ML15093A104

Decommissioning Funding Status Report

ML15093A104
Person / Time
Site:	Surry, North Anna
Issue date:	03/26/2015
From:	Heacock D Virginia Electric & Power Co (VEPCO)
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
15-101
Download: ML15093A104 (5)

Text

VIRGINIA ELECTRIC AND POWER COMPANY RICHMOND, VIRGINIA 23261 March 26, 2015 United States Nuclear Regulatory Commission Serial No.15-101 Attention: Document Control Desk NL&OS/TJS RO Washington, D. C. 20555-0001 Docket Nos. 50-280, 281 338, 339 License Nos. DPR-32, 37 NPF-4, 7 VIRGINIA ELECTRIC AND POWER COMPANY SURRY POWER STATION UNITS 1 AND 2 NORTH ANNA POWER STATION UNITS 1 AND 2 DECOMMISSIONING FUNDING STATUS REPORT Pursuant to 10 CFR 50.75(f)(1), Virginia Electric and Power Company (Dominion), is providing this report on the status of decommissioning funding for each of the four nuclear power reactors referenced above. provides the following information for North Anna Power Station (NAPS) and Surry Power Station (SPS):

Table I - NRC Minimum Financial Assurance Amount as of 12/31/2014 Table II - Allocated Radiological Funds Held in External Trusts as of 12/31/2014 Table III - Current Annual Funding Levels - Radiological Portion Table IV - NRC Minimum Financial Assurance Summary Table 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 SPS or NAPS is referenced because the 2% Real Rate of Return allowed by 50.75(e)(1)(ii) is used in the calculations.

5. There are no contracts upon which Dominion is relying under paragraph 10 CFR 50.75(e)(1)(v) and there were no modifications to the licensee's current method of providing financial assurance since the last submitted report.

6. The current annual funding amounts shown for SPS and NAPS (Attachment 1, Table Ill) reflect only those fund amounts that are dedicated to radiological decommissioning.

7. 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.

Serial No.15-101 Docket Nos. 50-280/281/338/339 Page 2 of 2

8. Since the previous biennial submittal on March 28, 2013 (Serial No.13-136) for SPS and NAPS, there have been no material changes to trust agreements established for nuclear decommissioning for the SPS and NAPS units.

Please contact Mr. David A. Sommers at (804) 273-2823 if you have any questions or require additional information.

Sincerely, David A. Heacock President and Chief Nuclear Officer Virginia Electric and Power Company 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 NRC Senior Resident Inspectors Surry and North Anna Power Stations Dr. V. Sreenivas NRC Project Manager (NAPS)

U. S. Nuclear Regulatory Commission, Mail Stop 08 G-9A One White Flint North 11555 Rockville Pike Rockville, MD 20852-2738 Ms. K. Cotton NRC Project Manager (SPS)

U. S. Nuclear Regulatory Commission, Mail Stop 08 G-9A One White Flint North 11555 Rockville Pike Rockville, MD 20852-2738 Mr. J. E. Reasor, Jr.

Old Dominion Electric Cooperative Innsbrook Corporate Center 4201 Dominion Blvd.

Suite 300 Glen Allen, VA 23060

Attachment I Nuclear Decommissioning Financial Assurance as of 12/31/2014 Surry Power Station Units 1 and 2 North Anna Power Station Units 1 and 2 Virginia Electric and Power Company (Dominion)

Serial No.15-101 Docket Nos. 50-280/281/338/339 Attachment 1 Page 1 of 2 VIRGINIA ELECTRIC AND POWER COMPANY Nuclear Decommissioning Financial Assurance as of 12/31/2014 VIRGINIA ELECTRIC AND POWER COMPANY Nuclear Decommissioning Financial Assurance as of: 1213112014 Table I:

NRC Minimum Financial Assurance Amount as of: 12/31/2014 10 CFR 50.75 (f)(1)

(Millionsof Dolars)

(see Note 5) (see Note 5) (see Notes 1&5) (see Notes 1&5)

Suny Surry North Arma North Anna Customer Unit I Unit 2 Unit I Unlt 2 Total Classification (see Note 6) DPR-32 DPR-37 NPF-4 NPF-7 All Units VtririaStateCorporatonCorrnission(VS0Q $ 389.55 $ 389.55 $ 358.76 $ 358.76 $ 1,496.61 Conpany Conribution $ - $ - $ - $ - $ -

NortCarlina UlifesCorrntssion $ 23.05 $ 23.05 $ 21.22 $ 21.22 $ 88.54 Federal Energy RegutoryCrnrrission $ 10.40 $ 10.40 $ 9.58 $ 9.58 $ 39.95 Virginia Retail (rotunderVSCCjuisdicton) $ 54.33 $ 54.33 $ 50.04 $ 50.04 $ 208.74 Unatlocatad $ 3.95 $ 3.95 $ 3.64 $ 3.64 $ 15.19 Total $ 481.3 $ 481.3 $ 443.2 $ 443.2 $ 1,849.0 Table Ih:

Allocated Radiological Funds Held in External Trusts as of: 12/31/2014 10 CFR 50.75 (f)(1)

(MillionsofDollars)

(see Note 2) (see Note 2) (see Notes I & 2) (see Notes 1 &2)

