ML100910163

R. E. Ginna, Submittal of an Excerpt Form 10-K for Fy 2009 Guarantee of Payment of Deferred Premiums

ML100910163
Person / Time
Site:	Ginna
Issue date:	03/26/2010
From:	Harding T Constellation Energy Nuclear Group
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML100910163 (3)

Text

Thomas Harding Licensing Director R.E. Ginna Nuclear Power Plant, LLC 1503 Lake Road Ontario, New York 14519-9364 585.771.5219

,ajoint, vlentiro 585.771.3681 Fax Constel~latzn j~ Thomas.HardinOJr ajcengllc.corn March 26, 2010 U,S. Nuclear Regulatory Commission Washington, DC 20555-0001 ATTENTION: Document Control Desk

SUBJECT:

R.E. Ginna Nuclear Power Plant Docket No. 50-244 Guarantee of Payment of Deferred Premiums Pursuant to the Commission's requirements stated in 10 CFR 140.2 1(e), enclosed is an excerpt from the Constellation Energy Group, Inc., Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 2009.

This enclosure shows that Constellation Energy Group has a cash flow that can be generated and would be available for payment of the R.E. Ginna Nuclear Power Plant, LLC retrospective premiums of $17.5 million.

If you should have any questions regarding this submittal, please contact Tom Harding at (585) 771-5219.

Very truly yours,,

Thomas L Harding

Enclosure:

Consolidated Statements of Cash Flows cc: S.J. Collins, NRC D.V. Pickett, NRC Ginna Resident Inspector, NRC

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ENCLOSURE CONSOLIDATED STATEMENTS OF CASH FLOWS

E ST OF C H Constellation Energy Group, Inc. and Subsidiaries Year Ended December 31, 2009 2008 2007 (In millions)

Cash Flows From Operating Activities Net income (loss) $ 4,503.4 $(1,318.4) $ 833.5 Adjustments to reconcile to net cash provided by operating activities Depreciation, depletion, and amortization 589.1 583.2 557.8 Amortization of nuclear fuel 117.9 123.9 114.3 Amortization of energy contracts and derivatives designated as hedges (138.4) (256.3) (222.9)

All other amortization 135.7 40.5 11.2 Accretion of asset retirement obligations 62.3 68.4 68.3 Deferred income taxes 1,846.9 (122.8) 226.2 Investment tax credit adjustments (12.1) (6.4) (6.7)

Deferred fuel costs 68.9 52.0 (248.0)

Defined benefit obligation expense 85.3 99.6 111.8 Defined benefit obligation payments (372.5) (120.4) (165.4)

Merger termination and strategic alternatives costs 128.2 541.8 -

Workforce reduction costs 12.6 22.2 2.3 Impairment losses and other costs 124.7 741.8 20.2 Impairment losses on nuclear decommissioning trust assets 62.6 165.0 8.5 Gain on sale of 49.99% membership interest in CENG (7,445.6) - -

Gains on sale of CEP LLC equity - (63.3)

Loss (gain) on divestitures 468.8 (38.1)

Gains on termination of contracts - (73.1)

Accrual of BGE residential customer credit 112.4 - -

Equity in earnings of affiliates less than dividends received 15.5 6.3 45.3 Derivative contracts classified as financing activities 1,138.3 (107.2) 32.2 Changes in working capital Accounts receivable, excluding margin 543.3 606.7 (664.2)

Derivative assets and liabilities, excluding collateral 425.3 (757.9) (138.2)

Net collateral and margin 1,522.8 (960.3) 49.6 Materials, supplies, and fuel stocks 220.6 (33.5) (66.4)

Other current assets 217.2 (95.4) (18.5)

Accounts payable and accrued liabilities (1,105.0) (225.8) 448.8 Liability for unrecognized tax benefits 102.1 79.7 71.9 Other current liabilities 788.8 (238.1) (14.0)

Other 171.7 (38.5) (53.3)

Net cash provided by (used in) operating activities 4,390.8 (1,261.1) 941.0 Cash Flows From Investing Activities Investments in property, plant and equipment (1,529.7) (1,934.1) (1,295.7)

Asset acquisitions.and business combinations, net of cash acquired (41.1) (315.3) (347.5)

Investments innuclear decommissioning trust fund securities (385.2) (440.6) (659.5)

Proceeds from nuclear decommissioning trust fund securities 366.5 421.9 650.7 Investments in joint ventures (201.6) - -

Issuances of loans receivable - (19.0)

Proceeds from sale of 49.99% membership interest in CENG 3,528.7 - -

Proceeds from sales of investments and other assets 88.3 446.3 13.9 Contract and portfolio acquisitions (2,153.7) - (474.2)

Decrease (increase) in restricted funds 1,003.3 (942.8) (109.9)

Other 0.1 21.7 (45.3)

Net cash provided by (used in) investing activities 675.6 (2,742.9) (2,286.5)

Cash Flows From Fnanci Activities Net (maturity) issuance oshort-term borrowings (809.7) 813.7 14.0 Proceeds from issuance of common stock 33.9 17.6 65.1 Proceeds from issuance of long-term debt 136.1 3,211.4 698.2 Common stock dividends paid (228.0) (336.3) (306.0)

Reacquisition of common stock - (16.2) (409.5)

BGE preference stock dividends paid (13.2) (13.2) (13.2)

Proceeds from contract and portfolio acquisitions 2,263.1 - 847.8 Repayment of long-term debt (1,986.8) (577.4) (745.3)

Derivative contracts classified as financing activities (1,138.3) 107.2 (32.2)

Debt and credit facility costs (98.4) (104.8) -

Other 12.7 8.3 33.4 Net cash (used in) provided by financing activities (1,828.6) 3,110.3 152.3 Net-increase (Decrease) in Cash and Cash Equivalents 3,237.8 (893.7) (1,193.2)

Cash and Cash Equivalents at Beginning of Year 202.2 1,095.9 2,289.1 Cash and Cash Equivalents at End of Year $ 3,440.0 $ 202.2 $ 1,095.9 Other Cash Flow Information:

Cash paid during the year for:

Interest (net of amounts capitalized) $ 369.5 $ 341.4 $ 291.8 Income taxes $ 57.1 $ 119.2 $ 282.4 See Notes to ConsolidatedFinancialStatements.

Certainprior-year amounts have been reclassifiedto conform with the currentyear's presentation.

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