ML13330A451
| ML13330A451 | |
| Person / Time | |
|---|---|
| Site: | Diablo Canyon, San Onofre, 05000000 |
| Issue date: | 10/30/1984 |
| From: | Chandler D CALIFORNIA, STATE OF |
| To: | Thomas R NRC OFFICE OF INSPECTION & ENFORCEMENT (IE REGION V) |
| Shared Package | |
| ML13329A112 | List: |
| References | |
| NUDOCS 8411070130 | |
| Download: ML13330A451 (19) | |
Text
STATE OF CALIFORNIA JESSE M. UNRUH, Treasurer CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY 915 CAPITOL MALL, ROOM 280 SACRAMENTO 95814 (916) 445-9597
-MEMBERS:
(916) 44 9 A t Jesse M. Unruh, Chairm an State Treasurer Kenneth Cory 7 %
State Controller Jesse R. Huff Director of Finance October 30, 1984 Mr. Robert Thomas Material Reactor Protection &
Licensing Section Nuclear Regulatory Commission 1430 Maria Lane, Suite 210 Walnut Creek, California 94596
Dear Mr. Thomas:
Re:
PACIFIC GAS & ELECTRIC COMPANY Application No. 425 The California Pollution Control Financing Authority is required by Health and Safety Code Section 44533(b) to obtain certificates from various pollution control agencies before it sells Bonds to assist companies with financing their projects.
Section 44533(b) reads:
"No project relating to the improvement of air or water quality or solid waste control shall be eligible for financing under this division unless, prior to the issuance of bonds or notes, a local, regional, state, or federal environmental authority exercising jurisdiction over the project certifies that the project, as designed, will further compliance with federal, state or local pollution control standards and requirements...
We sent an application to you on December 21, 1984 for Pacific Gas & Electric Company, Diablo Canyon.
The Authority has received the enclosed supplemental application for financing.
We are asking your agency to review the description of the original project plus the additional projects proposed, and to provide us with any comments or reservations you may have.
P3411070130 841101
.P DR ADOCK 05000206 PDR
Section 44533(c) reads:
"No certification issued pursuant to sub division (b) shall be admissible in evidence, constitute an admission, or bind any certifying authority in any proceeding in which the compliance of a participating party's facilities with any applicable pollution control, land use, zoning or other similar law is an issue or in any application or proceeding for a permit to locate or construct facilities."
We will require certification for the entire project before the Authority can proceed with the financing.
Thank you for your attention to these matters.
Sincerely, Douglas E. Chandler Executive Secretary Enclosure
P.ACII FIC GAS AND ELECT R.IC C l MPANY
]v 77 BEALE STREET SAN FRANCISCO, CALIFORNIA 94106 (415) 781-4211 TWX 910-372-6587 GORDON R. SMITH ALAN W. BERINGSMITH VICE PRESIDENT-FINANCE A.
.l. DUFFY AND TREASURER ASSISTANT TREASURERS Ri!CItVlib AUG31 1984 August 30, 1984 A
1984 Mr. Douglas Chandler Executive Secretary California Pollution Control Financing Authority 915 Capitol Mall, Room 110 Sacramento, CA 95814 Re:
Amendment No. 2 to the Application of Pacific Gas and Electric Company for Financing of Air and Water Pollution Control, Solid Waste Disposal and Sewage Disposal Systems at Diablo Canyon Nuclear Power Plants Units No.
I and 2.
Dear Mr. Chandler:
Enclosed for filing are four copies of the above referenced Amendment No 2.
On November 1, 1983 PGandE filed an application with the California Pollution Control Financing Authority requesting a preliminary inducement for certain pollution control, solid waste disposal and sewage disposal facilities at the Company's Diablo Canyon Nuclear Power Plant, Units No. 1 and 2. As amended on December 2, 1983, this application asked for a $107 million preliminary inducement.
Since this application, as amended, additional qualifying pollution control and solid waste disposal facilities have been identified. Parts 2, 3, and 4 of the application are being amended to reflect these additional facilities.