Sury Slury North Anna North Anna Customer Unit I Unit 2 Unit I Unit 2 Total Classification (see Note 6) DPR-32 DPR-37 NPF-4 NPF-7 All Units MrgiriaStatoCorporason~omnisoonC1SC S 294.0 $ 286.3 $ 236.7 $ 224.7 S 1,041.7 Conpany Contribufon $ 2.9 $ 3.4 $ 1.1 $ 1.0 $ 8.3 NorthCarlina UtlitesCorrntission $ 17.9 $ 20.4 $ 17.8 $ 16.7 $ 72.8 FederalEnergyyRegulatoryConmmission $ 15.1 $ 16.7 $ 4.8 $ 4.4 $ 41.0 VirginiaRetail(rotunderVSOCjurisdijcon) $ 43.2 $ 47.1 $ 38.8 $ 36.1 $ 165.2 Total $ 373.2 $ 373.8 $ 299.1 $ 282.9 $ 1,328.9 Table Ill:

Current Annual Funding Levels - Radiological Portion 10 CFR 50.75 (f)(1)

(Millions ofDollars)

(see Note 1) (see Note 1)

Suwy Surry North Anna North Anna Customer Unit I Unit 2 Unit I Unit 2 Total Classification DPR-32 DPR-37 NPF-4 NPF-7 All Units VWrginia State Corporaton Corrrssion (VS0C $ . $ . $ $ . $ -

Company Couribuon $ 0.3 $ 0.3 $ 0.1 $ 0.1 $ 0.8 North Carolina Utliteos CouMnission $ . $ - $ . $ - $ -

Federal Energy Regulatory 0ornnission $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.4 VirginraRetail (nmtunderVSOCjurisdiclon) $ - $ $ - $ - $

Unallocabd $ - $ . $ - $ - $

Total $ 0.4 $ 0.4 $ 0.2 $ 0.2 $ 1.3

Serial No.15-101 Docket Nos. 50-280/281/338/339 Attachment 1 Page 2 of 2 VIRGINIA ELECTRIC AND POWER COMPANY Nuclear Decommissioning Financial Assurance as of 12/31/2014 Table IV:

NRC Minimum Financial Assurance Summary Table 10 CFR 50.75 (f)(1)

(Millionsof Dollars -except percentages and years)

(see Note 5) (see Note 5) (see Notes 1&5) (see Notes 1&5)

SunY Sumy North Anna North Anna Unit I Unit 2 Unit I Unit 2 Total DPR-32 DPR-37 NPF-4 NPF-7 All Units Extemal Extemal External Extemal MethodforProvidini RnarialAssurance Sinking Fund Sinking Fund Sinking Fund Sinking Fund NRCMnrIumAmounhtsasof: 1231/2014 $ 481.3 $ 481.3 $ 443.2 $ 443.2 $ 1,849.0 Funds inExDernal Trust as of 12/31/2014 $ 547.3 $ 538.9 $ 435.1 $ 408.5 $ 1,929.9 Allocated Radiological Funds in EBaernalTrusts as of 12/31I2014 $ 373.2 $ 373.8 $ 299.1 $ 282.9 $ 1,328.9 (See Note 2)

Allocated Radiological Finds in Extnal Trusts as of 12/310W14 MinusNRCMrinmmnArn*nt asoft 1203=/214 $ (108.1) $ (107.5) $ (144.2) $ (160.4) $ (520.1)

(See Notes 2 &3)

Projecte Annual Escalaton Factors 0.00% 0.00% 0.00% 0.00%

An-ual Trust Funds Earnings Rate (Afr Tax& Fees - assumes 2% Real Rate of Return) 2.00% 2.00% 2.00% 2.00%

YearThat cperating Ucerse E.Oires / Start offDeconrm ssioning (Reflects Ucense Renewal for Sumyand North Anna) 2032 2033 2038 2040 NRC Mnirnim Fnancial Assurance Amount 35yearsatterstartofDeconmmissioring $ 481.3 $ 481.3 $ 443.2 $ 443.2 $ 1.849.0 Esfimr-aledRadiological Funds in External Trust 3.5yearsafterstartofDecomnaissioring $ 576.5 $ 586.5 $ 517.5 $ 513.1 $ 2,193.6 (See Note 2)

AIlocu Radiological Funds in ecess or(underunided) to NRCMinrnun 35yearsafterstartofDecomnissioning $ 95.2 $ 105.2 $ 74.3 $ 69.9 $ 344.5 (See Notes 2,3& 4)

Estimated Radiological Funds in excess or (underfunded) to NRC arintmun DscourtedsingAruTrsatFundsEaringsRatekt 12.31=214$ $ 62.8 $ 68.5 $ 43.7 $ 39.2 $ 214.2 (See Note 4 &5)

Notes: Tables I through IV (Any minor differences in totals are due to rounding.)

1) The North Anna Power Station is jointly owned by Virginia Electric and Power Company (88.4%) and Old Dominion Electric Cooperative (11.6%). However, Virginia Electric and Power Company is responsible for 89.26% of the Decommissioning obligation. The amounts stated in the above tables reflect only that portion of the Decommissioning obligation attributable to Virginia Electric and Power Company.

2) The Allocated Radiological Fund amounts shown exclude amounts designated for the future decommissioning of the Independent Spent Fuel Storage Installations (ISFSls),

spent fuel management, and non-radiological decommissioning.

3) Negative amounts (if any) indicate that the Trust Fund values are less than the value of the NRC Minimum for the period indicated.

4) The Future Value calculation for SPS and NAPS reflects a 2% Real Rate of Return applied from 01/01/2015 to 3.5 years after start of Decommissioning assuming a 0%

Escalation Rate.

5) Adjustment Factors used in calculating NRC Minimum Values are based on preliminary December 2014 BLS Producer Price Indices, as final December 2014 indices were not available at the time of the calculation.

6) The allocation among customer classifications in Tables I and II is based on 2013 allocation percentages as the 2014 allocations have not yet been finalized.