ML15092A115

Submittal of Decommissioning Funding Status Report

ML15092A115
Person / Time
Site:	North Anna
Issue date:	03/30/2015
From:	Brickhouse T Old Dominion Electric Cooperative
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML15092A115 (4)

Text

Old Dominion ODEC Electric Cooperative 5M March 30, 2015 United States Nuclear Regulatory Commission Attention: Document Control Desk Washington, D. C. 20555-0001 License Nos. NPF-4,7 OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATION UNITS 1 AND 2 DECOMMISSIONING FUNDING STATUS REPORT Pursuant to 10 CFR 50.75(f)(1), Old Dominion Electric Cooperative (ODEC), is providing this report on the status of decommissioning funding for the North Anna Power Station (NAPS). provides the following information for NAPS:

NRC Minimum Financial Assurance Amount as of 12/31/2014 The following information is provided in support and as part of this filing:

1. Preliminary December 2014 Bureau of Labor Statistics indices values are used because the final December 2014 indices values were not available at the time of this filing.

2. The escalation of decommissioning costs is held at 0% based on assuming 2% Real Rate of

.. . Return-.

3. The growth rate on Trust Funds is held at the allowed 2% Real Rate of Return over the escalation rate.

4. No rate regulatory authority citation for NAPS is referenced because the 2% Real Rate of Return allowed by 50.75(e)(1)(ii) is used in the calculations.

5. The current annual funding amounts shown for NAPS (Attachment 1) reflect only those fund amounts that are dedicated to radiological decommissioning.

6. Trust Fund amounts shown for each of the units in this report are market value and after-tax on realized gains and losses. The Trust Fund balances have not been adjusted for unrealized gain or loss positions not currently taxable.

4201 Dominion Boulevard *-%804-747-0592 JQ,804-747-3742 (a www.odec.com AoD(

Glen Allen, Virginia 23060

7. Since the previous biennial submittal on March 27, 2013 (ML13091A004) for NAPS, there have been no material changes to trust agreements established for nuclear decommissioning for the NAPS units.

If you have any questions concerning this filing, please contact me at (804) 968-4012.

Sincerely, Todd T. Brickhouse Vice President - Treasurer Old Dominion Electric Cooperative Attachment Commitments made in this letter: None cc: U. S. Nuclear Regulatory Commission Region II Marquis One Tower 245 Peachtree Center Avenue, NE Suite 1200 Atlanta, Georgia 30303-1257 Greg Kolcum NRC Senior Resident Inspector North Anna Power Station 1024 Haley Drive Mineral, VA 23117 Dr. V. Sreenivas NRC Project Manager U. S. Nuclear Regulatory Commission, Mail Stop 08 G-9A One White Flint North 11555 Rockville Pike Rockville, MD 20852-2738 9 4201 Dominion Boulevard  %:1 804-747-0592 Jli 804-747-3742 @ www.odec.com Glen Allen, Virginia 23060

I Ms. K. Cotton NRC Project Manager U. S. Nuclear Regulatory Commission, Mail Stop 08 G-9A One White Flint North 11555 Rockville Pike Rockville, MD 20852-2738 K David A. Heacock President and Chief Nuclear Officer Virginia Electric and Power Company 120 Tredegar Street Richmond, VA 23219 Richard P. Anderson Manager Generation Finance Dominion Resources, Inc.

120 Tredegar Street Richmond, VA 23219 Frederick D. Gerloff Decommissioning Consultant Generation Finance Dominion Resources Inc.

120 Tredegar Street Richmond, Virginia 23219 4201 Dominion Boulevard %1 804-747-0592 JIQ 804-747-3742 @ www.odec.com Glen Allen, Virginia 23060

Attachment I OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATION UNITS 1 AND 2 2014 NUCLEAR DECOMMISSIONING FINANCIAL ASSURANCE In millions of dollars, except percentagesand years North Anna' Unit 1 North Anna' Unit 2 Total For All NPF-4 NPF-7 Upits Method for Providing External External Financial Assurance Sinking Fund Sinking Fund NRC Minimum Financial Assurance Amounts as of 12/31/2014: $ 53.33 $ 53.33 $106.66 Funds in the External Trust as of 12/31/2014: $ 71.99 $ 73.95 $145.93 Allocated Radiological Funds Held in External Trust as of 12/31/2014 2: $ 49.67 $ 51.02 $100.68 Allocated Radiological Funds Held in External Trust as of 12/31/14 minus NRC Minimum Amounts as of 12/31/142'3: $ (3.67) $ (2.31)

Projected Annual Escalation Factor: 0.000% 0.000%

Annual Trust Funds Earnings Rate (After Taxes and Fees - assumes 2%

Real Rate of Return): 2.000% 2.000%

Year Operating Licenses Expire (Reflects License Renewals): 2038 2040 NRC Minimum Financial Assurance Amounts at Start of Decommissioning: $ 53.33 $ 53.33 $106.66 Estimated Radiological Funds in External Trust at Start of Decommissioning 2: $ 78.71 $ 84.77 $163.48 Allocated Radiological Funds in Excess or (Under) to NRC Minimum Financial Assurance Amounts at Start of Decommissioning 2' 3' 4: $ 25.38 $ 31.44 $56.82 Estimated Radiological Funds in Excess or (Under) to NRC Minimum Amounts Discounted to 12/31/2014 Using the Annual Decommissioning Earnings Rate: $16.01 $18.92 $34.93 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.

2The Allocated Radiological Funds amounts shown exclude amounts designated for the future decommissioning of the independent spent fuel storage installation, spent fuel management, and non-radiological decommissioning. The amount of decommissioning funds is the after-tax amount of funds accumulated through December 31, 2014.

3Negative amounts (ifany) indicate that the Trust fund values are less than the values of the NRC Minimum Amounts for the period indicated.

4The future value calculation reflects a 2% real rate of return applied from January 1, 2015 to the start of decommissioning assuming a 0% escalation rate.

ODEC serves the power requirements of its 11 member distribution cooperativespursuantto long-term wholesale power contracts. ODEC's wholesale power contracts with each of its member distributioncooperativesare substantiallyidentical, while the schedules and exhibits to each contract are specific to each member. There have been no modifications to the current method of providing financial assurancesince the report submitted on March 27, 2013.