Part 2 of the original application, as amended, is being further amended to provide the Authority with the Company's year-end 1983 financial statements. Part 3 of the original application as amended, is being further amended to provide a description of a Chemical Waste Holding Pond, the Fuel Handling Building and planned modifications to the Solid Radwaste Storage Building. Part 4 of the application, as amended, is superceded in its entirety by a revised Part 4 to reflect an increase in the requested maximum size of the financing to $204,455,000. This increase reflects costs of these additional facilities, and increased costs for certain facilities described in the original application, as amended.
Mr. Douglas Chandr 2 -
August 30, 1984 We respectfully request that this Amendment No. 2.be acted upon by the Authority at its September 19, 1984 meeting. If any questions arise or any additional information is needed, please contact Mr. Jack F. Jenkins-Stark at (415) 972-2619, or Mr. Mark A.
Mendel at (415) 972-1428.
Sincerely, G rdon R. Smith Vice President Finance and Treasurer MAM:mol
Amendment No. 2 to Application of Pacific Gas and Electric Company for Financing of Air and Water Pollution Control, Solid Waste Disposal and Sewage Disposal Systems at Diablo Canyon Nuclear Power Plant Units No.
I and 2 Dated: August 30, 1984
PART 2.
FINANCIAL INFORMATION 2.1 Financial statements from the three most recent fiscal years, including the following:
2.1.1 Balance Sheet See Attachment 1.
2.1.2 Income (Profit and Loss) Statement See Attachment 2.
2.1.3 Analysis of sources and application of funds.
See Attachment 3.
PART 3. POJET INFORMATION 3.2 (3.2.1 -
3.2.4)
Chemical Waste Holdina Pond The basic function of the Chemical Waste Holding Pond is to support operating plant maintenance activities by providing capacity for liquids from acid cleaning or other maintenance activities. The facility will include a 300,000 gallon capacity primary pond with a 5,000 cubic foot sludge pit, and a 600,000 gallon capacity secondary pond, separated by a manually operated gate. The pond will hold the wastes so they can be analyzed and treated prior to being discharged or trucked off-site.
(See Attachments 4.1 -
4.3)
Each fuel handling building houses facilities to offload and store incoming fuel, handle irradiated fuel assemblies removed from the reactor, temporarily store irradiated fuel assemblies
that are not yet spent but are waiting to be returned to the reactor, store irradiated spent fuel assemblies prior to shipment to a final storage/disposal facility, and load irradiated spent fuel assemblies into casks for shipment.
Inside the fuel handling building are two spent fuel pools, one for each unit. These are designed and will function, 'in part, to dispose of irradiated spent fuel assemblies by storing them submerged in a pool of circulating water. Each pool currently contains racks capable of storing 270 irradiated fuel assemblies. These racks will be replaced by new stainless steel high-density racks with neutron-absorbing material capable of storing 1,220 irradiated fuel assemblies.
The fuel handling building also is equipped to remove radioactive particles in the air prior to its release or recirculation.
(See Attachment 5)
Modification of the Solid Radwaste Storage Building The existing Solid Radwaste Storage Building provides space for storage of (1) radioactive spent ion exchange resins solidified in concrete, inside of steel containers, and (2) radioactive trash (dry active waste) compacted into steel boxes or steel drums. The Solid Radwaste Storage Building will be modified to provide additional storage capacity by (1) adding a sheet metal building on top to be used for storage of dry active waste, and (2) revising the existing lower portion of the building by removing some of the interior concrete walls, filling some of the existing doorways with concrete and providing equipment (travelling bridge crane, shielded rail car and a forklift) to facilitate moving the waste into and
out of storage. The lower portion will be used for storing radioactive spent ion exchange resins solidified in concrete, inside of steel containers.
(See Attachments 6.1 -
6.2) 3.2.5 An engineering certification based on a review by a qualified engineer will be provided prior to the adoption of a final resolution by the CPCFA.
