ML13091A004

Decommissioning Financial Assurance

ML13091A004
Person / Time
Site:	North Anna
Issue date:	03/27/2013
From:	Kees R Old Dominion Electric Cooperative
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML13091A004 (4)

Text

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Prner March 27, 2013 United States Nuclear Regulatory Commission Attention: Document Control Desk Washington, D.C. 20555-0001 Ladies and Gentlemen:

OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATION UNITS I AND 2 LICENSE NOS. NPF-4,7 DECOMMISSIONING FINANCIAL ASSURANCE In compliance with 10 CFR 50.75(f)(1), Old Dominion Electric Cooperative (Old Dominion) is providing this report on the status of its decommissioning funding for each of the two nuclear power reactors as referenced above. provides the following information:

• 2013 NRC Minimum Financial Assurance Amount 0 Projected Annual Escalation Factors In Decommissioning Costs

• Funds Held in External Trusts at December 31, 2012

• Old Dominion's Current Annual Sinking Fund Contributions 0 Expected Earnings On Existing Decommissioning Funds

• Annual Funding Levels Necessary to Meet 2013 NRC Minimum Financial Assurance Amount In accordance with 10 CFR 50.75 (e)(1)(ii), Old Dominion provides financial assurance by the external sinking fund method. Concurrent with the preceding declarations and in accordance with 10 CFR 50.75(f)(1), Old Dominion states that since the time of the last submitted report there have been no changes to its current methods of providing financial assurance and there have been no material changes to trust agreements.

Please contact us if you have any questions or require additional information.

Sincerely, Robert L. Kees Senior Vice President and Chief Financial Officer Attachments AOld Dominion Electric Cooperative No 4201 Dominion Boulevard

• Glen Allen, Virginia 23060 Tel: 804-747-0592

• Fax: 804-747-3742 www.odec.com

OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATION UNITS I AND 2 LICENSE NOS. NPF-4A7 DECOMMISSIONING FINANCIAL ASSURANCE cc: US Nuclear Regulatory Commission Region II Sam Nunn Atlanta Federal Center 61 Forsyth Street, S.W. Suite 23T85 Atlanta, Georgia 30303 cc: Greg Kolcum NRC Senior Resident Inspector North Anna Power Station cc: David A. Christian Executive Vice President and Chief Executive Officer Dominion Generation Group Riverside 3 rd Floor 120 Tredegar Street Richmond, VA 23219 cc: Richard P. Anderson Manager Generation Financial Services Dominion Resources Riverside 3 rd Floor 120 Tredegar Street Richmond, VA 23219

Attachment I OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATIONS UNITS 1 AND 2 2012 NUCLEAR DECOMMISSIONING FINANCIAL ASSURANCE In Millions, unless otherwise noted North Anna 1 Unit 1 North Anna 1 Unit 2 Total For All NPF-4 NPF-7 Units Method for Providing External External Financial Assurance Sinking Fund Sinking Fund 2,940 Mwt 2,940 Mwt x 0.0088 x 0.0088 25.8720 25.8720

+ 75 + 75 100.8720 100.8720 x 10.74% x 10.74%

$10.8337 $10.8337 x 4.9129 x 4.9129 2012 NRC Minimum Financial Assurance Amount: $53.22 $53.22 $106.45 Funds Held In External Trust At December 31, 2012 2. $39.71 $40.52 $80.23

$39.7106 $40.5180

+ $40.5180 + $39.7106

$80.2287 $80.2287 49.4968% 50.5032% 100.0%

Funds Held in External Trusts as of 12/31/12 minus NRC Minimum Amount as of 12/31/12 (13.51) (12.71)

Projected Annual Escalation Factors In Decommissiong Costs: 4.913% 4.913% 4.913%

Expected Earnings On Existing Decommissioning Funds: 7.626% 7.626% 7.626%

Year Operating License Expires: 2038 2040 (reflects license renewal) 2012 NRC Minimum Financial Assurance Amounts Stated In Future Dollars (at start of Decommissioning) $255.61 $260.80 $516.41

North Anna' Unit 1 North Anna' Unit 2 Total For All NPF-4 NPF-7 Units Funds held in External Trusts in Future Dollars (at start of Decommissioning) $268.38 $317.19 $585.57 Funds in Excess to NRC Minimum In Future Dollars $12.77 $56.39 $69.16 Old Dominion's Current Annual Sinking Fund Contributions2,3: $0.00 $0.00 $0.00 Annual Funding Levels Necessary To Meet 2012 NRC Minimum Financial Assurance Amount:

0.00 0.00 0.00 1The North Anna Power Station is jointly owned by Virginia Electric and Power Company (88.4%) and Old Dominion Electric Cooperative (11.6%). However, Old Dominion Electric Cooperative is responsible for 10.74%

of the decommissioning obligation. The amounts stated in the above tables reflect only that portion of the decommissioning obligation attributable to Old Dominion Electric Cooperative.

2 Excludes amounts designated for the decommissioning of the independent spent fuel storage installation.

3 Old Dominion Electric Cooperative relies upon the external sinking fund method for providing financial assurance.