ML052350567
| ML052350567 | |
| Person / Time | |
|---|---|
| Site: | Nine Mile Point  |
| Issue date: | 08/16/2005 |
| From: | Hutton J Constellation Energy Group |
| To: | Document Control Desk, Office of Nuclear Reactor Regulation |
| References | |
| NMPIL-1975 | |
| Download: ML052350567 (9) | |
Text
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Constellation Energy' Nine Mile Point Nuclear Station P.O. Box 63 Lycoming, NY 13093 August 16,2005 NMP1L 1975 ATTN: Document Control Desk Director, Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Commission Washington, D.C. 20555-0001
SUBJECT:
Nine Mile Point Units 1 and 2 Docket Nos. 50-220 and 50-410 Facility Operating License Nos. DPR-63 and NPF-69 Guarantee of Payment of Retrospective Premiums
Dear Mr. Dyer:
Pursuant to the Commission's requirements stated in 10 CFR 140.21, attached are:
- 1.
A copy of the consolidated statements of income of Constellation Energy Group (CEG) as of June 30, 2005.
- 2.
A copy of the projected cash flow of CEG for the twelve months ending December 31, 2005.
- 3.
A narrative statement on curtailment/deferment of capital expenditures (if any) to ensure that retrospective premiums of $ 10 million per reactor per year for each nuclear incident would be available for payment.
A copy of the 2004 Annual Financial Report of Constellation Energy containing certified financial statements was previously submitted on July 8, 2005 (NMP1 L 1964).
Should you have any questions, please contact me at (315) 349-1041.
mes
.Hutton irector Licensing
- H00q, JAH/RF/sac Attachments
Page 2 NMP1L 1975 cc:
Mr. S. J. Collins, NRC Regional Administrator, Region I Mr. G. K. Hunegs, NRC Senior Resident Inspector Mr. T. G. Colbum, Senior Project Manager, NRR (2 copies)
ATTACHMENT 1 CONSOLIDATED STATEMENTS OF INCOME AS OF JUNE 30, 2005 Constellation Energy Group Nine Mile Point Nuclear Station
PART 1-FINANCIAL INFORMATION Item 1-Financial Statements s
.ellatio SErgy Gop IS a
Sbdr Constellation Energy Group, Inc. and Subsidiaries Three.
2005 Aonths Ended Six Mfonths Ended lune 30.
June 30, 2004 2005 2004 (In milions, except per share amountr)
Revenues Nonregulated revenues
$2,942.0
$2,198.6
$5,715.7
$4A25.8 Regulated electric revenues 465.1 477.2 956.6 961.6 Regulated gas revenues 141.7 111.5 506.3 429.4 Total revenues 3,548.8 2,787.3 7,178.6 5,816.8 Expenses Fuel and purchased energy expenses 2,638.0 1,927.7 5354.4 4,128.6 Operatin& expenses 473.6 466.4 938.9 866.0 Depredation and amortization 136.5 127.3 270.2 248.9 Accretion of asset retirement obligations 15.3 12.4 30.4 23.5 Taxes other than income taxes 67.1 61.6 135.6 125.6 Total expenses 3330.5 2,595.4 6,729.5 5,392.6 Income from Operations 218.3 191.9 449.1 424.2 Other Income 11.3 5.0 21.6 9.6 Fixed Charges Interest expense 76.7 83.5 158.0 168.3 Interest capitalized and allowance for borrowed funds used during construction (2.6)
(3.2)
(5-6)
(5.8)
BGE preference stock dividends 33 3.3 6.6 6.6 Total fixed charges 77.4 83.6 159.0 169.1 Income from Continuing Operations Before Income Taxes 152.2 113.3 311.7 264.7 Income Tax Expense (Benerh) 33.2 (14.9) 72.4 26.2 Income from Continuing Operations 119.0 128.2 2393 238.5 Income from discontinued operations related to Oleander. net of income taxes of
$1.8, $1.7, $2.1. and $3.1. respectively 2.7 2.7 3.1 4.9 Loss from discontinued operations related to Hawaiian Geothermal Facility. net of income taxes of $2.6 and $26.4, respectively (2.7)
(49.0)
Net Income
$ 121.7 S 128.2
$ 242.4
$ 194.4 Eatnings Applicable to Common Stock
$ 121.7 S 128.2
$ 242.4
$ 194.4 Averge Shares of Common Stock Outstnding-Basic 177.6 168.7 177.2 168.4 Avere Shares of Common Stock Outstanding-Diluted 179.7 169.6 179.2 169.4 Earnings Per Common Share from Continuing Opertons-Basic 0.67 S
0.76 135 S
1.42 Income from discontinued opeations relted to Oleander 0.02 0.02 0.02 0.03 Loss from disontinued operations relaed to Hawaiian Geothermal Facility (0.02)
(0.30)
Earnings Per Common Share-Basic 0.69 0.76 S
137 1.15 Earnings Per Common Share from Continuing Operations-Diluted 0.66 0.76 S
133 IAI Income from discontinued operations related to Oleander 0.02 0.01 0.02 0.03 Loss from discontinued operations related to Hawaiian Geothermal Faciliry (0.01)
(0.29)
Earnings Per Common Share-Diluted 0.68 S
0.76 S
135 1.15 Dividends Declared Per Common Share
$ 0335 S 0.285 S 0.670 S 0.570 tell)*I 14.