3.3 Estimated Construction Period 3.3.1 Starting Date Chemical Waste Holding Pond:
1985 Fuel Handling Building:
1970 Modification to Solid Radwaste Building:
1985 3.3.2 Completion Date Chemical Waste Holding Pond:
1985 Fuel Handling Building:
1986 Modification to Solid Radwaste Building:
1985 3.4 Pacific Gas & Electric Company is its own architect-engineer for the Chemical Waste Holding Pond, the Fuel Handling Building and modifications to the Solid Radwaste Building.
3.6 The Chemical Waste Holding Pond, Radwaste Storage Building and Fuel Handling Building are located adjacent to the Diablo Canyon Nuclear Power Plant.
PART 4. BOND ISSUE.
This Part 4 supercedes Part 4 of Amendment 1, dated December 2, 1983, in its entirety.
4.1 Estimated total amount of the financing with a tabulation of proposed use of bond proceeds.
$204,455,000
4.1.1 Project Cost (See Attachment 7).
$190,000,000 4.1.2 Legal, printing and related fees.
Rating Fee 75,000 CPUC Filing Fee 109,000 Printing 100,000 Engineering Fee 600,000 Accounting Fee 400,000 Legal 250,000 Trustee 45,000 Miscellaneous
_20,000
$1,599,000 4.1.3 Financing costs and fees.
Underwriters Discount
$ 5,112,000 4.1.4 capitalized Interest
$ 6,722,000 4.1.5 Other costs, including CPCFA and guarantee fees:
$1,022,000 4.2 Estimated Target Date f Financing.
All facilities except Fuel Handling Building fourth quarter,1984 Fuel Handling Building -
third quarter, 1985 4.3 E
of Financing.
24 year bond.
4.4 Public offering.
ATTACHMENT 1 CONSOLIDA7ED BALANCE SHEE15 Pacific Gas and Electric Company December 31 1983 192 Assets in Thousands Plant in Service (atoriginal cost)
Electric Gas 8,085,779
$ 7.635,383 Gta R2,663,245 2.591419 Total Plant in Service 10,749,024 10.226-802 Accumulated Depreciation (3,934,247)
(3,623.202)
Net Plant In Service 5,814,777 5,603.600 Construction Work in Progress 5,038,646 4,090.681 Gas Exploration Costs 261,256 263.420 Advances to Gas Producers 283,078 228,653 Construction Funds Held49,909 69841 Investments 49,W9_69._41 LNG Partnerships 141,4 198856 Alaska Natural Gas Transportation System 38.302 Alberta Natural Gas Company Ltd 39,280 34.120 ANGUS Chemical Company 24166 22.097 Other Investments 1
6.451 11,178 6.451 Total Investments 216,438 299.825 Customer Conservation Loans Receivable (net of current port on $32,638 000 in 1983 $16,000,000 in 1982) 91,495 49.659 Current Assets Cash..
4,480 2.373 Short-term Investments (at cost which aoproximates market) 75,499 201.294 Accounts Receivable 201_294 Customers
_533,553 601.065 Other 155,398 Allowance for Urcollectible Accounts 1,936 (12.97 Deferred Income Taxes-Current Portion 7738 153.529 Inventories (at average Cost).---
Fuel il15,963 502.769 Gas Stored Underground--
326,193 268.237 Materials and Supplies-119,847 108.455 Prepayments 21,978 5.244 Total Current Assets 1,626.741 1.98L384 Deferred Charges Unamortized Project Costs 90,087 Workers Compensation and Disability Claims Recoverable 68,000 Unamortized Debt Expense 15,209 13,962 Other -Net 185,917 30.292 Total Deferred Charges 339,193 44254 Total Assets
$14,721,533
$13535318
- Changed to conform to 1983 oresentation The accompanying notes to consolidated financial statemnents are an integral part of these statements 90065
December 31.
1983
_______in Triousanas Capitalization and Uabities Capitalization Common Stock
$ 1,52,456
$ 1,422.625 Additional Paid-in Capital 1,368,853 1.205,344 Reinvested Earnings 2,054,953 1,888,456 Common Stock Equy.
