items In 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can Include Items beyond those required in 10 CFR 50.75 (b) and (c) If the cover letter transmitting the report provides a total cost estimate and Indicates what portion of that estimate is for items that are not Included in 10 CFR 50.75 (b) and (c).

2032 is the last year of the current Participant Project Power Sales Agreement.

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032-Amount Remaining

years to collect 77,905,665 Amount S

437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 S

437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500 437,500

$12,250,000 28

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections;

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

escalation - 4.0 rate of return - 6.0 N/A N/A

7. Any material changes to trust agreements.

NIA

NRC Decommissioning Funding Status Report Report Date March 31, 2005 Piedmont Municipal Power Agency Catawba Nuclear Station 12.5% Ownership Unit #1

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

45,698,101 2 The amount accumulated at the end of the calendar year preceding the date of the report for hems included in 10 CFR 50.75 (b) and (c). (Alternatively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here i the cover letter transmitting the report provides the total estimate and indicates what portion of that estimate Is for hems not Included in 10 CFR 50.75 (b) and (c)).

3. A schedule of the annual amounts remaining to be collected; for items In 10 CFR 50.75 (b) and (c). (Altematively, the annual amounts remaining to be collected can include items beyond those required in 10 CFR 50.75 (b) and (c) If the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate Is for items that are not included in 10 CFR 50.75 (b) and (c).

20,787,867 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Amount 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 S

48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 48,669 9,064,455 48,669 5,851,829 48,669

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; inflation - 4.5 rate of return - 6.5

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occurring since the last submitted report.

N/A N/A

7. Any material changes to trust agreements.

NIA

'I NRC Decommissioning Funding Status Report Report Date March 31, 2005 Piedmont Municipal Power Agency Catawba Nuclear Station 12.5% Ownership Unit #2

1. The minimum decommissioning fund estimate, pursuant to 10 CFR 50.75 (b) and (c).

2. The amount accumulated at the end of the calendar year preceding the date of the report for items included in 10 CFR 50.75 (b) and (c). (Altematively, the total amount accumulated at the end of the calendar year preceding the date of the report can be reported here if the cover letter transmitting the report provides the total estimate and Indicates what portion of that estimate Is for items not Included in 10 CFR 50.75 (b) and (c)).

3. A schedule of the annual amounts remaining to be collected; for items in 10 CFR 50.75 (b) and (c). (Alternatively, the annual amounts remaining to be collected can include items beyond those required In 10 CFR 50.75 (b) and (c) if the cover letter transmitting the report provides a total cost estimate and indicates what portion of that estimate is for items that are not Included In 10 CFR 50.75 (b) and (c).

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 45,698,101 20,590,426 Amount 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 63,186 9,078,972 63,186 5,866,346 63,186

4. The assumptions used regarding escalation in decommissioning cost, rates of earnings on decommissioning funds, and rates of other factors used in funding projections; inflation - 4.5 rate of return - 6.5

5. Any contracts upon which the licensee is relying pursuant to 10 CFR 50.75(e)(1)(v).

6. Any modifications to a licensee's current method providing financial assurance occuning since the last submitted report.

N/A NIA

7. Any material changes to trust agreements.

N/A

ML050960371

Text

Subject:

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