I.
S S
I.
=SI Constellation Energy Group, Inc. and Subsidiaries Three Afonths Ended Sixt fonfsk Ended June 30 June 30, 2005 2004 2005 2004 (In millions)
Net Income S 121.7 S 128.2 S 242.4 S 194.4 Other comprehensive income (OCI)
Reclassification of net gains on sales of securities from OCI to net income, net of taxes (0.1)
(0.1)
(0-3)
Reclassification of net gains on hedging instruments from OCI to net income, net of taxes (60.5)
(44.4)
(98.2)
(69.2)
Net unrealized (losses) gains on hedging instruments, net of taxes (1323) 102.5 86.2 198.8 Net unrealized (losses) gains on securities, net of taxes (23)
(12.9) 8.6 14.0 Net unrealized gin on foreign currency, net of taxes 0.4 03 Comprehensive (Loss) Income S (73.1)
S 173.4
$ 2392
$ 337.7 Set Notea to CumoIdated Financial Sratements.
Certain priar-period amounts have een reclassified to conform with the currentrperiod) presentation.
3
ATTACHMENT 2 PROJECTED CASH FLOW FOR THE 12 MONTHS ENDING DECEMBER 31, 2005 Constellation Energy Group Nine Mile Point Nuclear Station
Proiected Cash Flow (Presented as suggested in Regulatory Guide 9.4, "Suggested Format for Cash Flow Statements Submitted as Guarantees of Payment of Retrospective Premiums")
Percentage Ownership in all Operating Nuclear Units Nine Mile Point Unit No. 1 Nine Mile Point Unit No. 2 100.00%
82.00%
Maximum Total Contingent Liability (000)
Per Nuclear Incident
$201,200 Payable at Per Year (000)
$10,000 2004 Actual
($000) 539,700 Net Income 2005 Projected
($000) 635,000 (226,000)
Less Dividends Paid (189,700)
Retained Earnings 350,000 409,000 Adjustments:
Depreciation and Amortization 660,700 Deferred Income Taxes 123,400 721,000 50,579 (4,997)
(1 0,900)
Investment Tax Credit (7,200)
Allowance for Funds Used During Construction (2,000)
Total Adjustments 774,900 755,682 Internal Cash Flow 1,124,900 1,164,682 291,170 Average Quarterly Cash Flow 281,225 CEG Capital Expenditures (including nuclear fuel & capitalized interest)
(911,904)
Constellation Energy Group Nine Mile Point Nuclear Station Page 1 of 2
Underlying Assumptions for Projected Cash Flow (1)
Depreciation is generally computed using composite straight-line rates applied to the average investment in classes of depreciable property. Vehicles are depreciated based on their estimated useful lives.
(2)
Estimates of Federal income taxes and other tax expense are based upon existing tax laws and any known changes thereto.
(3)
Accounting policies are consistent with those in effect December 31, 2004.
Constellation Energy Group Nine Mile Point Nuclear Station Page 2 of 2
ATTACHMENT 3 NARRATIVE STATEMENT CURTAILMENT OF CAPITAL EXPENDITURES Constellation Energy Group Nine Mile Point Nuclear Station
Curtailment of Capital Expenditures Estimated construction expenditures including nuclear fuel and Allowance for Funds Used During Construction for the twelve months ended December 31, 2005 is $912 million. To insure that retrospective premiums under the Price Anderson Act would be available during the aforementioned twelve month period without additional funds from external sources, construction curtailments would affect all construction expenditures rather than impacting a specific project.
Constellation Energy Group Nine Mile Point Nuclear Station