4,92.262 4.516,425 Preferred Stock Without Mandatory Redemption Provision 1,427,451 1.427,451 Preferred Stock With Mandatory Redemption Provision 185.000 Long-term Debt 5,388,374 4.897197 Total Capitalization 11.982087 11.026.073 Customer Conservation Loans Funding 97,000 25.000 Current Liabilities Short-term Borrowinigs
___370,818 187,855 Accounts Payable-Tra1e Creditors 479,527 531.829 Accounts Payable-Ot 'her 174,786 122,781 Regulatory Balancing Accounts Payable 68,087 242376 Accrued Taxes,,
79,069 346.830 ong-term Debt-Current Portion 2107,915 112.0886 Interest Payable ________75,067 69.810 Dividends Payable 121,252 106,613 Amounts Due Customers 61,689 31.033 O2ther 117.597 77.016 Total Current Uablities 1,655807 1.828231 Deferred Cmdlts Customer Advances for Construction 104,685 92015 Deferred Investment TaxCredes s310,755 154.743 Deferred Income Taxes 286,018 192.091 Unamortied GainoReacuired Dbt-
,78 Workers' Ba in ant Claims._
68,002 Other 39,292 138,556 Total Deferred Credits 894,762 673 193 Minority Intebt In Subsidiary Companies 10,9157 12.8 Contingercies (Note 10)
Total Capitalization and Uabilites
$14,721533
$13.635.318
.514TEVEATS OF ATTACHMENT CON~sOfM MED DVCOME Pacific Gas and Electric Company W
For tie Years Ended Decemne' 31 1983 19K Operating Revnues in Tnousands (except Per share amounts Electric Gas
$3,905,814
$3.848.602
$3.905,873 Total Operating Revenues 2,740,885 2.936493 2.288.702 O 646699 6.785.095 6.194.575 Operating Expenses Operation Cost of Electric Energy Cost of Gas Sold 1,449,203 1,502.181 2,123484 Transmission 1,842.571 2.109.355 1.870731 Distribution 140,437 137.683 115,977 Customer Accounts and Services 177,798 148,164 135.828 Administrative and Generav 251,636 218,493 180.022 Other 439,436 379,741 316.935 otae 21,811 73.855 70.534 Total Operation 4,322,892 4,569,4 72 4,81 3.511 Maintenance4,289 Depreciation 250,478 224,352 181,508 Gas Exploration 391,105 370.997 303.479 income Taxes 41,493 27.946 19.135 Aropet o
an fOtr Equ es t555,323 567,250 124216 I
tperta Oer Txes 125,536 111,834 105.517 Tot l pe at ng E x en es5,686,827 5.871,851 5.547.366 operating Income 95.7 1.4 4.0 Other Incomeo and (income Deductions)
Alowance for Equity Funds Used During Construction 338,706 286.052 225.550 Interest Income Minority Interest in Net Income of Subsidiary Companies 1,287 60.730 )
81.661 Reserve-Construction Projects (103,858)
Disallowed Project Costs (0,858)
Other-Net (70,220) 101,428 60.871 61.814 SOth Pncome and (In Deductions) 324.791 330 353.199 Income efore interest Expense 1,284,663 1.306.2441 Interest Expense Interest on Long-term Det 525,456 454,976 376.927 Other Interest Charges 62,201 113114 118293 Less Allowance for Borrowed Funds Used During Construction (90,961)
(72.0241 (59 41 8
Total Interest Expense 49,9646066
.4 35.802 Net income 787,967 810.178
-564 6D6 Preferred Dividend Requirements
,96 10 17866 Earings Available for Common Stock 159,8241 152.554 S133097 Weighted Average Common Shares Outstanding 292,107 268018 253102 Earnings Per Common Share*
$2.15
$246 1 71 Dividends Declared Per Common Share*
$1.58
$1 47
$136
- Oata reflects the two-for-one common stock split effective June 15,1983.
The accompanying notes to consolidated financial statements are an integral part of these statements
ATTACHMENT 3
STATEMEA7s OF CONSOLIDA7ED FUNDS USED FOR CONSTRUCTION Pacific Gas and Electric Company For the Years Ended Decemnber 31.
1963 1982' 198*
Funds From Operations In Thousands Net Income
$ 787,967
$ 810,178
$ 564,606 Nonfund Items in Net income Depreciation (including charges to other accounts) 396,601 376,185 308.014 Allowance for Equity Funds Used During Construction (338,706)
(286.052)
(225.550)
Reserve-Construction Projects 103,858 Disallowed Project Costs 70,220 Other-Net 205,331 73.894 24.512 Funds From Operations 1,225,271 974.205 671.582 Regulatory Balancing Accounts (174,289) 545,792 21.944 Deferred Taxes Related to Regulatory Balancing Accounts 89,208 (279.358)
(11.235)
Net Operational Funds 1,140,190 1.240.639 682,291 Funds From Financing Common Stock Sold 244,205 325,454 122,114 Preferred Stock Sold 74,135 113.840 131,541 Long-term Debt Sold 567,770 696.233 569,314 Construction Funds Held by Trustee 19.932 (23.038)
(46.803)
Net Short-term Borrowings (Investments) 308,758 (926,710) 269.297 Funds From Financing 1,214,800 185,779 1.045.463 Funds From Changes in Accrued Taxes (234,377) 296.270 (105.840)
Other Working Capital,*
128,681 51.406 15.561 Other-Net (58,918) 44.535 (42.754)
Customer Conservation Loans Funded 72,000 25,000 Sale of Coal Properties (net of $52.720.000 estimated taxes) 94,076 Sale of Nuclear Fuel 219.546 Total Other Funds (92,614) 511.287 86.5!3 Total Funds Provided 2,262,376 1.937,705 1.814,267 Funds Used for Other Than Construction Long-term Debt Matured (72,734)
(223.847)
(38.902)
Long-term Debt Purchased for Sinking Fund (at cost)
(45,619)
(44.725)
(47.495)
Dividends on Preferred and Common Stock (620,580)
(545,963)
(476.060)
Fuel Oil and Natural Gas Inventories 128,850 (31.242)
(82.992)
Conservation Loans to Customers (58,474)
(43.414)
(10,654)
Total Funds Used for Other Than Construction (668,557)
(889.191)
(656.103)
Construction Expenditures 1,593,819 1,048,514 1,158,164 Allowance for Equity Funds Used During Construction 338,706 286.052 225.550 Total Funds Used for Construction
$1,932,525
$1,334,566
$1.383,714 (a) Other Wbrking Capital excludes changes in current portions of long-term debt: 1983, ($4,173,000):1982. ($115.688.000);
1981. $217412.000: and conservation loans to customers: 1983, ($16.638.000); 1982, ($8.885,000); 1981. ($3.504.000).
- Changed to conform to 1983 presentation The acconpanying notes to consolidated financial statements are an integral pan of these statements.
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ATTACHMENT 7 DIABLO CANYON NUCLEAR POWER PLANT ESTIMATED POLLUTION CONTROL EQUIPMENT COSTS (SUPERCEDES APPENDIX 3.2 OP AMENDMENT 1)
COST SYSTEM(
- 1.
Radiological Pollution Control Equipment
$ 136,000
- a. Liquid Radvaste System
- b. Chemical & Volume Control Systems
- c.
Gaseous Radvaste Systems
- d. Solid Radvaste System
- e. Nuclear Plant Sampling System
- f. Steam Generator Blowdown System
- g. Radiation Monitoring System
- h. Fuel Handling Building
- i. Modifications to Solid Radwaste Storage Building
- 2. Non-Radiological Pollution Control Equipment 54,000
- a.
Cooling Water System
- b. Oily Water Separator System
- c.
Sanitary Waste Treatment
- d. Chemical Waste Holding Pond TOTAL
$ 190,000